The entertainment industry is witnessing great developments from some years now due to the changing consumer tastes, trends, and the demand for new content. Changing consumer behavior has provided an essence of the change to the entertainment industry to evolve. The entertainment market is expected to grow significantly with innovations and ideas in response to the rapidly changing market. Mobile, TV’s, films, in-flight and media are some of the basic mediators of the entertainment market.
Growing consumer base and improvements in mobile technology are helping the expected drive the mobile entertainment market. Mobile devices have transformed into media devices as graphics content is evolving day by day. The ability to watch television shows, news, and movies online has made the web-based domain a popular segment in the global market. Increasing smartphone users and a growing number of “apps” download are expected to favorably impact market growth.
Technological advancements such as HD and 3D televisions, presence of high-tech network infrastructure (3G/4G/ even the future 5G mobile network) and availability of wireless broadband technology are expected to be the major driving forces for the global entertainment market.
E-books have become a common part of present book sales. In the coming years, disposable income and literacy growth will support entertainment industry growth, and the increasing use of the Internet will facilitate e-content consumption in the form of audio, video, and images, and the convenience of accessibility will also help in exploring new market trends. Electronics, exhibitions, live shows, mass media, and musical shows are the key elements of the entertainment market. Live entertaining shows include concerts, circus, comedy performances, musical theater performances, sports events, and art events.
The global video game industry has raked beyond Hollywood to become the fourth biggest entertainment sector in the world, after gambling, reading, and TV. TV and console gaming – which includes the new virtual reality (VR) segment – is expected to account for $25.1 billion of the global market, followed by smartphone gaming, which accounts for an estimated $20.6 billion. One such means of entertainment is the emergence of memes. Memes are simple, succinct and explicit in their messages, and this cultural example is a reflection of the mentality of modern society or “millennials”. One that values entertainment, champions materialism and supports the need felt by people to remain relevant (no FOMO!). Their accessibility and ability to reach a huge audience within minutes means that memes can also be used as publicity tools that can easily become popular among “cybernauts” (a habitual user of the internet).
The entertainment industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenues. The industry has been largely driven by increasing digitization and higher internet usage over the last decade. The Internet has almost become mainstream media for entertainment for most people.
The policies and regulations around media and entertainment are transforming as governments try to keep up with the pace of change seen in the industry. As consumers want faster, easier, and sometimes free content, industry leaders go to great lengths to meet this demand, while governments seek ways to protect their markets. The global entertainment and media market is expected to reach approximately USD 6,709.4 billion by 2030, registering a CAGR of 10.40% during the forecast period.