The online entertainment market size was valued at $183,067.0 million in 2019, and is estimated to reach $652,455.0 million by 2027, registering a CAGR of 20.82% from 2021 to 2027.
Online entertainment involves accessing entertainment material, including music, videos, books, and games over internet. Surge in internet penetration and increase in adoption of smart devices such as smartphones, smart TVs, and laptops have boosted the number of netizens who have shifted their preference toward online entertainment.
Presently, online social media entertainment has gained major popularity, as people are getting increasingly involved in producing videos, music, and images on various social media platforms such as Instagram, Facebook, Tumblr, LinkedIn, and WhatsApp. Thus, increase in popularity of social media platforms is expected to boost the growth of the online entertainment market during the forecast period.
Surge in penetration of smartphones is the key factor that drives the growth of the online entertainment market. This is attributed to the fact that smartphones are majorly used for social media accessing, playing online games, watching movies, and listening to music. The growth of the global market is further driven by decrease in cost of internet charges and technological advancements in smartphones such as introduction of mobile phones supporting 5G network, folding smartphones, 3D-enabled mobile phones, and artificial intelligence- & augmented reality-integrated phones. 3D enabled smartphones allows recording a stereoscopic images and videos. Furthers it doubles the joy of playing video games and seeing movies. Artificial intelligence is revolutionizing in the way video games are played and developed. It will be used to improve the game-player experience and allows players to perform any action in a virtual world that they could in the real one. Furthermore, mobile phones that support augmented reality enhance the visual experience while seeing movies and playing games, which contributes toward the growth of the market.
Over-the-top media service is a streaming media service offered directly to viewers via the internet. The OTT content can be directly downloaded or viewed on users’ demand. Proliferation in adoption of internet-enabled devices such as smart TVs, YouTube TVs, and smartphones significantly promotes the growth of the OTT media services, which, in turn, is expected to augments the growth of the online entertainment market over the forecast period. Some of the OTT media service providers operating in the market include Netflix, Inc., Hulu, LLC, Amazon.com, Inc., and Google LLC.
However, digital illiteracy and lack of digital infrastructure such as digital communication, computing or data storage, Wi-Fi network, applications, and software limit the growth of the online entertainment market. On the contrary, increase in internet user base and technological development in smart devices are expected to offering lucrative growth opportunity for new entrants in the online entertainment market.
The report segments the global online entertainment market into form, revenue model, device, and region On the basis of form, the market is categorized into video, audio, games, internet radio, and others. By revenue model, it is segregated into subscription, advertisement, sponsorship, and others. Depending on device, it is divided into smartphones; smart TVs, projectors, & monitors; laptop, desktops, & tablets; and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players operating in the market are Amazon Web Services (AWS), Netflix, Inc., Google LLC, Facebook, Tencent Holdings Ltd., Sony Corp, King Digital Entertainment Ltd., Spotify Technology S.A., Rakuten, Inc., and CBS Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global online entertainment market, with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis of the current market and estimation for the same from 2019 to 2027 is provided to showcase the financial competency of the market.
- Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
KEY MARKET SEGMENTS
- By Form
- ·Internet Radio
- By Revenue Model
- By Device
- ·Smart TVs, Projectors & Monitors.
- ·Laptop, Desktops & Tablets
- By Region
- ·North America
Rest Of Europe
Rest of Asia-Pacific