Rise in the Media and Entertainment Industry by More than 10% Through 2024

By EditorialTuesday July 12, 2022

According to research, the media and entertainment industry is predicted to increase at a pace of over 10% annually by 2024.

Rise in the Media and Entertainment Industry

Over-the-top (OTT), online advertising, video games, e-sports, music, and podcasts are expected to drive the media and entertainment sector’s development. This would be like a K-shaped bifurcated recovery.

Table of content

Will OTT be the reason for the rise in the media industry?
Expansion and rise of OTT market
Will gaming and podcasts lead to the rise in the media industry?

FAQs’

Is Over-The-Top (OTT) entertainment the way of the future?
What does the entertainment industry’s future hold?
What is the world’s largest entertainment industry?
Conclusion

Will OTT be the Reason for the Rise in the Media Industry?

The OTT video streaming sector is predicted to grow the most in terms of individual sector market size as a proportion of overall industry income. It will reach 5.2% by 2024, followed by online advertising.

Even though India continues to be the world’s largest movie market in terms of admissions, cinema income will fall by 2.6 percent. However, India will have the world’s fastest-expanding entertainment and media sectors in terms of pure consumer income.

Over the next four years, digital areas such as OTT, online advertising, online gaming, music, and podcasts, are expected to experience an increase. The areas in which we are well positioned to reach consumers where they are in 2020, mostly at home and online, remain quite optimistic.

Expansion and Rise of OTT Market

According to the analysis, the OTT market will overtake South Korea, Germany, and Australia. Revenue from subscription video on demand will grow at a 30.7% compound annual growth rate (CAGR).

The exponential expansion of OTT comes at the expense of theaters and conventional television, which are already in decline by 2020. As some film companies seek to fast-track new releases to home video platforms, OTT is directly profiting from the closing of theaters.

According to the survey, India is already the sixth-largest market in the Asia Pacific area for internet advertising.

Due to greater data affordability, new mobile-first formats, the ability to monitor, and intelligent targeting, mobile phones will be the key generator of income in this market.

Will Gaming and Podcasts lead to the Rise in the Media Industry?

Gaming and e-sports are capitalizing on the need for more personalized and engaging live experiences. E-sports accounted for less than 1% of the entire market in 2019. However, it has since grown to become one of the fastest-growing categories, with a forecasted CAGR of 33% by 2024.

Prior to the pandemic, the podcast business was already seeing fast development. The whole area is expected to grow at a rate of 13.5% a year to a total of $1.7 billion by 2024, thanks to the rise of music streaming businesses.

Gaming and Podcasts lead to the Rise in the Media Industry

FAQ

Is Over-The-Top (OTT) Entertainment the Way of the Future?

Online OTT platforms have the potential to be a platform for content producers to flourish and acquire popularity in the future. Also, as the world becomes more digital, people will turn to OTT services for entertainment.

What does the Entertainment Industry’s Future hold?

According to a recent analysis, the global entertainment business is poised to revive after the COVID-19 collapse. During the epidemic, online data use increased by 30%. Many of the buying behaviors and consumption patterns developed during the epidemic will become ingrained. The live music and film industries are projected to recover.

What is the World’s Largest Entertainment Industry?

Gaming is by far the biggest and most diverse industry in the entertainment sector. The gaming industry is currently worth more than $145 billion dollars worldwide. The industry continues to increase year after year.

Conclusion

The last year has been difficult for the media and entertainment businesses, as it has been for other industries. As a result, the industry has made a huge comeback, with TV ad volumes returning to pre-COVID levels and likely to grow even more in the coming years.

The rise is mainly due to increased advertising on regional channels and the addition of new sponsors. Because of interactive ad formats, content and ad mixing, and the emergence of short form AVOD platforms, AVOD is currently one of the fastest growing ad categories in India.

The industry’s predicted transition over the next decade is one of the primary topics in this year’s study. The media and entertainment businesses are undergoing a significant upheaval, with opportunities for quick development in several areas.