Rising at 20.82% CAGR, Online Entertainment Market Size to Reach $652.5 Billion by 2027
Online-Entertainment-Report
U.S. is the most prominent market in North America, and is projected to reach $93.9 billion by 2027, growing at a CAGR of 14.90% during the forecast period.
PORTLAND, OREGON, UNITED STATES, June 7, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Online Entertainment Market by Form, Revenue Model, and Device Channel: Global Opportunity Analysis and Industry Forecast, 2021–2027,” The global online entertainment market size is expected to reach $ 652.5 billion by 2027 at a CAGR of 20.82% from 2021 to 2027.
Online entertainment refers to entertainment over the internet through smart devices such as smartphones, smart TVs, laptops, and tablets. Proliferation in adoption of smartphones and affordability of internet have led to increase in online traffic, which is anticipated to fuel the demand for online entertainment content in the form of videos, audios, games, web radio, and e-books.
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Rise in disposable income and increase in expenditure on entertainment boost the growth of the global online entertainment market. Furthermore, technological advancements in smart devices such as increase in size of smartphones, introduction of smart TVs attract a large base of customers, thereby propelling the growth of the product market, globally. Wide touchscreen, HD displays, and strong internet connectivity have enhanced the visual experience, which has notably contributed toward the growth of the global market.
Increase in alternative means of entertainment for traditional TVs and their growing popularity are expected to offer remunerative opportunities for the growth of the product market. Furthermore, multi-device delivery and surge in demand for digital advertisements are providing supportive ground for the growth of the global market. However, rise in cyber threats, cloud unpreparedness, and poor connectivity in rural areas hinder the growth of the product market.
According to current online entertainment market trends, the online entertainment market segments described into form, revenue model, device, and region.
By form, it is categorized into video, audio, games, internet radio, others.
Depending on revenue model, it is fragmented into subscription, advertisement, sponsorship, and others.
On the basis of device, it is differentiated 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).
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Region wise, North America dominated the online entertainment market in 2019, and is projected to sustain its dominance during the forecast period. This majorly attributed to quick adoptions for technological changes, availability of high band width connection, and high digital literacy rate. Moreover, over-the-top media services have gained notable popularity in the North America region, owing to the benefits associated with them such as they offer original & unique content, they are convenient to use, , and they are compatible with smartphones. Technological advancements in the smart devices such as incorporation of smart displays and smart speakers further augment the growth of the product market in the region. U.S. dominates the online entertainment market in North America, owing to the advancements in different aspects such as graphics and experience. Moreover, the advent of cross-platform gaming has turned out to be highly beneficial for online gaming market players. Thus, increase in popularity of the OTT media services and online gaming is expected to boost the online entertainment market demand in the U.S.
The players operating in the online entertainment market have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in online entertainment market report include 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.
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Key findings of the study
The online entertainment market size was valued at $183.1 billion in 2019, and is estimated to reach $652.5 billion by 2027, growing at a CAGR of 20.8% during the forecast period.
By form, the game segment is estimated to witness the fastest growth, registering a CAGR of 23.5% during the forecast period.
In 2019, depending on revenue model, the advertisement segment was valued at $98.0 billion, accounting for 53.5% of the global online entertainment market share.
In 2019, the U.S. was the most prominent market in North America, and is projected to reach $93.9 billion by 2027, growing at a CAGR of 14.90% during the forecast period.
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