The global online entertainment market size hit USD 90.23 billion in 2023. The market is anticipated to rise from USD 99.98 billion in 2024 to USD 261.23 billion by 2032, exhibiting a CAGR of 12.76% during the analysis period.
Online entertainment sites offer excitement and relaxation to viewers and incorporate Large Language Model-based (LLM-based) algorithms to build their attention through personalized shows. The escalating popularity of smart home devices is anticipated to open lucrative avenues for industry players over the ensuing years.
List of Key Players Mentioned in the Report:
Netflix (U.S.)
The Walt Disney Company(U.S.)
Comcast Corporation(U.S.)
Sony Group Corporation (Japan)
Nintendo Co., Ltd. (Japan)
Electronic Arts Inc. (U.S.)
Spotify (Sweden)
NetEase, Inc. (China)
Universal Music Group (Netherlands)
com, Inc. (U.S.)
Flutter Entertainment plc. (Ireland)
Tencent (China)
Get a Free Sample Research Report PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/online-entertainment-market-110346
Segmentation:
Games Segment to Exhibit Fastest Growth Due to Soaring Number of Group Plays
By form, the market is fragmented into audio, games, video, and others. The games segment held a leading market share in 2023 and is anticipated to expand at the fastest rate over the projection period. The segment’s growth is fueled by the mounting number of group plays for discovering the vital roles of new online games.
Desktop/Laptop Segment to Grow at Fastest Rate Owing to Escalating Demand for High-Performing Laptops
By device, the market is classified into desktop/laptop, smartphones/mobile phones, TV, and others. The desktop/laptop segment is slated to surge at the fastest rate over the analysis period considering the escalating demand for ergonomically designed, high-performing gaming laptops.
On the basis of geography, the market for online entertainment has been analyzed across South America, Asia Pacific, North America, Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report presents the competitive landscape of the industry and enlists the major factors propelling market expansion. It also gives an in-depth industry analysis on the basis of form, device, and geography. The key trends in the market have also been mentioned in the report.
Drivers and Restraints:
Mounting Digital Advertising Expenditure to Propel Industry Expansion
The soaring expenditure on digital marketing and advertising campaigns is anticipated to augment service demand, impelling online entertainment market growth. For instance, Nintendo Co. Ltd., registered a surge of 1.22% in its advertisement expenditure, touching USD 714.10 million in FY ending 31st March 2023.
However, escalating incidences of gaming addiction may create challenges for industry growth.
Regional Insights:
North America Accounted for Major Share Driven by Rising Popularity of Online Casino Gaming
The rising viewership rates in North America are slated to spur the industry expansion in the region. In the U.S., the average time spent on subscription videos surged to 79.8 minutes/day in 2021 from 36.7 minutes/day in 2017, as per the Motion Pictures Organization. The regional online entertainment market share stood at a dominant position in 2023, propelled by the escalating popularity of online casino gaming.
Asia Pacific is anticipated to expand at the fastest rate over the forecast period favored by the surging consumer preference for TV shows and videos based on cultural entertainment.
Competitive Landscape:
Leading Companies Forge Partnerships to Provide Enhanced Customer Experience
To enhance customer experience, major companies are forging collaborations to develop new offerings. Such steps are also being adopted for consolidating their positions in the global market. The Walt Disney Company is one of the prominent players in the online entertainment market.
Key Industry Development:
April 2024 – Lionsgate Play struck a collaboration with Smart Communications, Inc., for improving online entertainment in the Philippines. The move would provide Smart Prepaid and Smart Postpaid subscribers access to Lionsgate Play’s library of series and movies at affordable rates.
Browse Detailed Research Report Summary:https://www.fortunebusinessinsights.com/online-entertainment-market-110346