The global online entertainment market size stood at USD 90.23 billion in 2023. The market is poised to expand from USD 99.98 billion in 2024 to USD 261.23 billion by 2032, depicting a CAGR of 12.76% during the forecast period.
Online entertainment sites, such as Netflix, Amazon Prime Video & Web Services, and others, use cutting-edge technologies for offering storytelling digital solutions. The rising consumer expenditure on video-on-demand subscription services is anticipated to propel industry expansion.
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Segmentation:
Games Segment to Depict Fastest Rate Owing to High Consumer Expenditure
On the basis of form, the market is segregated into audio, video, games, and others. The games segment is poised to surge at the fastest rate over the forecast period driven by the high consumer expenditure on gaming subscription services, pay-per-downloads, and in-app gaming purchases.
TV Segment Registers Prominent Share Due to Mounting Adoption of Smart TVs
Based on device, the market is categorized into smartphones/mobile phones, TV, desktop/laptop, and others. The TV segment accounts for a leading share of the global market owing to the escalating adoption of smart TVs among higher-income households across the globe.
Based on geography, the market for online entertainment has been studied across Asia Pacific, North America, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides a detailed analysis of the global business scenario based on numerous segments: form, device, and geography. It also presents the competitive landscape of the market and gives an insight into the key steps adopted by leading companies to strengthen their industry positions.
Drivers and Restraints:
Market Value to Surge Owing to Increasing Adoption of Smart Home Devices
The consumer expenditure on digital entertainment-related subscription services is poised to rise, impelled by the mounting adoption of smart home devices. Some of these devices comprise podcasting devices, smartphones, TVs, and others. The increasing device adoption is poised to propel online entertainment market growth.
Nonetheless, the high cost of subscription services may restrain industry expansion.
Regional Insights:
North America Led Global Market Owing to Increasing Video Viewership Rates
North America registered a leading online entertainment market share with a valuation of USD 41.17 billion in 2023. The regional expansion can be attributed to the mounting rates of subscription-based video viewership in the U.S. and Canada.
The escalating rates of smartphone adoption in Chile, Colombia, and Brazil spur the consumer expenditure, augmenting South America’s share. In Colombia, the rate of smartphone adoption as a percentage of the total population surged to 67% in 2021 from 63% in 2020 and is slated to surge up to 82% by 2025, according to GSMA (Global Systems for Mobile Communication).
Competitive Landscape:
Major Players Enter Collaborations to Strengthen Product Portfolio
Pivotal online entertainment players are centered on partnering with technology providers. The intent of such collaborations is to strengthen the product portfolio and improve the entertainment experience of customers. Sony Group Corporation and Netflix are some of the leading online entertainment companies.
Key Industry Development:
June 2024 – MOONTON Games and Qiddiya struck a collaboration to expand MLBB’s (Mobile Legends: Bang Bang) esports ecosystem. The deal would also offer enhanced experiences to the user during tournaments.
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)
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