The entertainment industry is made up of several businesses that create and regulate the entertainment that is created and offered to the general public. The entertainment business is made up of several subgroups that lay the foundation and support the overall entertainment sector. The general public can find entertainment options such as live entertainment, musical entertainment, exhibition entertainment, mass media entertainment, and technological entertainment due to these entertainment sub-industries. The circus, comedic acts, athletic events, the performing arts, musical theater productions, and concerts are all examples of live entertainment. Orchestras and concert hall performances, as well as composers, vocal artists, and musicians, are examples of musical entertainment. Amusement parks, trade exhibits, and/or fairs are examples of exhibition entertainment. Film, the internet, and television are examples of mass media. Further, video games are the most common kind of electronic entertainment.
Industry Demand and Key Trends
According to OMR Research, the entertainment market is expected to grow significantly in the coming years. The factors behind the growth of the entertainment market are increasing youth interest in the industry, increasing disposable income due to developing economies and new income sources, and the growth of new technologies. The media and entertainment industry is expected to hold a crucial market share due to the surge in online entertainment platforms such as Netflix, Amazon Prime, and others. Besides, the growth of the 4G and 5G networks has assisted in the media and entertainment industry’s demand. Media entertainment uses AI technology to filter the user’s content preferences and suggest content based on them, which results in users' increased interest in the content they are viewing.
Further, the gaming industry is also witnessing a huge growth at present and in the coming years due to the increasing inclination of youth towards live online gaming on YouTube and other platforms. According to Statista, the global gaming market is expected to reach $268.8 billion per year by 2025, up from 178 billion US dollars in 2021. Besides, the amusement park entertainment segment is growing due to the growing inclination toward theme-based parks across the globe. For instance, in November 2022, Real Madrid and Dubai Parks and Resorts announced a deal to open the Middle East's first Real Madrid theme park. This ground-breaking new theme park will allow families and all football and sports lovers of all ages to experience the culture of the world's best football club. Visitors will be able to participate in interactive experiences such as a selection of innovative activities and attractions inspired by the enthusiasm, passion, and success that have defined Real Madrid as the best club of the twentieth century. The theme park is scheduled to open in the fourth quarter of 2023.
Recent Developments
Warner Bros., Sony Pictures, Walt Disney Studios, Paramount Pictures, China Film Group Corp., Netflix Inc., Hulu LLC, Universal Pictures, 20th Century Fox, Merlin Entertainments Group, SeaWorld Parks & Entertainment, Nintendo Co., Ltd., and others are assisting in the entertainment industry market’s growth with new content launches, collaborations, mergers, and other activities. Some key activities in the market include-
• In January 2023, Cinedigm Corp., the leading streaming firm, and multi-platform production company Roundtable Entertainment announced a partnership with GoPro Inc. to establish the GoPro Channel, which is set to launch in 2023. The GoPro Channel is the latest addition to Roundtable partner Cinedigm's wide library of over 30 streaming channels spanning numerous popular entertainment categories committed to supporting ardent fan populations.
• In January 2023, Eric Cantona, a former Manchester United player, launched an exhibition about athletic stars and their influence on society. The football star helped arrange the exhibition, which also includes paintings by artist Michael Browne of soccer hero Diego Maradona, boxer Muhammad Ali, and Olympic athlete Jesse Owens.
• In November 2022, World Archery plans to establish archery+, an internet streaming platform, in early 2023 as part of a new agreement with technology startup StreamViral. archery+ will broadcast world archery to audiences in countries where World Archery's rights agreements do not apply. The Hyundai Archery World Cup, the Hyundai World Archery Championships, and forthcoming qualifications for the Paris 2024 Olympic Games will all be covered, as well as second-tier world ranking competitions.
• In October 2022, SeaWorld announced that in Spring 2023, a new first-of-its-kind coaster would premiere at each of its parks. They include Orlando's first surf coaster, San Diego's longest and fastest straddle coaster, and San Antonio's first flume coaster. The new attractions will provide unique experiences for both families and adrenaline seekers.
• In June 2022, CNBCTV18.com, Network18 Digital's digital business news site, launched “CNBCTV18 Binge,” an exclusive, video-only OTT network for its millennial audience.