Internet
Online Entertainment Market to Reach $652.5 Bn, Globally, by 2027 at 20.8% CAGR: AMR
Low data tariffs, increase in smartphone penetration, and technological advancements drive the growth of the global online entertainment market. However, limited digital infrastructure and digital illiteracy in some of the regions hinder the market growth. On the other hand, rise in digital advertising expenditure and digital transformation in the media & entertainment industry present new opportunities in the coming years.
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Based on form, the video segment contributed to more than two-fifths of the global online entertainment market in 2019, and is projected to maintain its lead status throughout the forecast period. This is attributed to surge in prominence of the streaming video content from various platforms such as Hulu Plus, Netflix, Amazon Instant Video, iTunes, and others along with release of various web series to attract customers. However, the internet radio segment is expected to portray the highest CAGR of 27.5% from 2021 to 2027, owing to declining costs of streaming, ease in Wi-Fi connectivity, rise in smartphones usage, and new entrants in music streaming industry.
Based on revenue model, the advertisement segment held the highest market share in terms of revenue with more than half of the global online entertainment market in 2019, and will maintain its dominance by 2027. This is due to increase in online traffic and surge in brand awareness & improvement in customer conversion rate from social media platforms through advertisements. However, the subscription segment would grow at the highest CAGR of 25.5% during the forecast period, owing to flexibility in terms of billings & payments, ease of distribution, and ability to become offer reliable & consistent revenue stream.
Based on region, North America accounted for the largest share in terms of revenue, accounting for nearly two-fifths of the global online entertainment market share in 2019, and is estimated to continue its lead position throughout the forecast period. This is due to presence of high bandwidth connection at affordable rates, huge smartphones user base, and high digital literacy rate. On the other hand, LAMEA would witness the highest CAGR of 26.6% from 2021 to 2027, owing to the growth of the music industry with rise in penetration of the online streaming platforms such as Spotify and availability of internet connection at affordable rates.
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