Media and Entertainment Industry to Hit $1 Trillion Valuation in 2024
24.01.2024 - 18:09
/ variety.com
Callum McLennan The media and entertainment industry is forecast to surpass a $1 trillion valuation in 2024, according to Omdia’s senior research director María Rua Aguete, a speaker at Tuesday’s Future Trends Report panel at Miami’s Content Americas, which runs through Jan. 25.
Some of her major points: The Trillion-Dollar Media and Entertainment Ecosystem Hitting the trillion mark is propelled by diverse segments, with online video ($345 billion), cinema ($41 billion), music ($44 billion), and games ($255 billion) contributing significantly to the sector’s expansion. The dynamics within these segments reveal a complex interplay of consumer preferences, technological advancements, and evolving business models, highlighting the industry’s robustness and adaptability in the face of changing market conditions.
Advertising’s Dominant Role and the Ascension of Online Video Advertising continues to underpin the media and entertainment economy, with online video advertising set to become the leading revenue source by 2028. This shift bolsters the changing consumption patterns where digital platforms are increasingly favored over traditional media channels.
The projected growth rates— online video subscriptions and TVOD at +14.5% and online video advertising at +18.0% — reflect the move towards digital content, making clear the strategic importance of ad-supported models. The Continued Emergence of FAST and Its Impact The Free Ad-Supported Streaming TV (FAST) market is experiencing rapid growth, with projections indicating a significant increase in revenues from 2024 to 2028.
The U.S. is expected to dominate this space, commanding a substantial portion of the $13 billion FAST market by 2028, while Western Europe and Latin
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