Global Entertainment Industry to Reach US$1.4 Trillion by 2015, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global outlook on the Entertainment Industry. Modern society is hooked onto media driven entertainment as reflected by the widespread use of multi-functional phones and handheld devices and the trickling of media i.e. music, videos, movies, into every nook and cranny of people’s lives. Digitalization, which is seeping into the very fabric of the entertainment industry and the strong yet untapped potential in emerging markets in Asia Pacific and Latin America, will drive market growth in the next few years.

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Entertainment Industry: A Global Outlook

San Jose, California (PRWEB) February 15, 2012

Follow us on LinkedIn – Entertainment has and continues to be one of the fastest changing industries worldwide. With television marking the beginning of society’s addiction to entertainment decades ago, the advent of the Internet as a more versatile form of media now has society obsessed with media driven entertainment. Continuously growing demand for high definition TVs, smartphones, music players, DVD multimedia players, satellite radio, video game consoles, among others augurs well for the future of the entertainment industry. As myriad vectors of entertainment technologies, such as, instant messaging, video sharing, steaming, social networking sites, roll down the proverbial hill gathering lucrative market opportunities all rolled one behind the other, strong growth is forecasted for the industry in the upcoming years. Presently, the digital wave is engulfing the industry and all the major enterprises in the entertainment industry are reviewing their business activities with a view to imbibe technology and be prepared for the digital future.

Despite the recession casting a dampener on entertainment, certain segments such as movies, video games and home entertainment industry continued to remain afloat in the tough economic climate. The fact that entertainment offers an escape route to ease out pressure during troubled times, to a large extent withheld the industry from slipping into the red. However, due to the frugal spending pattern adopted by most of the customers during the period, the industry witnessed a marked shift in the way customers allocated their entertainment budgets. For instance, the preference for low-cost entertainment such as movie, video games increased, while big ticket entertainment such as sporting events, concerts took a backseat. In the upcoming years, as the global economy recovers, the entertainment industry is expected to witness robust growth. Growth is expected to stem particularly from the emerging markets in Asia-Pacific and Latin-America.

One of the promising segments of the Entertainment Industry, video games, continued on its upward growth trajectory even during the tough recessionary period. Video games are today a part of the mainstream media and entertainment industry. A full-fledged industry in itself, video games is gathering critical mass both in terms of game varieties, and customer base. Rising penetration of broadband Internet has additionally encouraged the adoption of online gaming in markets, such as, South Korea, Japan, and the US. Extending traction to this trend is the launch of consoles with online capabilities and wireless phones capable of supporting games downloads.

Prime factors fingered to have played instrumental roles in pushing the video games market into the bulge bracket include the skyrocketing popularity enjoyed by massively multiplayer online games (MMOGs), perpetual and untiring feature, performance, and functionality rich innovations in next-generation video game consoles, the revolutionizing influence exerted by online games, and the ability to play mobile games on point-of-access devices, such as, personal digital assistants (PDAs), cellular handsets, and iPods. Growth in the upcoming years will be driven by consumer demand for new software and consoles integrated with next-generation features. Product features poised to score the highest gains will be, among others, functionality, powerful and entertaining game graphics.

Consumers continued remain enamored with cinema even as they incorporate new forms of entertainment into their consumption patterns. Worldwide cinema industry has experienced drastic growth over the past decade both in terms of box office revenues and admissions. In spite of consumer frugality, worldwide movie ticket sales reached US$32 billion in 2010, up from nearly US$30 billion recorded in the year 2009. The box office growth has been mainly fuelled by the rollout of 3D screens, as theater owners charge more for a 3D film, thereby increasing overall box office revenues. Patrons have also witnessed dramatic changes in the form of expansion of theaters chains, creation of multiplexes and megaplexes that accommodate more screens. Also, more movies are being released now than ever before, giving consumers greater choices and reasons for frequent viewing.

Another segment which is surging ahead in the entertainment industry is the Television networks industry. With change in television era, viewers and their demands have also changed and service providers are increasingly facing tech-savvy, sophisticated audience who want high definition pictures, multiple channels, surround sound, and PVR functionality. Globally, the overall broadcasting sector is witnessing robust growth driven by rise in television broadcasting including pay-TV digital broadcasting, portable-TV broadcasting and satellite-TV broadcasting. Further, rise in radio broadcasting is also expected to drive up the market. Major geographic regions contributing to the rise in television broadcasting are developing economies in Asia-Pacific including South Korea, China, India, and Australia.

The research report titled “Entertainment Industry: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a rudimentary overview of the industry, highlights latest trends and demand drivers, in addition to providing statistical insights. Regional markets briefly abstracted and covered include United States, Canada, Europe (France, Germany, Italy, United Kingdom, Spain, Russia and Rest of Europe), Asia Pacific (Australia, China, India and South Korea), Latin America and Middle East and Africa. The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.

For more details about this comprehensive industry report, please visit –
http://www.strategyr.com/Entertainment_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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