Movies And Entertainment Market To Reach 169.68 Billion By 2030

Movies And Entertainment Market Growth & Trends

The global movies and entertainment market size is anticipated to reach USD 169.68 billion by 2030 and is projected to grow at a CAGR of 8.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Favorable demographics, changing consumption patterns, rise in disposable incomes, and the propensity to spend on leisure and entertainment drive the market growth. However, the COVID-19 pandemic has adversely impacted the market growth. In addition, the availability of music, as well as video content on streaming platforms, makes music more accessible to everyone anywhere. Several other benefits of streaming platforms, including the superior sound quality of streamed content, contribute to the growth of the market. Moreover, subscribers can easily create their own audio and video playlists, increasing the popularity of these platforms among millennials, which is likely to favor the market growth.

According to a March 2023 report from The Cinema Foundation, a nonprofit trade organization, the average earnings per movie release increased to USD 91.7 million in 2022 in North America, surpassing the pre-pandemic average of USD 90.2 million in 2019. The trajectory shown in the report demonstrates a notable rise from USD 2.27 billion in box office revenue in 2020 to USD 7.53 billion in 2022. The key factor distinguishing 2019 from 2022 was the increased number of wide releases.

According to the IFPI Global Music Report 2023, an increase in revenue was evident across nearly all music format categories in 2022, with streaming maintaining its dominance in the global revenue mix. In addition, revenue increases were observed in every region and each of the world's top 10 markets, with China entering the top five for the first time and Brazil re-entering the top 10. The music industry's growth was fueled by various revenue sources, including streaming, physical sales, performance rights, and synchronization; however, downloads and other non-streaming digital formats showed a decline.

Furthermore, the proliferation of smartphones has facilitated unprecedented accessibility to music, allowing billions of people to access music wherever they go. This surge in accessibility has led to a vast expansion of music services, both free and paid. Consequently, there has been increased investment in diverse markets, genres, and, ultimately, artists, fueling the growth of the market.

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Movies And Entertainment Market Report Highlights

• The movies segment accounted for the largest revenue share in 2023. Movie franchises have been contributing to its growing popularity. Franchises are booming in entertainment, offering familiarity and big profits. Hits like Fast & Furious, Marvel, Star Wars, and Harry Potter prove their ability to engage audiences and rake in revenue from box office sales, merchandise, and licensing.

• The Asia Pacific region is projected to register the fastest CAGR rate in the industry over the forecast period. The success of films like "Parasite" from South Korea and "Crouching Tiger, Hidden Dragon" from China has demonstrated the growing appeal of Asian cinema on the global stage.

• The Asia Pacific region is extremely diverse, with each country boasting its own unique cultural heritage and storytelling traditions. This diversity is reflected in the region's cinema, with filmmakers exploring a wide range of themes, genres, and narrative styles.

Movies And Entertainment Market Segmentation

Grand View Research has segmented the global movies and entertainment market based on product and region:

Movies And Entertainment Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Movies

• Music & Videos

Movies And Entertainment Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

• Central & South America

  • Brazil

• Middle East & Africa

  • UAE

  • South Africa

List of Key Players in the Movies And Entertainment Market

• Paramount

• Sony Pictures Digital Productions Inc.

• The Walt Disney Company

• Warner Bros. Entertainment Inc.

• Comcast

• Netflix

• Vivendi

• The Idea Factory

• Amazon.com, Inc.

• The Marcs Studios