According to the report by Expert Market Research (EMR), the global online entertainment market size is projected to grow at a CAGR of 18.80% between 2023 and 2028. Aided by the increasing use of smartphones and the availability of affordable internet access, the market is expected to grow significantly by 2028.
Online entertainment encompasses a diverse range of media, including music streaming, video on demand (VOD), digital games, and e-sports, all of which are consumed over the internet. Online entertainment platforms have gained popularity due to their convenience, customisability, and user interactivity, with the increasing use of AI technologies to enhance user experience propelling the market further.
The global online entertainment market growth can be largely attributed to the rising smartphone penetration and increasing internet access worldwide. Mobile devices have evolved into primary mediums for consuming online entertainment, largely due to the mobility, convenience, and broad functionality they offer. In tandem with this, widespread internet access has enabled the proliferation of online platforms, making a variety of entertainment options easily accessible to consumers.
Another significant driver of the online entertainment market expansion is the increasing demand for personalised content. With the aid of data analytics and artificial intelligence (AI), online platforms can tailor content to individual users’ preferences, enhancing their engagement and satisfaction levels. This level of personalisation is not readily achievable with traditional media outlets, giving online entertainment a competitive edge.
The rise of online gaming and e-sports has also substantially contributed to the online entertainment market development. The gaming industry has seen unprecedented expansion due to factors such as improved graphics, more engaging gameplay, and the advent of virtual and augmented reality technologies. Furthermore, the popularity of e-sports, where gamers compete in organised, multiplayer video game competitions, has skyrocketed, creating a burgeoning market segment within the online entertainment sphere.
The video streaming segment, comprising services like Netflix, Amazon Prime, and Disney+, has seen a significant uptick, particularly amidst the COVID-19 pandemic. Lockdowns and social distancing norms led to an increase in at-home entertainment, with VOD platforms witnessing a surge in subscriptions. Original content, a broad library of films and series, and flexible pricing models have only added to their appeal, thereby aiding the online entertainment market growth.
On the other hand, the audio segment, led by services such as Spotify, Apple Music, and Amazon Music, has similarly benefitted from an increased user base. Streaming allows for instant access to a vast array of music from around the globe, with personalised playlists and recommendations further enhancing the user experience, thus bolstering the online entertainment market expansion.
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Online Entertainment Market Segmentation
The market can be divided based on form, revenue model, device, and region.
Market Breakup by Form
Market Breakup by Revenue Model
Market Breakup by Device
Smart TVs, Projectors, and Monitors
Market Breakup by Region
Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global online entertainment companies. Some of the major key players explored in the report by Expert Market Research are as follows:
MetaMedia Tech Inc.
The Walt Disney Company
Tencent Holdings Ltd.,
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