Rising consumer spending on virtual concerts, events and more, and technological innovations that improve audience engagement and support franchise development are driving the growth of the global metaverse in the entertainment market.
PORTLAND, Oregon., December 1, 2022 /PRNewswire/ — Allied Market Research released a report titled “Metaverse in Entertainment Market by Component (Hardware, Software, Service), by Technology (Blockchain, Virtual Reality and Augmented Reality, Mixed Reality, Others), by Application (Film Production , Music Labels, OTT Platforms, TV Broadcasters, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global entertainment industry metaverse is estimated to generate $13.8 billion in 2021 and $221.7 billion by 2031, growing at a CAGR of 32.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, major segments, major investment pockets, value chain, regional landscape and competitive scenario.
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Drivers, constraints and opportunities
Increased consumer spending on virtual concerts, events and the like, technological innovations that improve audience engagement and support franchise development, and the metaverse’s ability to meet users’ desire to connect with a community are fueling the growth of the global metaverse in the entertainment market. However, privacy and security concerns regarding the metaverse, legal challenges associated with digital collectibles rights, and high cost of AR and VR devices are likely to hamper the growth of the global market. On the other hand, the implementation of initiatives regarding the advancement of the digital transformation of the metaverse in the entertainment industry, such as the use of blockchain technology in the metaverse, will present new growth opportunities for the world market in the years to come.
The COVID-19 pandemic has had a positive impact on the global entertainment industry metaverse. According to SAGE Journals, the average time spent playing video games increased by over 71% during the COVID-19 lockdown.
This prompted many popular game companies to expand their portfolio of offerings during the period. For example, in July 2020Epic Games has teamed up with an American rapper, Travis Scott to organize their astronomical visit to Fortnite. This concert garnered 45.8 million live in-game audiences and over 120 million views via live streams on YouTube and Twitch.
Such cases promise great opportunities for the future of metaverse platforms and technologies that are expected to grow in the coming years.
Hardware segment will dominate the market in terms of revenue during the forecast period
On the basis of components, the hardware segment contributed nearly three-fifths largest share of the global entertainment market metaverse in 2021, and is expected to reign supreme during the forecast period. Indeed, the hardware helps implement the metaverse environment in the entertainment industry. However, the software segment is expected to witness the fastest CAGR of 36.7% from 2022 to 2031, owing to the surge in the adoption of software for virtual world implementation.
Virtual reality and augmented reality segment will dominate in terms of revenue during the forecast period
Technology-based, virtual reality and augmented reality segment held the largest share of more than two-fifths in the global entertainment market metaverse in 2021, and is expected to maintain significant growth during the forecast period. This is due to the high adoption of the metaverse in the gaming industry for creating virtual worlds. However, the blockchain segment is expected to show the highest CAGR of 36.9% in 2031, as blockchain provides additional security to digital assets in the virtual world.
The film production segment will dominate in terms of revenue during the forecast period
Based on applications, the motion picture production segment held the largest share of nearly two-fifths in the global entertainment market metaverse in 2021 and is expected to maintain significant growth during the forecast period. This is due to the strong adoption of the metaverse for creating an unreal world in movies. However, the OTT platform segment is expected to show the highest CAGR of 37.4% in 2031, owing to the rapid rise of OTT platforms across the globe.
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Asia Pacific to generate the highest revenues and the fastest growth by 2031
Based on the region, North America was the largest market in 2021, accounting for nearly two-fifths of the global entertainment market metaverse, driven by high-quality content development and technology adoption in countries like the United States and Canada. However, the market for Asia Pacific is likely to maintain its dominance during the forecast period and show the fastest CAGR of 37.1% during the forecast period, owing to the growing digital and economic transformation in the region.
Main market players
Epic Games, Inc.
Meta, Niantic, Inc.
Hyperactive media group
Qualcomm Technologies, Inc.
Hungama Digital Media Entertainment Pvt. ltd.
The report analyzes these key players in the global metaverse in the entertainment market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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