Today, majority of the entertainment services are accessible online, offering users with access to more content. Some of the favoured popular forms of online entertainment include social media, online video games, online casinos, music streaming, and video streaming. Increasing penetration of smartphones and accessibility of internet service at reasonable costs are likely to fuel the online entertainment market growth. Swift acceptance of internet-enabled smart devices, including smartphones, smart TVs, laptops, desktops, and smart projectors considerably improve the demand for online entertainment content. Entertainment over the internet gained significant traction, owing to its benefits such as convenience, low cost, and choice of timings.
Market Dynamics- Global Online Entertainment Market
The global online entertainment market is likely to observe fundamental changes over the forecast period due to shift in consumer preferences and tendencies in the way they acquire and use content. Changing consumer behavior has offered a catalyst to the entertainment industry to progress at a significant pace. This market is estimated to be advancing expressively modernizations and ideas in response to the quickly changing market. Mobile, home, filmed, in-flight and media are some of the basic applications of this market.
Development in the smartphone expertise and outpouring value of smartphones are likely to create huge demand for online entertainment. Surging size of smartphones and touchscreen displays has value-added the visual and listening experience of viewers. Thus, growth in use of smartphone is anticipated to fuel the growth of the online entertainment market during the forecast period.
Online Entertainment Market Segmental Overview
The study analyses Global Online Entertainment market based on form, revenue model, devices and geography.
- By form, the global Online Entertainment market is segmented into video, audio, games, internet radio etc. The video segment is likely to dominate the market due to surge in use of digital media for advertisements and promotions of products and services. Digital advertisement has attracted noteworthy grip among businesses, because of its various advantages such as real time trackability, instant satisfaction, targeted, segmented audience, and cost-effectiveness.
- Subscription, advertisement, sponsorship are the major revenue models of online entertainment. Owing to the increased customers of Netflix and Amazon Prime, the subscription revenue model is anticipated to contribute majorly to the online entertainment market.
- Smartphones, smart TVs, laptops, desktops, tablets are the devices where majority of the online entertainment content is being accessed. Advancements in smart TVs such as fast user interface, accessibility of online streaming and app store is likely to surge the market of smart TVs in the online entertainment market at a faster rate.
Online Entertainment Market by Geography
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America dominated the market for the Online Entertainment owing to the rising urbanization, high literacy and availability of digital infrastructure.
However, Asia Pacific is anticipated to be the fastest growing region lead by China, India, Japan, and South Korea and are likely to contribute significantly during the forecast period. Increase in popularity of the gaming industry is also one of the aspect major factors driving the market development in this region.
Global Online Entertainment Market-Key Players
The major players involved in this market are Amazon Web Services (AWS), Netflix, Inc., Google LLC, Facebook, Tencent Holdings Ltd., Sony Corp, King Digital Entertainment Ltd., Spotify Technology S.A., Konami, EA Sports and among others.
