Online entertainment is something that we have all taken part in. From Netflix and paid-for TV subscriptions through interactive online video gaming, to online casinos and sports betting apps – in-home and online entertainment revenues are flourishing in the States.
The recent ‘THEME’ report by the Motion Picture Association (MPA) demonstrated a huge increase in revenue in the theatrical and home entertainment industry. This can be put down to a change in habits brought on by the COVID-19 pandemic which has now lasted beyond that, into a post-pandemic world.
Simply put, more people are staying in and using their screens and devices to entertain themselves.
The MPA’s report used various sources to compile its data and discovered that revenues in the industry are outpacing the economy. For example, their report found that the home and mobile entertainment market in the U.S. brought in $36.8 billion in revenue for 2021 – the inclusion of digital sales and disc sales no doubt contributing a significant amount during lockdowns. Boom in online-centred entertainment
Digital sales alone amounted to a huge $29.5 billion (80% of the revenue), garnering a 19% increase on the previous year and a record-beating figure. Clearly, the digital market’s growth has been huge since the pandemic began – and has impacted on physical sales and pay-TV subscriptions which have suffered a decline in revenue generation.
As the public turn to streaming services and opt to watch full-length TV shows and movies on their smartphones, tablets, and laptops whilst at home or even commuting places, the “new normal” seems to be all about online entertainment taking over from traditional methods.
Not only has video streaming boomed over the past two years (it is now an $81 billion industry and its growth trajectory is expected to continue), but music and video gaming/eSports have also enjoyed a rapid ascent since 2020.
Music revenue growth is being fueled by digital streaming in what is believed to be a $30 billion business, whilst video game and eSports revenues already hit $147 billion in 2020 and are projected to surpass the $200 billion mark within the next three years.
Elsewhere, VR has […]
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