The Business Research Company's Film And Music Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
The film and music market has experienced strong growth in recent years. It is expected to increase from $341.06 billion in 2023 to $363.76 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.7%. The growth in the historical period can be attributed to factors such as the expansion of distribution channels, challenges related to piracy and copyright, cultural trends, globalization, economic influences, and the emergence of new genres and formats.
How Much Will the Global Film And Music Market Grow, and What Is the Predicted Annual Growth Rate?
The film and music market is expected to experience strong growth in the coming years, reaching $469.7 billion by 2028, with a compound annual growth rate (CAGR) of 6.6%. This growth during the forecast period can be driven by factors such as the dominance of streaming services, data-driven content creation, the rise of live events and experiences, global collaboration and co-production, and sustainability initiatives.
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What Are The Top Drivers Contributing To The Growth Of The Film And Music Market?
The growth of subscription-based streaming platforms is expected to drive the expansion of the film and music market in the coming years. Streaming platforms are applications, websites, or services that deliver audio and video content via the Internet to devices such as laptops, smartphones, tablets, or smart TVs in real time. These platforms have transformed the music and entertainment industries by enabling artists and content providers to easily distribute their work and reach a broader audience. Additionally, streaming services have created new revenue streams, provided real-time audience insights, and enhanced access to a diverse range of music, artists, and TV shows.
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Which Companies Are Leading Growth in the Film And Music Market?
Key players in the film and music market include Sumitomo Electric Industries Ltd., 3M Company, Fiberhome Telecommunication Technologies Co. Ltd., Hengtong Group, Aptiv plc, Prysmian Group, TE Connectivity Ltd., Corning Inc., Molex LLC, Amphenol Corporation, CommScope Inc., Nexans SA, Fujikura Ltd., Yangtze Optical Fibre and Cable Joint Stock Limited Company, Leoni AG, Finisar Corporation, Coherent Inc., Belden Inc.
What Are the Key Trends Defining the Film And Music Market Size?
Leading companies in the TV and radio broadcasting market are increasingly focusing on strategic collaborations to better serve their existing customer base. For example, Warner Music Group has partnered with SK Global Entertainment to leverage Warner’s extensive music catalog and artist relationships for storytelling opportunities.
What Are The Key Segments Of The Global Film And Music Market?
1) By Type: Music Recording, Film And Video
2) By Genre: Action, Horror, Comedy, Documentary, Drama, Other Genres
3) By End User: Individual Users, Commercial Users, Other End Users
Geographical Highlights: North America Leading Film And Music Market
North America was the largest region in the market in 2023. Western Europe was the second-largest region in the market. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition And Scope Of The Film And Music Market Overview?
Film refers to a motion picture or a sequence of still images shown rapidly on a screen using light, creating the illusion of movement. Music, on the other hand, is a series of sounds created by musical instruments, voices, computers, or a combination of these, intended to be enjoyed by listeners.
The Film And Music Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Film And Music Market Report: Trends, Opportunities, Strategies, and More
The Film And Music Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into film and music market size, film and music market drivers and trends, film and music competitors' revenues, and film and music market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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