Media and Entertainment Industry to Hit $1 Trillion Valuation in 2024

variety.com:

Callum McLennan The media and entertainment industry is forecast to surpass a $1 trillion valuation in 2024, according to Omdia’s senior research director María Rua Aguete, a speaker at Tuesday’s Future Trends Report panel at Miami’s Content Americas, which runs through Jan.

25. Some of her major points: The Trillion-Dollar Media and Entertainment Ecosystem Hitting the trillion mark is propelled by diverse segments, with online video ($345 billion), cinema ($41 billion), music ($44 billion), and games ($255 billion) contributing significantly to the sector’s expansion.

The dynamics within these segments reveal a complex interplay of consumer preferences, technological advancements, and evolving business models, highlighting the industry’s robustness and adaptability in the face of changing market conditions. Advertising’s Dominant Role and the Ascension of Online Video Advertising continues to underpin the media and entertainment economy, with online video advertising set to become the leading revenue source by 2028.

This shift bolsters the changing consumption patterns where digital platforms are increasingly favored over traditional media channels.