Film and Music Global Market Report 2024

The film and music market size has grown strongly in recent years. It will grow from $341.06 billion in 2023 to $363.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%.The growth observed in the historical period can be attributed to several factors, including the expansion of distribution channels, challenges related to piracy and copyright, evolving cultural trends, the impact of globalization, economic influences, and the emergence of new genres and formats within the industry.

The film and music market size is expected to see strong growth in the next few years. It will grow to $469.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. Forecasted growth is driven by streaming service dominance, data-driven content creation, live events, global collaboration, and sustainability initiatives. Major trends include immersive tech, production advancements, blockchain for royalties, virtual concerts/film premieres, and the rise of NFTs in the creative industry.

The expansion of newer distribution platforms, including Internet Protocol Television (IPTV), Direct-to-Home (DTH), and online platforms such as YouTube and Vimeo, is a significant driver of growth in the film and music market. The adoption of these platforms facilitates the digitization of TV, resulting in improved sound and picture quality for viewers and increased revenues across the value chain. This digital transformation also provides broadcasters with additional bandwidth to offer value-added services, ultimately contributing to revenue growth. Furthermore, the implementation of digital production techniques in the film industry has led to cost reductions in processing and storage. Digital distribution and exhibition methods have not only enhanced picture quality but also shortened the release window. These factors collectively contribute to the positive trajectory of the market's growth during the forecast period.

The film and music market is set to experience substantial growth, driven by the proliferation of subscription-based streaming platforms. These platforms, which deliver audio and video content over the Internet to various devices such as laptops, smartphones, tablets, or smart TVs in real-time, have revolutionized the music and television industries. Streaming services simplify the dissemination of art for artists and media providers, expanding their reach to a larger audience. Additionally, streaming platforms create new revenue streams, provide real-time audience reaction statistics, and offer enhanced access to a diverse range of music, performers, and TV series. Notably, data from December 2022, as reported by the United Nations Educational, Scientific, and Cultural Organization, indicates that the global number of music streaming service customers in the first quarter of 2021 reached 487 million. This surge in subscription-based streaming platforms underscores their pivotal role in driving the growth of the film and music market.

The COVID-19 pandemic, which emerged in 2019 and significantly impacted global business operations, served as a substantial constraint for certain segments of the film and music markets in 2020. The pandemic, characterized by flu-such as symptoms such as fever, cough, and breathing difficulties, prompted widespread lockdowns imposed by governments worldwide. The initial identification of the virus in Wuhan, Hubei province, China, led to its global spread, affecting regions including Western Europe, North America, and Asia. Government measures to curb transmission, including lockdowns, resulted in reduced economic activity and restricted movement of goods and services. While some businesses faced negative consequences, many in the media markets were either unaffected or experienced benefits, transmitting content remotely through digital channels. The film and music market is anticipated to recover from the pandemic's impact over the forecast period, considering it as a 'black swan' event, unrelated to inherent weaknesses in the market or the global economy.

Film and music production companies are increasingly embracing motion capture technology to mitigate costs associated with keyframe-based animations. Motion capture involves recording live motion events and translating them into actionable data, enabling a 3D recreation of the performance. Performers wearing reflective markers on their bodies have their movements interpreted by a computer, resulting in digital 3D models. This technology provides real-time results more efficiently, reducing the expenses associated with keyframe animation. Several recent blockbuster films, including Avengers, Captain America, Beauty and the Beast, Guardians, and Iron Man, have successfully incorporated motion capture technology.

Major players in the TV and radio broadcasting market are strategically engaging in collaborations to enhance their offerings and better serve their existing consumer base. One notable example is the collaboration between Warner Music Group and SK Global Entertainment. In October 2021, Warner Music Group, a prominent US-based record label and entertainment conglomerate, announced a partnership with SK Global Entertainment aimed at exploring the narrative potential within Warner Music Group's extensive repertoire and artist connections. This collaboration focuses on the creation of music documentaries and narrative programming. The joint efforts of Warner Music Group and SK Global Entertainment will involve an in-depth examination of Warner Music Group's vast portfolio and artist relationships to uncover storytelling possibilities. The content initiatives resulting from this collaboration will encompass productions in both English and local languages, with particular attention given to Warner Music Group's internationally acclaimed performers, spanning regions such as Asia, the U.S., and Latin America. This strategic collaboration reflects a commitment to leveraging collective strengths and resources to deliver compelling content to diverse audiences.

Major companies operating in the film and music market report are 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., Sterlite Technologies Ltd., AFL Communications LLC, Radiall Pvt. Ltd., LS Group, HUBER + SUHNER, OFS Fitel LLC, The Siemon Company, EXFO Inc., EMCORE Corporation, Hitachi Cable America Inc., Optical Cable Corporation, General Cable Corporation, Furukawa Electric Co. Ltd., Shenzhen HTGD Intelligent Equipment Co. Ltd.

North America was the largest region in the film and music market in 2023. Western Europe was the second-largest region in the film and music market. The regions covered in the film and music market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the film and music market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary categories within film and music are music recording, film, and video. Music recording represents the physical capture of a musical performance for playback or reproduction. Film genres span action, horror, comedy, documentary, drama, and other categories. Sectors utilizing these mediums include individual users, commercial users, and various other sectors.

The film and music market research report is one of a series of new reports that provides film and music market statistics, including film and music industry global market size, regional shares, competitors with a film and music market share, detailed film and music market segments, market trends and opportunities, and any further data you may need to thrive in the film and music industry. This film and music market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The film and music market includes revenues earned by entities by offering services such as production and/or distribution of motion pictures, videos, television programs, or commercials, from the exhibition of motion pictures or from the provision of postproduction and related services of the production and distribution of musical recordings, from publishing music, or from providing sound recording services in the film and music industry. The market includes the production and distribution of animated cartoons, and instructional videos. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. 3.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.