Media Global Market Report 2024

The media market size has grown strongly in recent years. It will grow from $2388.12 billion in 2023 to $2578.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historical period can be attributed to factors such as increased literacy rates, strong economic growth in emerging markets, growing consumer spending on household entertainment activities, increased internet penetration, and the rise of virtual reality (VR).

The media market size is expected to see strong growth in the next few years. It will grow to $3511.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to factors such as the increasing world population, the rise in technology, media and entertainment mergers, and the increase in mobile video viewing. Key trends expected in this period include the development of creative networks, the establishment of digital innovation hubs, the growth of creative and content innovation hubs, government initiatives in innovation, advancements in news systems, strategic partnerships, the impact of big data on driving growth, the use of motion capture technology to reduce production costs, the adoption of stereoscopic 3D (S3D) to enhance the viewing experience, the digitization of newspapers and magazines, and the growth of audio books.

The TV and radio broadcasting industry is increasingly embracing virtual reality (VR) to engage audiences more effectively. Live events such as sports and music are anticipated to drive the demand for VR adoption, enabling audiences to connect with major events through immersive environments. NextVR, a virtual reality platform, exemplifies this trend by streaming live content, including the Daytona 500 and democratic debates. Collaborating with Live Nation, it broadcasts live music events to a global audience. The growing demand for VR content is expected to be a significant factor propelling the market forward.

The proliferation of smartphones is set to propel growth in the media market in the coming years. Smartphones, combining mobile phone and computing features, have become ubiquitous, leading to increased mobile usage, mobile marketing, social media consumption, and smartphone news consumption. According to the International Telecommunication Union, as of November 2022, 73% of individuals aged 10 and above have access to smartphones, showcasing a 7% increase compared to the proportion of the population using the internet in 2022. Consequently, the escalating use of smartphones is a key driver for the media market.

Autonomous drones are gaining popularity among film and video makers for enhancing the film-viewing experience in a cost-effective and lightweight manner while reducing risks associated with traditional equipment. Equipped with rotors, high-resolution cameras, and algorithms, autonomous drones offer a 360-degree experiential recording experience with minimal human intervention. They are particularly used for capturing aerial shots without the need for helicopters and cameramen. Notable companies in the autonomous drone market include DJI, Parrot, Yuneec, Kespry, Insitu, and EHANG.

Major players in the media industry are focusing on strategic collaborations to better serve their consumers. For instance, Charter Communications Inc. has collaborated with Comcast Corporation to enhance its Flex streaming platform's reach and competitiveness against other streaming platforms. This joint venture leverages Comcast's technological foundation and involves Charter's initial $900 million payment over several years. Announced in April 2022, the collaboration aims to develop and nationalize the Flex Streaming Platform, offering an exceptional user interface and voice search on 4K streaming devices and smart TVs through National Retailers, Charter, and Comcast. Comcast Corporation, a conglomerate of telecommunications and media, and Charter Communications Inc., a mass media and telecommunications company, are at the forefront of this strategic collaboration.

Major companies operating in the media market report are Alphabet Inc., Facebook, Inc., Comcast Corporation, The Walt Disney Company, Netflix, Inc., Sony Group Corporation, Charter Communications Inc., Bertelsmann SE & Co. KGaA, Baidu, Inc., Viacom, Zeeya Digital, Zee Entertainment enterprises limited, SUN Tv Network limited, Shanghai media & entertainment limited (SMEG), D B Corp Ltd., Eros international PLC, Go Nuts, Spider AF, Beautiful Nare, Qureka, Tencent, NetEase, Eloquence international, lion &lion, Arena media, Dwa, Initiative, IPG media brands, Focus media, Media Reach Advertising, Media Alive, Hotspex Media, Red Apple Advertising, the PR Office, the7stars, Orchard Media & Events Group Ltd., Scorch, Mostly Media, Media frontier, Mando, Loop, Responsive spaces, Karakas graphic communication, Scholz & Volkma, Disko, Code design, Javelin Group, I Tech art group, Itexus, Armada labs, Group BWT, Geomotiv, Selleo, Code riders, Codete, Devox software, Polcode, Attract group, Donatix, Mayple, Fox Corporation, Vox Media, G/O Media Web FX, Smart Sites, Ignite visibility, Uplers, WebiMax, Zgraya digital, Page traffic Inc., Black tag, Luma, Festival advisor and Dive, Time Warner Inc., Thomson Reuters corporation, liberty interative corporation, CBS corporation, Discovery Communication Inc., Scripps networks interactive Inc., Omnicom Group Inc and Gannett co. Inc., Simple, Calypso, AseguraloHoy.com, Story Max, Ingenia agency, Zetenta, Creatives RD, Globant, EW digital marketing, In pulse digital, Axented, MBC Group, Qanawat, Real-time sportscast, Arab media group, Augustus, Arena events limited, flash entertainment, ABQ Zawya, Integral, Abu Dhabi media, Media 24, EbonyLife Media, Naspers, Osun State Broadcasting Corporation, South African Broadcasting Corporation, Eye witness news, Star Sat, PriMedia, Open view, M-Net.

North America was the largest region in the media market in 2023. Africa is expected to be the fastest growing region in the forecast period. The regions covered in the media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the media 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 media market includes revenues earned by entities by offering television and radio programs, motion pictures, and commercials, along with video and audio recordings, games, and publications. Examples of revenues are license fees, subscriptions, and payments for advertising. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The main types of media include TV and radio broadcasting, film and music, information services, web content, search portals, social media, print media, cable, and other subscription programming. Print media specifically refers to paper publications circulated in the form of physical editions of books, magazines, journals, and newsletters. Various revenue models exist for media, including subscription, advertisement, sponsorship, and others. Media applications can be categorized as wired or wireless.

The media market research report is one of a series of new reports that provides media market statistics, including media industry global market size, regional shares, competitors with a media market share, detailed media market segments, market trends and opportunities, and any further data you may need to thrive in the media industry. This media 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 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.