Global Online Entertainment Market to Grow at a CAGR of 9.3% During 2024-2032, Aided by the Increasing Digital Literacy and Growing Smartphone Penetration

The market is primarily propelled by ongoing technological advancements in smart devices, delivering enhanced visual and auditory experiences for users. This trend is closely linked to a significant rise in smartphone penetration among the general population. Moreover, the widespread adoption of internet-enabled smart devices, such as smart TVs, laptops, desktops, and smart projectors, has contributed to a heightened demand for online entertainment content, thereby driving the online entertainment market growth.

Furthermore, the readily available and affordable internet services, coupled with the increasing affordability of data tariffs, are serving as catalysts for the market growth. The market is also gaining momentum due to the swift digitisation in the media and entertainment sector. Additionally, the surging popularity of Over-The-Top (OTT) platform subscriptions and the rising number of OTT application downloads contribute to a positive outlook for the market.

In November 2023, The Walt Disney Company (NYSE: DIS) announced to acquire the 33% ownership in Hulu, LLC from Comcast Corp.'s (NASDAQ: CMCSA) NBC Universal (NBCU). This move follows Comcast's exercise of its right under the put/call arrangement between the two companies. The acquisition of Comcast’s stake in Hulu, set at fair market value, is poised to advance Disney’s objectives in the realm of streaming services.

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Market Breakup by Form, Revenue Model, Device, and Region:

• The market on the basis of form can be divided into video, audio, games, and others.

• Based on revenue model, the market can be divided into subscription, advertisement, sponsorship, and others.

• The market on the basis of device can be divided into smartphones, smart TVs, projectors, and monitors, and others.

• The regional markets for online entertainment include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The swift adoption of internet-enabled smart devices, ranging from smartphones and smart TVs to laptops, desktops, and smart projectors, is a substantial driving force behind the heightened demand for online entertainment content. The popularity of internet-based entertainment has surged due to its advantages, including convenience, cost-effectiveness, and the flexibility to choose preferred timings for accessing content.

• Social media, online video games, online casinos, music streaming, and video streaming stand out as the most widely embraced forms of online entertainment. The growth of the online entertainment market is anticipated to be propelled by the increasing prevalence of smartphones and the accessibility of affordable internet services. This rise in smartphone penetration and affordable internet availability is expected to be key drivers for the expansion of the market.

• The expansion in the size of smartphones and the prevalence of touchscreen displays have significantly improved the visual and auditory experiences for users. The rapid evolution of smartphone technology and the growing utility of smartphones are anticipated to generate substantial demand for these devices.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for online entertainment for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the form, revenue model, device, and region, of online entertainment.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the online entertainment market include Netflix, Inc, Amazon.com, Inc., MetaMedia Tech Inc., Google LLC, The Walt Disney Company, Spotify AB, and Tencent Holdings Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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