The increasing penetration of virtual and online gaming culture, high-speed internet connectivity and rising disposable income of the consumers are primarily driving the growth of the global metaverse in entertainment market.
According to TechSci report on, “Metaverse in Entertainment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global metaverse in entertainment market is expected to register significant growth during the forecast period of 2023-2027. The market growth can be attributed to the increasing consumer spending across virtual events and concerts. Moreover, the increasing penetration of smartphones and the internet, which makes access to virtual events convenient, is also adding to the market growth. Furthermore, the incorporation and rapid adoption of immersive technologies such as augmented reality (AR) and virtual reality (VR) are also creating a positive impact on the market. Apart from this, rising consumer inclination towards online gaming is providing a lucrative growth opportunity for market players in the global metaverse in entertainment market. Metaverse provides an immersive virtual experience through its connected technologies, such as 3D visualization, IoT, and augmented reality. According to a report, the online gaming industry reached around 360 million people in 2020 and is anticipated to reach approximately 510 million people by the end of 2022. This can be accredited to the changing consumer entertainment choices and the high-income levels. Furthermore, the acceptance of metaverse in entertainment has increased over recent years, particularly after the COVID-19 pandemic and subsequent lockdowns and social distancing guidelines. Moreover, various entertainment powerhouses are investing to launch several iterations of the metaverse and gain a robust footing in the market. In addition, globally renowned artists such as Travis Scott, BTS, and Imagine Dragons are those artists who have already tested the metaverse platform for concerts and live shows, which is further catalysing the market growth.
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The global metaverse in the entertainment market is segmented by platform, technology, end user, competitive landscape, and regional distribution. Based on the platform, the market is differentiated into wearables, desktops, and mobiles. Among these, the mobile segment is anticipated to hold a significant market share in the coming years. This is primarily because most of the global population has easy access to mobile phones. Moreover, the growing penetration of smartphones and the internet is also supplementing the growth of this segment. Furthermore, mobile phones can be carried anywhere, charged easily, and are affordable as well, which is why majority of the population depends on mobile phones for indulging in any kind of virtual activity related to entertainment.
By technology, the market is bifurcated into the blockchain, AI, AR/VR/XR, and MR. Among these, the AR/VR/XR segment is anticipated to hold a prominent market share over the forecast period. AR/VR/XR acts as a link between the physical world and the digital world and facilitates an immersive experience. The combination of these three features integrates real and virtual environments, facilitates real-time interaction, and shows precise 3D visualization of the objects. Moreover, the availability of high-end AR devices at an affordable rate and the increasing adoption of AR headsets with high resolution for gaming and entertainment.
On the basis of end users, the global market is segmented between film production companies, music labels, OTT platforms, and others. Among these, music labels are expected to hold a prominent market share in the coming years. This is primarily due to the growing adoption and acceptance of virtual concerts and music shows, particularly after the Covid-19 pandemic. With the introduction of metaverse technology, people can now catch VR concerts while sitting at home. Moreover, the incorporation of AI and AR/VR provides incredible immersive experiences to the users. For instance, the creators of ABBA Voyage recorded a group of members performing their songs, the singers are in seventies at present, and used AI (artificial intelligence) to make them look younger onstage. They are also creating the AI-generated version of ABBA group members to create holograms that can perform on stage during the ABBA Voyage experience.
A list of major market players of the global metaverse in entertainment market includes:
- Epic Games Inc.
- Hungama Digital Media Entertainment Pvt. Ltd.
- Meta Platforms Inc.
- Niantic Inc.
- OverActive Media Corp.
- Qualcomm Inc.
- Roblox Corp
- Tetavi Ltd.
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“On the geographical front, North America is projected to hold a significant market share over the forecast period. The flourishing entertainment industry, wide traction of the gaming culture, and increasing investments by the regional market players to create more immersive gaming and entertainment experience are the major factors contributing to the market growth in the region. Moreover, the inflating disposable income of the users living in the region, rising use of interactive media platforms for marketing major motion pictures, and increasing collaborations and partnerships between media and entertainment and technology companies to provide immersive metaverse experiences are anticipated to propel the market growth in the region. Apart from this, robust technological advancements in the AR and VR devices and the penetration of high-speed internet are projected to create a positive impact on the global metaverse in the entertainment market over the coming years.” said Mr. Karan Chechi, Research Director, TechSci Research, a research based global management consulting firm.
“Metaverse in Entertainment Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Platform (Wearables, Desktop, Mobile), By Technology (Blockchain, AI, AR/VR/XR, MR), By End-User (Film Production Companies, Music Labels, OTT Platforms, Others) and By Region” has evaluated the future growth potential of global metaverse in entertainment market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global metaverse in entertainment market.
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