Since 2020, when it experienced a 2.3% decline, the global entertainment and media industry (E&M) has grown considerably. In 2021, PwC reported global entertainment and media revenue increased by 10.4% to $2.34 trillion. Industry experts are optimistic E&M will continue growing through to 2026, with market segments like eSports and virtual reality leading the way. As we approach the new year, we’re also going to start seeing some new entertainment and media trends surface, and in today’s article, we will look at a few.
New Trends In The E&M Industry
More Blockchain Inclusion
Blockchain is the technology behind some of the world’s most powerful digital entertainment tools and trends. The cryptocurrency market has expanded into entertainment, with many people now using virtual currencies to buy sports tickets and movie tickets.
For example, both the NFL’s Houston Texans and Tennessee Titans accept Bitcoin payments and other cryptocurrencies for season tickets and game suits. We’ve also just seen Nike launch a blockchain-enabled marketplace platform called .SWOOSH. This platform allows sports fans and athletes to come together in a digital space, and community members will even have the chance to create virtual products with Nike.
More Sports Betting Apps Launched
Speaking of sports like the NFL, we’re also going to see more sports betting platforms launched next year. Both sports and gambling have always had a presence in the global entertainment industry, and online sports betting has taken off in countries such as the United Kingdom, Canada, and the United States. In fact, there are already projected launch dates for new sports betting apps in the US.
For example, several betting apps will launch in Ohio on January 1, 2023, and many more (around 20) have applied for an Ohio license. With all these new apps, you will want to use review sites like BonusFinder to compare the best ones and find the most suitable for your style. This has been a long process for Ohio, beginning on June 1, 2022, when applications were made available, and we expect many more states will follow suit.
More Streaming Services Rolled Out
There’s an array of streaming services available to consumers, from Netflix and Amazon Prime Video to Hulu and Crave. By 2027, global video streaming revenue is projected to total more than $139 billion per year. Even though it’s a competitive industry, we’re still expecting more services to launch next year as consumers start to want niche services.
Many consumers have expressed a disinterest in having to constantly scroll through Netflix or Crave to find something to watch and would rather pay for services more suited to their interests. For example, Crunchyroll is an anime-only streaming platform with over four million subscribers.
The global entertainment and media industry offers something for everyone, which is why industry experts are expecting increasing market value over the next few years. New trends like more blockchain technology inclusion, new sports betting apps and platforms, and more variety in streaming services will ultimately help contribute to this increasing value.