Online entertainment market revenue is expected to reach $300.55 billion by 2033

Oct 18, 2024

Table of contents

Sales and trends in the online entertainment market

The global Online entertainment market Revenue reached $101.82 billion in 2024 and is expected to reach around $300.55 billion by 2033, growing at a compound annual growth rate of 12.78%. Increasing demand for high-speed internet and social media platforms, OTT channels and adoption of technological gadgets are driving the growth of the market.

Market overview

The online entertainment industry is the entertainment that can be provided by the online platform or you can also say that it is a data-driven entertainment platform. The increasing evaluation of technologies and their use in all industries is contributing to the expansion of the market. The growing social media, gaming industry, OTT platforms and video content platforms are driving the growth of the online entertainment industry. The increasing number of user-generated data, live streaming and distribution of SmartphonesSmart TVs and personalized gadgets are driving the growth of the online entertainment market.

Report the highlights of the online entertainment market

• In terms of form, the video segment dominated the online entertainment market in 2023. Increasing digitalization across the globe, increasing demand for the online entertainment industry and availability of multiple video platforms with different types of content are driving the growth of the video segment in the market.
• In terms of form, the audio segment is expected to witness significant market growth during the forecast period. Increasing internet penetration and increasing usage of smartphones and audio content such as podcasts, radio and others are driving the growth in the audio entertainment segment.
• By device, the smartphone segment led the online entertainment market in 2023. The increasing penetration of internet services and technological advancements in smartphone technologies are driving the expansion of the smartphone segment.
• By devices, the smart TVs, projectors and monitors segment is expected to witness significant market growth during the forecast period. The growing population and increasing disposable income of the population are driving the demand for smart TVs, projectors and monitors. The increasing demand for personal entertainment or indoor entertainment
• According to the revenue model, the advertising segment dominated the online entertainment market in 2023. The growth of the market is attributed to the rapid valuation of the online entertainment industry. The increase in the number of consumer bases helps companies promote their brand or product to a large consumer audience, which helps in generating significant revenue.
• Based on the revenue model, the subscription segment is expected to witness significant market growth during the forecast period. The subscription model is a revenue generation model that generates revenue by charging the recurring fee for a subscription in a specific period of time. Nowadays there are several online social media platforms; OTT accepts monthly, quarterly or annual subscriptions from consumers to generate revenue.

Online entertainment market trends

Increasing youth:

The growing population, especially the younger population, is more inclined towards the technologies, internet, social media and other data-driven platforms that help expand the online entertainment market.

Increasing Internet penetration:

The increasing penetration of smartphones and the high-speed internet solution promotes seamless streaming of video or audio entertainment content and effortless gaming.

Increasing economic development:

The rise in economic development in developing and developed countries, which increased the disposable income of the population, and their changing lifestyles are driving the demand for technologies, such as the increasing use of smartphones, smart TVs, laptops, tablets and other devices , which drive the development consumption of online entertainment channels.

Technological assessment:

The technological assessment in the online entertainment platform, such as B. the integration of artificial intelligence, Internet of Things (IoT), virtual reality (AR), Augmented reality (VR) and others to increase performance efficiency and provide personalized content results according to consumer search behavior are driving the expansion of the market.

Diversification of content and social media platforms:

Diversification of content presence on the online platform and monetization model are driving the growth opportunities in the market. The rise in user-generated content in the form of vlogging, podcasts, short films, reels, gaming shorts, videos, educational videos and others is driving significant revenue in the online entertainment market.

Regional insights

North America dominated the online entertainment market in 2023. Regional countries like the United States are considered the center of entertainment. The region is home to Hollywood, known for its larger-than-life entertainment offerings. The US witnesses the presence of the headquarters of leading market players including Google, YouTube, Instagram and others, contributing to the expansion of the market. Furthermore, increasing technological advancements in online entertainment platforms that enhance the visual effects of images and the proliferation of high-speed internet services that support effortless streaming of videos, games and other data-driven activities are contributing to the expanding online entertainment market in the Region.

Europe expects significant growth during the forecast period. The growth of the market is attributed to the increasing penetration of high-speed internet and increasing consumer interest in the entertainment industry is driving the expansion of the online entertainment market. The increasing number of OTT platforms is creating significant revenue for the region. The UK OTT market is the largest platform by revenue and the third largest globally. Additionally, the emerging gaming industry and the use of AI in the online entertainment industry are driving the growth of the regional market.

Market News

• In May 2024, Vietnamese company VinFast becomes the first company in the world to launch Sony’s new online entertainment service RIDEVU in its VF 8 electric car model in the United States, with the VF Connect Prime package as a complementary service.
• In May 2024, iQIYI, China’s leading online entertainment service, announced the launch of an immersive VR theater at Galaxy Promenade in Galaxy Macau.

Market segmentation

By shape

• video
• Audio
• games
• Internet radio
• Other

By device

• Smartphones
• Smart TVs, projectors and monitors
• Laptops, desktops and tablets
• Other

By sales model

• subscription
• Advertising
• Sponsorship
• Other

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