Location-based entertainment market overview and trends 2024

“The Business Research Company recently published a comprehensive report on global location-based entertainment market size and trends analysis with forecast 2024-2033. This latest market research report provides a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. It also covers current trends, future opportunities and essential data for success in the industry.

According to The Business Research Company, the location-based entertainment market has grown exponentially in recent years. It will grow from $3.05 billion in 2023 to $3.86 billion in 2024, at a compound annual growth rate (CAGR) of 26.4%. Growth in the historical period can be attributed to connections to popular culture, the influence of social media, urbanization, family and group activities, and experiential spending trends.

The location-based entertainment market is expected to witness exponential growth in the next few years. In 2028, it will grow to $9.91 billion at a compound annual growth rate (CAGR) of 26.6%. The growth during the forecast period is due to the integration of artificial intelligence, expansion into emerging markets, sustainability and environmental initiatives, cross-industry collaborations and the shift towards hybrid experiences. Key trends during the forecast period include augmented reality (AR) integration, immersive experiences, virtual reality (VR) adoption, emphasis on interactive attractions, and technological advancements.

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Market drivers and trends:

Increasing consumer spending on gaming and video content is expected to drive the growth of the location-based entertainment market in the future. Consumer spending on games and video content refers to the amount of money that individuals spend on purchasing or subscribing to video games, downloadable content, in-game purchases, streaming services, and other related digital entertainment products. Rising consumer spending on games and video content reflects growing demand for digital entertainment experiences, immersive gaming experiences and a shift towards online streaming platforms. Consumer spending on gaming and video content is helping to strengthen location-based entertainment by demonstrating the potential for immersive experiences and driving interest in similar interactive and experiential offerings in physical venues. For example, in February 2024, according to the Entertainment Software Association, a U.S.-based video game industry trade association, total video game sales rose to $57.2 billion in 2023, up from $56.6 billion in 2023 Year 2022 represents the increase was primarily driven by an increase in spending on video game content, which rose to $48.0 billion from $47.5 billion in 2022. Therefore, increasing consumer spending on gaming and video content is driving the growth of the location-based entertainment market.

Major companies operating in the location-based entertainment market are focusing on developing innovative solutions such as: B. advanced virtual reality technologies to enhance immersive experiences and attract wider audiences. Virtual reality technology in location-based entertainment creates immersive digital environments that users can interact with in physical spaces, improving the overall entertainment experience. For example, in September 2022, Shanghai Disney Resort, a China-based theme park, opened SoReal VR SuperSpace, an immersive virtual reality (VR) experience in its Disneytown shopping, dining and entertainment district. This will be Shanghai’s first flagship store. The two-story venue offers VR experiences on the first floor and an immersive VR tour on the second floor. This innovative addition, developed by SoReal, a China-based VR company, improves visitor engagement and entertainment options in Disneytown.

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Key Market Players:

Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Huawei Technologies Co. Ltd., The Walt Disney Company, Panasonic Corporation, Nvidia Corporation, Regal Entertainment Group, Unity Technologies Inc., AEON Fantasy Co. Ltd ., Sony Interactive Entertainment LLC, Magic Leap Inc., HTC Corporation, Niantic Inc., Barron Games International LLC, Bob’s Space Racers Inc., HQ Software LLC, Habo Studio Inc., CamOnApp SA, E-Learning Studios Ltd., SpringboardVR Inc., BidOn Games Studio LLC, VRstudios LLC

Key insights on location-based entertainment market 2024:

• The location-based entertainment market is expected to witness exponential growth in the next few years. In 2028, it will grow to $9.91 billion at a compound annual growth rate (CAGR) of 26.6%.
• Rising consumer spending on gaming and video content fueled the growth of the location-based entertainment market
• Improving the entertainment experience through advanced virtual reality technology
• North America was the largest region in the location-based entertainment market in 2023

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