The Business Research Company’s Film And Music Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, June 28, 2021 /EINPresswire.com/ — The penetration of newer distribution platforms like internet protocol television (IPTV) and Direct-to-home (DTH) and online platforms such as YouTube and Vimeo is driving the growth of the film and music market. Digitization of TV platforms is paving the way for better sound and picture quality for viewers and increased revenues for stakeholders in the value chain. This is also resulting in more bandwidth to broadcasters to provide value added services, thereby boosting revenues. Digital production techniques in films have reduced processing and storage costs. Digital distribution and exhibition have led to enhanced picture quality and shortened release window. These factors are expected to positively impact the growth of the market during the forecast period.
The global film and music market is expected to grow from $289.13 billion in 2020 to $308.97 billion in 2021 at a compound annual growth rate (CAGR) of 6.9%. The film and music market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $392.34 billion in 2025 at a CAGR of 6%.
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North America is the largest region in the global film and music market, accounting for 39% of the market in 2020. Western Europe is the second largest region accounting for 34% of the global market. Africa has the smallest film and music market share.
Major companies in the market include Time Warner, Sony, CBS Corporation, Walt Disney, Twenty First Century Fox.
The film and music market consists of the revenues from the production and/or distribution of motion pictures, videos, television programs, or commercials, from the exhibition of motion pictures or from the provision of postproduction and related services or of the production and distribution of musical recordings, from publishing music, or from providing sound recording and related services earned by entities (organizations, sole traders and partnerships) that are in the film and music industry.
The global film and music market is segmented by type into music recording, film and video. Subsegments covered are record production, music publishers, record distribution, sound recording studios, film and video production, film and video distribution, post-production services, film and video theatres, other film and video industries.
Film And Music Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides film and music market overview, forecast film and music market size and growth for the whole market, film and music market segments, and geographies, film and music market trends, film and music market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire