3 Entertainment Sectors That Are Experiencing Rapid Growth
In 2021, the global entertainment and media market reached a total value of $2.34 trillion, making it one of the most important and valuable industries on earth.
In the previous year, projections for growth were not fully realized due to the significant worldwide impacts of the Covid-19 pandemic. However, whilst this dramatically reduced revenue streams from businesses that operated in the physical world, the online entertainment sectors boomed.
National lockdowns produced a surge in demand for streaming services, such as YouTube and Netflix, which allowed them to increase their dominance in the online marketplace. Today, as the end of 2022 approaches, some sectors of the entertainment industry are experiencing impressive and rapid levels of growth. This article describes three of these sectors in detail.
As traditional brick-and-mortar casinos suffered reduced revenue streams during the height of the pandemic, the online arm of the industry positively thrived.
Lockdown restrictions made the prospect of gaming at a new casino online an exciting way to spend enforced time at home for millions of people, some of whom had never gambled before. New customers found that modern online casinos offered a range of incentives that made both joining the site and remaining long-term customers an attractive option.
This was achieved through many sites offering a range of welcome bonuses (such as free spins on roulette wheels or additional deposit money) along with regular promotions that encouraged repeat customers and loyalty to the site. The revenues of the online casino industry have increased steadily year on year, and future projections indicate that the trend will continue.
The profitability of this industry is such that increasing numbers of new venues are opening to take advantage of the high market growth rates.
Social Media Platforms
Only a few decades ago, social media was a concept that most people were not aware of or did not partake in. Early sites, such as Myspace, which was launched in 2003, became incredibly popular in a matter of years.
This indicated to the business world that social media was going to be a profitable venture of the future. After Myspace, Facebook was launched by Mark Zuckerberg, and is now the worlds most popular social media platform with close to three billion active users now using the site.
With the recent takeover of Twitter by Elon Musk, it seems that the future of social media platforms continues to experience rapid growth and immense revenue streams.
The Videogames Industry
Within the last decade, the worldwide videogames industry has become more profitable than the global film industry.
From humble beginnings in the 1970s, when home computer ownership started to occur, games have progressed from being basic with low-resolution graphics to multi-million-pound developments that offer photo-realistic graphics and world-class gameplay.
One key factor in the explosive growth of the video games industry has been the rapid improvements in computer technology and processing power.
With the rise of fast and reliable home internet access during the 1990s, online gaming continued to drive the growth and profits of the industry to make it the ultra-successful sector of entertainment that it is today.