ID: PMRREP32552| Upcoming | Format: PDF, Excel, PPT* | Consumer Goods
Increased tendency to spend on entertainment and leisure has resulted from spending power combined with favorable demographics. As a result, the industry's top players are concentrating their efforts on producing more innovative films. According to latest research by Persistence Market Research, motion picture market is set to witness a CAGR of 6.0% during 2021-2031.
Growing middle-class population, rising per capita income, and a growing working population are all driving massive domestic demand for leisure and entertainment services. Players in the region are rapidly expanding their products beyond their typical domains, leveraging efficiencies and expanding their footprint across a variety of entertainment segments.
Globalization of the cinematographic business, as well as the rise of many entertainment options reinforced by relatively simple access to money, are propelling the global movie production market across geographies.
Digital growth has been instrumental in the increasing trend for the entertainment market. Digital growth was capital to home entertainment resulting in double-digit growth. In 2019 itself, approximately 85% of the kids watched TV shows and films on mobile devices; with Covid-19 restrictions around the corner, this share has been on a rise more than ever.
Uncertainty about existing and future economic situations may discourage multiplex engagement. The COVID-19 epidemic has resulted in a worldwide economic disaster. The government's numerous limitations on entertainment and leisure activities had a significant impact on the cinematographic industry.
The lockdown restrictions have brought shootings to a halt while stalling the release of ready-to-release ones due to the shutdown on movie threatres. However, on the bright side, alternative platforms such as Netflix and Amazon Prime have emerged as hotspots for new launches. Film piracy is a regular challenge to the involved companies.
Artificial intelligence combined with technology improvements has always propelled the film business forward. The movie production industry has already been altered by 3D films, visual effects, Ultra HD 3D technologies, and autonomous drones. The film business is embracing virtual reality as a new technological innovation.
With the use of virtual reality, filmmakers are branching out into new genres, such as 360 degree films, interactive tales, and animated films. Although virtual reality in the film industry is still in its development, the technology has the potential to be widely adopted and alter the movie-going experience.
US is considered as the lucrative market for cinematographic market globally. Innovative technology have revolutionized the video streaming industry, powered the US economy, and modified how consumers consume information all over the world.
According to U.S. Chamber of Commerce Global Innovation Policy Center in 2018, there are more video streaming users than paid-TV subscribers in the United States, with over 500 authorized online video services that have grown in popularity in recent years.
As a result of this rapid growth and exploding consumer demand, the industry is producing original content at a unique rate and developing new and innovative ways for consumers to watch their favorite sports around the world, favourite television series, favourite movies, and a huge number of other consumer options.
Increased spending on leisure and entertainment services, on the other hand, will stimulate demand for cinematographic business in the United States and Canada. Whereas, digital piracy on the other hand, has emerged as a critical concern that threatens this expansion.
Despite the successful staging of the Venice Film Festival under severe measures but in its normal physical form the European film industry is now facing a new phase of uncertainty induced by the so-called second wave of COVID-19, which is starting to cause problems across all countries.
Festivals, industry gatherings, and theatres have been forced to comply with new European government measures, which include the closure of cinemas and restrictions on social events, and have been forced to find new ways to unspool and welcome their participants and public, most notably by moving their programmes online in collaboration with streaming services.
Some of the leading players of cinematographic market include
Players are forming partnerships and dealing with film studios in order to expand their business. For instance, Universal Pictures Home Entertainment (UPHE) has signed a distribution deal with SF Studios to release the studio's film and television material across the Nordic and Baltic areas in 2020.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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