Film And Music Market Definition And Segments
Film refers to a motion image, a movie, or a collection of still images on film that are quickly displayed on a screen using light. Music refers to a pattern of sounds produced by musical instruments, voices, computers, or a mix of these, and is meant to be enjoyed by those who hear it.
The main types of film and music are music recording, film, and video. Music recording refers to the physical record of a musical performance that is played back or reproduced. The various genres of film include action, horror, comedy, documentary, drama, and other genres. The different sectors include individual users, commercial users, and others.
The film and music market covered in this report is segmented –
1) By Type: Music Recording, Film And Video
2) By Genre: Action, Horror, Comedy, Documentary, Drama, Other Genres
3) By End User: Individual Users, Commercial Users, Other End Users
Subsegments Covered: 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
The film and music market size has grown strongly in recent years. It will grow from $341.06 billion in 2023 to $363.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in distribution channels, piracy and copyright issues, cultural trends, globalization, economic factors, emergence of new genres and formats.
The film and music market size is expected to see strong growth in the next few years. It will grow to $469.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to streaming services dominance, data-driven content creation, live events and experiences, global collaboration and co-production, sustainability initiatives. Major trends in the forecast period include immersive technologies, technological advancements in production, blockchain for royalties, emergence of virtual concerts and film premieres, rise of nfts in the creative industry.
Digital Revolution How Iptv, Dth, And Online Platforms Are Shaping The Film And Music Market Growth
The penetration of newer distribution platforms such as internet protocol television (IPTV) and Direct-to-home (DTH) and online platforms such as YouTube, 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 for 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 Streaming Revolution Subscription-Based Platforms Fueling Growth In The Film And Music Market
Rising subscription-based streaming platforms are expected to propel the growth of the film and music market in the coming years. Streaming platforms are applications, sites, or stations that deliver audio and video content via the Internet to laptops, smartphones, tablets, or smart TVs in real time. Streaming platforms have revolutionized the music and television industries by making it simpler for artists and media providers to disseminate their art and reach a larger audience. Streaming services have also generated new revenue sources, offered real-time statistics on audience reactions, and improved access to a variety of music, performers, and TV series. For instance, in December 2022, according to the United Nations Educational, Scientific, and Cultural Organization, a France-based specialized United Nations organization dedicated to promoting global peace, the number of music streaming service customers globally in the initial quarter of 2021 was 487 million. Therefore, rising subscription-based streaming platforms are driving the film and music market.
Major companies operating in the film and music market report are Sumitomo Electric Industries Ltd., 3M Company, Fiberhome Telecommunication Technologies Co. Ltd., Hengtong Group, Aptiv PLC, Prysmian Group, TE Connectivity Ltd., Corning Inc., Molex LLC, Amphenol Corporation, CommScope Inc., Nexans SA, Fujikura Ltd., Yangtze Optical Fibre and Cable Joint Stock Limited Company, Leoni AG, Finisar Corporation, Coherent Inc., Belden Inc., Sterlite Technologies Ltd., AFL Communications LLC, Radiall Pvt. Ltd., LS Group, HUBER + SUHNER, OFS Fitel LLC, The Siemon Company, EXFO Inc., EMCORE Corporation, Hitachi Cable America Inc., Optical Cable Corporation, General Cable Corporation, Furukawa Electric Co. Ltd., Shenzhen HTGD Intelligent Equipment Co. Ltd.
Resilience Amidst Crisis How The Film And Music Market Navigated The Impact Of The COVID-19 Pandemic
The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on some of the film and music markets in 2020 as businesses were disrupted due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-such as symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity and restricted movement of goods and services with countries entering a state of 'lock down'. The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, many media markets have been unaffected or benefited from this as they transmit their content remotely through digital channels. It is expected that the film and music market will recover from the shock across the forecast period as it is a 'black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Revolutionizing Animation How Motion Capture Technology Is Transforming Film And Music Production
Film and music production companies are increasingly adopting motion capture technology to reduce costs associated with key frame-based animations. Motion capture is the process of recording a live motion event and translating it into actionable data that allows a 3D recreation of the performance. To achieve these, performers need to wear reflective markers all over their bodies which are then interpreted by a computer and turned into digital 3D models. Through this technology, real-time results are achieved faster, and it also reduces the cost of key-frame animation. Some recent box-office blockbusters which incorporated motion capture technology include Avengers, Captain America, Beauty, and the Beast, Guardians, Iron Man, and others.
Harmonizing Entertainment Warner Music Group Joins Forces With Sk Global Entertainment For Music Documentaries And Narrative Programming
Major companies operating in the TV and radio broadcasting market are focusing on strategic collaborations such as Warner Music Group with SK Global Entertainment to better meet the needs of their existing consumers. Warner Music Group and SK Global Entertainment will work together to explore Warner Music Group's huge repertoire and artist connections for narrative potential. For instance, in October 2021, Warner Music Group, a US-based record label and entertainment conglomerate, announced a collaboration with SK Global Entertainment to collaborate on music documentaries and narrative programming. The two firms are going to examine Warner Music Group's extensive portfolio and artist connections for storytelling potential as part of their collaboration. The companies' new content initiatives are going to include both English and local-language productions and may pay special attention to WMG's broad range of celebrated international performers, particularly across the Asia, U.S., and Latin America.
North America was the largest region in the film and music market in 2023. Western Europe was the second-largest region in the film and music market. The regions covered in the film and music market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the film and music market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The film and music market includes revenues earned by entities by offering services such as 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 of the production and distribution of musical recordings, from publishing music, or from providing sound recording services in the film and music industry. The market includes the production and distribution of animated cartoons, and instructional videos. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. 3
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The film and music market research report is one of a series of new reports from The Business Research Company that provides film and music market statistics, including film and music industry global market size, regional shares, competitors with a film and music market share, detailed film and music market segments, market trends and opportunities, and any further data you may need to thrive in the film and music industry. This film and music market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.