Global Entertainment Industry Sees Growth
The world has been long addicted to media-driven entertainment, since the time of black and white TV, and now with digital content making it’s way into every mobile device, plasma screen, music player, satellite phone, video game console, etc., the demand is growing, which bodes well for the forecast of the global entertainment industry. According to a study by Global Industry Analysts, the digitization of media content has profoundly changed how entertainment is delivered, driving industry growth, which is expected to hit 1.5 trillion dollars by 2015.
Regardless of the recession, entertainment industry revenues remained consistent in their expansion, in part due to the level of escapism provided to the consumer. Though, there has been a shift in what modes of entertainment people have been setting aside budgets for. Mainly, cheaper media such as movies and video games were at the forefront, while live entertainment, such as sporting events and concerts, have not been as popular.
Video games in particular have been gaining traction, regardless of the toughest recessionary periods. This has been due to a larger amount of game formats, across a greater number of platforms, catering to a larger audience. The online capability of traditional consoles, which support massively multiplayer online role-playing games (MMORPG’s), along with downloadable games for mobile devices have also changed the way games are being distributed.
Cinema has also gained ground with the growing popularity of 3D screens, and cinema multiplex chains have been likewise expanding, to accomodate more moviegoers. The worldwide box office hit $32 billion in 2010, up from $30 billion the year before.