Metaverse in Entertainment Market to Reach $221.7 Billion, Globally, by 2031 at 32.3% CAGR: Allied Market Research

An increase in consumer spending on virtual concerts, events and more, and technological innovations that improve audience engagement and support franchise development are driving the growth of the global meta version in the entertainment market.

PORTLAND, Ore., December 1, 2022 /PRNewswire/ — Allied Market Research released a report titled “The Entertainment Market Metaverse by Component (Hardware, Software, Service), by Technology (Blockchain, Virtual Reality and Augmented Reality, Mixed Reality, Others), by Application (Movie Production , Music Labels, OTT Platforms, TV Broadcasters, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global metaversion in the entertainment industry is estimated 13.8 billion dollars in 2021 and $221.7 billion to 2031, witnessing a CAGR of 32.3% from 2022 to 2031. The report offers detailed analysis of changing market trends, major segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, constraints and opportunities

An increase in consumer spending on virtual concerts, events and more, technological innovations that improve audience engagement and support franchise development, and the metaverse’s ability to satisfy users’ desire to connect with community are driving the growth of the global entertainment metaverse. market. However, privacy and security concerns related to meta-version, legal issues related to digital collectibles rights, and high cost of AR and VR devices are likely to hinder the growth of the global market. On the other hand, initiatives related to the advancement of the digital transformation of the metaverse in the entertainment industry, such as the use of blockchain technology in the metaverse, will present new growth opportunities for the global market in the coming years.

The Covid-19 scenario

  • The COVID-19 pandemic has had a positive impact on global metaversions in the entertainment industry. According to SAGE Journals, the average time spent playing video games increased by more than 71% during the COVID-19 lockdown period.

  • This influenced many popular gaming companies to expand their portfolio of offerings during this period. For example in July 2020Epic Games collaborates with American rap artist, Travis Scott to host their Astronomy Tour in Fortnite. This concert saw 45.8 million live in-game viewers and over 120 million views via live streams on YouTube and Twitch.

  • Such cases promise great opportunities for the future of metaverse platforms and technologies, which are expected to grow in the coming years.

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Hardware segment expected to dominate the market in terms of revenue during the forecast period
On the basis of components, the hardware segment contributed the largest share of nearly three-fifths of the global meta version of the entertainment market in 2021 and is expected to rule the base over the forecast period. This is because the hardware helps to implement the metaverse of the environment in the entertainment sector. However, the software segment is expected to witness the fastest CAGR of 36.7% between 2022 and 2031, owing to the surge in adoption of virtual world implementation software.

The virtual reality and augmented reality segment will dominate in terms of revenue during the forecast period
On the basis of technology, the virtual reality and augmented reality segment accounted for the largest share of more than two-fifths of the global metaversion in entertainment market in 2021 and is expected to maintain significant growth during the forecast period. This is due to the high adoption of metaverse in the gaming industry for virtual world creation. However, the blockchain segment is expected to show the highest CAGR of 36.9% in 2031 as blockchain provides added security to digital assets in the virtual world.

The film production segment will dominate in terms of revenue during the forecast period
On the basis of application, the film production segment accounted for the largest share of nearly two-fifths of the global meta version of the entertainment market in 2021 and is expected to maintain significant growth during the forecast period. This is due to the high adoption of metaversion for creating a surreal world in movies. However, the OTT platform segment is expected to exhibit the highest CAGR of 37.4% in 2031 due to the rapid growth of OTT platforms across the globe.

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Asia and the Pacific get the highest sales and fastest growth by 2031
Based on region, North America was the largest market in 2021, accounting for nearly two-fifths of the global meta version in the entertainment market, driven by high-quality content development and technology adoption in countries such as the US and Canada. However, the market in Asia and the Pacific is likely to maintain its dominance during the forecast timeframe, posting the fastest CAGR of 37.1% during the forecast period, owing to the growing digital and economic transformation in the region.

Leading players in the market

  • Epic Games, Inc.

  • Meta, Niantic, Inc.

  • An overactive media group

  • Qualcomm Technologies, Inc.

  • QUEPPELIN

  • The Roblox Company

  • Tencent

  • Tetavi

  • Hungama Digital Media Entertainment Pvt. Ltd.

The report analyzes these key players in the global metaversion in entertainment market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio and development of each market player.

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About us

Allied Market Research (AMR) is the end-to-end market research and business advisory arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unrivaled quality “Market research reports” and “Business Intelligence Solutions.” AMR focuses on providing business insights and advice that help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relationship with various companies which helps us in getting market data which helps us to create accurate research data tables and confirm maximum accuracy of our market forecast. CEO of Allied Market Research Pawan Kumar is a tool that inspires and encourages everyone associated with the company to maintain high data quality and help clients in every possible way to achieve success. All data presented in the reports we publish are obtained through primary interviews with top executives of leading companies in the field. Our secondary data acquisition methodology includes in-depth online and offline research and discussion with industry experts and analysts.

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