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Global Online Entertainment Market Assessment, By Form, By Supporting Device, By Revenue Model, By Region, Opportunities and Forecast, 2016-2030F

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New York, June 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Online Entertainment Market Assessment, By Form, By Supporting Device, By Revenue Model, By Region, Opportunities and Forecast, 2016-2030F” – https://www.reportlinker.com/p06465604/?utm_source=GNW

The rise of Gen Z has led to an increase in demand for online entertainment content, mediums, and platforms owing to their likelihood to use technology for entertainment and social interaction than previous generations. Thus, the Global Online Entertainment Market is projected to reach USD 331.82 billion by 2030 from USD 103.89 billion in 2022. The market is expected to continue to witness a dynamic double-digit growth of 15.62% CAGR for the forecast period between 2023 and 2030. The sector continues to flourish, driven by factors such as accessibility, convenience, technological advancements, and the proliferation of streaming platforms.

Moreover, the rise of social media influencers has largely contributed to the growth of online entertainment market globally with their effective marketing strategies like word-of-mouth promotion, sharing sponsored content, etc. Influencers promoting entertainment products and services through social media and other platforms have created new potential for online entertainment. For instance, The Influencer Marketing Benchmark Report 2023 reveals that Investments into the social media influencer and creator space totaled USD 5 billion in 2022 alone and there more than 50 million people around the world who tag themselves as the influencers. Moreover, Facebook, Instagram, and YouTube have matured into key participants in the online entertainment sector, providing video-based content, live streaming, and user-generated content. In addition, the rise of online entertainment has given rise to new forms of content, such as podcasts, which have grown in popularity in recent years. Furthermore, the expansion of streaming services is fueling gaming industry innovation, with cloud-based gaming services like Google Stadia and Amazon Luna giving new ways to play games without the need for pricey and expensive hardware. This makes games more inexpensive and accessible to a broader audience.

In addition to the rise of Gen Z and social media influencers, the increased use of smart devices such as smartphones, smart TVs, and laptops is a major driver of the global growth of the online entertainment industry. Technological advancements such as the launch of fast-speed internet connections like 5G in countries such as India, the introduction of internet-enabled TVs, and the integration of artificial intelligence (AI) in many devices are also fueling market growth. Furthermore, the growing popularity of internet-enabled smart devices is opening new avenues for online entertainment providers to reach a larger audience and provide more personalized and engaging content, which is driving growth in the global online entertainment industry.

Rising Popularity of Streaming Services

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The increasing popularity of entertainment streaming services heavily influenced the worldwide online entertainment market, transforming the way people consume entertainment. Streaming services and OTT platforms like Netflix, Amazon Prime Video, and Disney+ are upending old forms of content distribution, opening new opportunities. In addition, the drop in traditional cable and satellite TV subscriptions is one of the most important effects of streaming services as more people are inclining towards adoption of OTT Platforms. Moreover, streaming services are also transforming the film and television production industries. Netflix and Amazon Prime Video have emerged as major content producers, funding and creating their own original content. For instance, Netflix obtained nearly 5% of new subscriptions whereas regained around 13% of its former subscribers primarily due to their original content and popular show “Stranger Things”. Hence, the rise of streaming services and OTT platforms is influencing the growth of online entertainment market towards positive trajectory worldwide.

Increasing Demand for Interactive Entertainment

Consumers are looking for interesting, interactive experiences that allow them to connect with others and immerse themselves in virtual worlds. This tendency is fueling growth in a wide range of online entertainment industries, including gaming, social networking, and virtual reality. The tremendous expansion of internet gaming is one illustration of this growth. These games allow players to communicate with one another in virtual environments, fostering a feeling of community and social connection. Hence, owing to the surging demand for interactive entertainment like social gaming apps, many startups have emerged offering diverse content. For instance, Hiber, a Sweden-based social-gaming platform, raised USD 2.03 million in August 2020. This platform allows users to develop 3D social games on PC and mobile. Hence, emergence of platforms like Hiber have drastically contributed to demand for interactive entertainment by resolving supply side content constraints in the market.

Government Initiatives

Major governments around the globe enforce copyright laws and intellectual property rights to protect content creators and ensure fair compensation. There are regulations and frameworks in place that prevent unauthorized distribution or piracy of online entertainment content and encourage innovation and investment in the industry. For instance, the Digital Millennium Copyright Act (DMCA) in the United States provides legal protection for copyrighted material, including online entertainment content. It enables copyright holders to issue takedown notices to platforms hosting infringing content.

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Apart from this, various governments are investing in digital infrastructure, such as broadband connectivity and high-speed internet networks, to ensure reliable and widespread access to online entertainment content. In January 2019, China’s The Ministry of Industry and Information Technology MIIT announced that an interim 5G licenses will be awarded in certain locations. In April 2019, the first 5G mobile phone was released in Beijing in April. The government has since been working to expand the coverage and capabilities of 5G networks, with a focus on urban areas and key entertainment hubs. Likewise other nations are also working on providing seamless and fast internet connection to promote growth of the online entertainment market.

Global Rise of E-sports and Livestreaming

The online gaming market is increasingly getting fragmented as the demand for online games and the rising penetration of mobile apps fuels market competition. This industry is developing due to the increasing popularity of multi-functional gaming consoles, competitive multiplayer games, and AR/VR gaming. E-sports has progressed beyond basic virtualization of sports to professional leagues and contests with million-dollar prize pools. Large tech companies such as Facebook and Amazon are joining the E-sports sector with large-scale investment and innovation. In 2021 , e-sports produced around USD 243 million in revenue in the United States and approximately USD 360 million in China. Furthermore, sports federations, game publishers, and broadcasters, are increasingly hosting worldwide competitions via a variety of social platforms, including YouTube and Twitch.

Adoption of Various Monetization Models

By offering different options such as advertising-supported content, pay-per-view events, brand partnerships, merchandise sales, and subscription tiers, key providers cater to a wide range of consumer preferences and sustain their business operations in a competitive market. For instance, YouTube, the renowned video-sharing network, provides free access to a massive library of user-generated material, which is backed up by adverts that play before, during, or alongside the videos. Additionally, ad income produced by these advertisements enables content providers to monetize their channels while delivering free entertainment to consumers. Similarly, Netflix’s hit series “Stranger Things” showcases the monetization potential of merchandise. The show’s popularity has led to a range of licensed merchandise, including t-shirts, action figures, and collectibles. Such merchandise has further enabled effective marketing thereby driving the demand for online entertainment content and market growth.

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Impact of COVID-19

The COVID-19 pandemic has caused widespread disruptions in the offline entertainment sector, with theatres, cinemas, and other public venues closing for lengthy periods of time. As a result, demand for the online entertainment sector spiked as people seek online entertainment to watch movies and shows from the comfort and safety of their homes. Furthermore, the online gaming sector has grown significantly, with many individuals using gaming for enjoyment and social interaction.

More than 80% of worldwide consumers played video games and viewed video game content during the peak of the COVID-19 pandemic lockdown. In addition, subscriptions and memberships for streaming video and music services such as Netflix, Amazon Prime and Spotify have increased. Additionally, virtual events such as competitions, conferences, and concerts have grown in popularity. Overall, the pandemic has hastened the transition towards internet entertainment, which is projected to continue in the future.

Impact of Russia-Ukraine War

The Russia-Ukraine war has had a considerable influence on the worldwide online entertainment industry, in addition to politics and economics. Economic sanctions and online restrictions have reduced consumer demand and income for online entertainment providers, particularly in conflict-affected countries. This has created a difficult climate in which small businesses must navigate uncertainties and plan for the future. As the dispute continues, the negative impact on the online entertainment business is likely to endure.

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Key Players Landscape and Outlook

As more individuals have access to media, major companies operating in this industry pay greater attention to unexpected consumer behavior, technological updates, changing lifestyle trends, celebrity endorsements, and promotional offers. Apart from this, creation of original content and providing exclusive deals are the most prominent trends in this industry. The competition among major streaming platforms has intensified, leading to a surge in original content production. Streaming giants like Netflix, Amazon Prime Video, Disney+, and Apple TV+ are investing heavily in creating exclusive content to attract and retain subscribers.

Netflix, known as a pioneer in the streaming industry, has invested heavily in creating original shows and movies. Their acclaimed series like “Stranger Things,” “The Crown,” and “Ozark” have garnered massive popularity and critical acclaim, drawing in millions of subscribers. The success of their original content strategy has inspired other players to follow suit.

Market Xcel’s reports answer the following questions:

• What is the current and future market size of the product/service in question globally or specific to different countries?

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• How are the markets divided into different product/service segments and the market size and growth of each segment?

• What is the market potential of different product segments and their investment case?

• How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

• What is the business environment and regulatory landscape specific to the product/service?
Read the full report: https://www.reportlinker.com/p06465604/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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Artificial Intelligence

VeriPark and FICO Announce Strategic Partnership to Transform Financial Services

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ISTANBUL, June 26, 2024 /PRNewswire/ — VeriPark and FICO have launched a partnership to revolutionize the financial services sector through AI-driven decision making and digital transformation.

 
The collaboration between VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, will enhance decision-making and promote financial inclusion across Turkey, the Middle East, Africa, Asia and CIS regions.
Combining FICO’s decision automation, optimization and omnichannel communications capabilities with VeriPark’s customer engagement, omni-channel delivery, branch automation and loan origination solutions, the partnership aims to improve customer experience and accelerate digital transformation.
“We are excited to bring FICO’s cutting-edge technology to our region. This collaboration will enhance customer experiences and operational efficiency across the financial services sector. Integrating FICO’s technology with our solutions represents a significant leap forward, ensuring we stay ahead in a rapidly changing environment. We look forward to showcasing our joint success stories soon,” said Ozkan Erener, CEO of VeriPark.
“The combination of FICO and VeriPark’s strengths brings a unique blend of innovation to the market. Our goal is to help build a better society by bringing more people into the banking system, and our partnership with VeriPark is a critical step towards achieving that. FICO has been working with AI since 1992, and we are eager to introduce this long-standing expertise to businesses in this region through our collaboration with VeriPark.” said Alexandre Graff, Vice President of Global Partners & Alliances, FICO.
About VeriPark (https://www.veripark.com)VeriPark is a global solutions provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With offices located in United Kingdom, Europe, the United States & Canada, Asia, Africa and the Middle East, VeriPark is helping businesses to enhance their customer acquisition, retention and cross-sell capabilities by providing proven, secure and scalable Customer Relationship Management, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions.
About FICO (https://www.fico.com/)FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries.
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Altair Names Devoteam Channel Partner for the EMEA Region

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Devoteam to offer Altair’s leading data analytics and AI solutions throughout the EMEA region
TROY, Mich., June 26, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, is thrilled to welcome Devoteam as a new channel partner for the EMEA region. Within the partnership, Devoteam will offer Altair’s leading data analytics and artificial intelligence (AI) solutions to its customers throughout the EMEA region.

“Partnering with Devoteam underscores our dedication to shaping the future of technology,” said Kimon Afsaridis, managing director of Eastern Europe and vice president of indirect EMEA sales, Altair. “This partnership marks a pivotal moment in our global expansion strategy, reinforcing our mission to lead and innovate in AI and beyond.”
“Together, Devoteam and Altair will help industrial companies harness the power of data to improve their efficiency, productivity, and competitiveness,” said Pablo Martin, industry and retail business unit director, Devoteam. “This collaboration is an important step in our commitment to help companies, particularly in the industrial sector, better their digital transformation efforts.”
Devoteam boasts more than 25 years of passion for tech and more than 11,000 tech-native specialists in offices in 25 countries. The company believes that technology combined with strong human values can drive change for the better, and specializes in managing large-scale projects while remaining agile enough to deliver customized solutions.
Altair works with a global network of channel and technology partners. To learn more or to become a partner, visit https://altair.com/altair-partners.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.
Media contacts
Altair Corporate
 Altair Investor Relations
Bridget Hagan
 Stephen Palmtag
+1.216.769.2658
+1.669.328.9111
[email protected]
 [email protected]
Altair Europe/The Middle East/Africa 
Charlotte Hartmann
+49 7031 6208 0
[email protected]
 
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Artificial Intelligence

IBM Study: Fan Engagement and Consumption of Sports Shifting, Reveals New Opportunities for Technology Integrations including AI

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International sports fans surveyed are optimistic about the impact of technologies like AI on their digital sports experiences.Real-time updates and personalized content rank as top priorities for fans when it comes to how generative AI can enhance following and engaging with sports events.Younger sports fans overwhelmingly embrace AI-powered experiences and digital platforms for sports content consumption and engagement.ARMONK, N.Y., June 26, 2024 /PRNewswire/ — As sports fans worldwide tune in to a myriad of athletic events this summer, new research commissioned by IBM (NYSE: IBM) reveals a growing generational shift and acceptance of technology-driven experiences that will impact the future of sports consumption.

The international study*, conducted by Morning Consult, gathers insights from more than 18,000 sports fans across 10 countries to better understand both how they follow and engage with sports, including live coverage, highlights, and summaries, as well as preferences for future engagement and consumption. The findings confirm that fans are prioritizing more personalized and time-saving digital sports content, with the majority recognizing the positive impact technologies like artificial intelligence (AI) will have on these experiences.
The data also confirms that younger sports fans are more likely to favor AI-enhanced features as they increasingly turn to digital platforms for sports content. Surveyed fans aged 18-29 are using a mobile phone or tablet as their primary device to watch sporting events more often than older fans, with subscription streaming of live sporting events being most popular among the younger age group. More than half (58%) of 18-29 year old respondents also believe AI will have a positive impact on sports.
Alternatively, respondents from older age groups remain loyal to traditional methods of consumption, with linear broadcasting being most popular among fans 45+. Forty percent of surveyed fans over the age of 55 believe AI will have a positive impact on sports.
“Fans worldwide are continuing to embrace platforms and solutions that allow them to feel more connected and informed on their favorite sporting events and athletes, and IBM’s new study confirms this now includes embracing technologies like AI to deliver these experiences,” said Noah Syken, Vice President, Sports and Entertainment Partnerships. “IBM’s longstanding portfolio of Sports and Entertainment partnerships aims to deliver on these expectations from fans by putting in the hands of our partners the most advanced IBM technologies from our AI and data platform watsonx.”
Other key study findings include:
Fans are optimistic about the impact of technology on sports, paving the way for generative AI powered experiences
63% of respondents point to data analytics as having the most positive impact on sports, while 50% of respondents think AI will have a positive impact.When it comes to how generative AI can improve engagement, surveyed sports fans identify real-time updates (34%) and personalized content (29%) as the top priorities.India, UAE and Saudi Arabia rank the highest in countries where fans are prioritizing real-time updates and personalized content powered by generative AI.Fans now prioritize personalized, bite-sized content when it comes to their consumption of sport content
More than half (56%) of respondents turn to social media for additional sports content; 46% are getting additional content from broadcast/video news while 35% are turning to news articles.64% of those fans engaging in additional sports content are viewing highlight videos of best moments; 48% are consuming post-match recaps and analysis.Among those engaging in additional sports content, respondents rank summarized content (33%) as their top priority followed by personalized content (26%).Sports fans are watching event summaries more often, with 41% of respondents indicating they watch summaries or highlights weekly; 24% report daily engagement.Younger fans may be reshaping how consumers experience sports content, as they engage with content via multiple screens and are more likely to favor AI-powered enhancements
Younger fans (18-29) are most likely to view sports highlights through social media over other platforms.When it comes to consuming sports content, fans aged between 18-29 are more likely to rank personalized content as their top priority.Fans aged 18-29 are more likely to rate AI improvements as high priority, with real-time updates (40%) and personalized content (36%) topping the list of priorities.While real-time updates (26%) and personalized content (19%) also top the list of AI improvement priorities among older fans (55+), these respondents are much less likely to consider AI improvements a high priority.Younger fans are also more likely to be using multiple devices while engaging with sporting events than older fans (55+). 10% of younger fans surveyed use three or more devices while watching sports compared to only 2% of older fans.While TV is the most common method for viewing sports, fans are increasingly using multiple devices to follow sporting events
64% of surveyed fans say linear or streaming TV is their top choice for watching sports.31% of respondents say they are most likely to watch a live sporting event on linear broadcast; 28% say they use a subscription streaming service and 23% use a free streaming serviceSubscription streaming of live sporting events is most popular among younger fans aged between 18-29.Mobile devices are a noteworthy alternative for watching sports, with 20% of consumers reporting it is the top way they watch sporting events and 38% saying it is their second most likely options.28% of surveyed sports fans use at least two devices while watching sporting events; 24% report they use at least two devices while listening to sportsFans between 18-44 are more likely to be using three or more devices.Respondents rank multi-tasking as the top reason for using multiple devices when consuming sports, followed by finding more game information while watching or listening to the sport.To view the full study, visit: https://newsroom.ibm.com/image/IBM+Global+Sports+Attitudes+and+Behaviors+Report+June+2024.pdf
*Study MethodologyThis survey was conducted in May 2024 among a total sample of 18,082 sports fans 18+ in the US, Canada, the UK, France, Germany, Italy, Spain, India, the UAE, and Saudi Arabia. The interviews for each country were conducted online, and the data is unweighted, with ~2,000 responses per market in the US, Canada, the UK, France, Germany, Italy, Spain, and India and ~1,000 responses per market in the UAE and Saudi Arabia.
To qualify for this survey respondents must be at least an average sports fan and follow one or more of the following sports: Soccer, Cricket, Tennis, Basketball, Baseball, Rugby, Golf, American football, F1 racing, Track and field, Swimming, and the Olympics.
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media Contacts:
Sarah BenchaitaIBM Corporate [email protected]
Marisa ConwayIBM Corporate [email protected]
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