The metaverse in entertainment market size was predicted at $13.8 billion in 2021 and is expected to increase to $221.7 billion by 2031, with a CAGR of 32.3% from 2022 to 2031.
The metaverse can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world. The entertaining part of Metaverse is that, users can experience a totally different world away from reality in an unfamiliar ecosystem. There will be multiple large spaces for theme parks as well as amusement parks to attract users from across the world without any additional cost. It is both cost-efficient and time-efficient because tourists or visitors need not have to travel a very long distance to visit those places and have fun.
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The expansion of the metaverse in the entertainment business is driven by an increase in consumer expenditure on virtual concerts, events, and other things. The market is being driven by the rapid growth of the metaverse, the spread of virtual events, and technology advancements that increase audience engagement and encourage franchise growth. The expansion of the metaverse in the entertainment business is also fueled by its capacity to satisfy consumers’ desire to connect with a community. The metaverse privacy and security issues, the legal issues surrounding the rights of digital collectibles, and the high price of AR & VR devices, however, restrain the market’s expansion.
On the contrary, the initiatives for the advancements of digital transformation of a metaverse in the entertainment industry such as using blocking technology in metaverse can contribute a lot to digital transformation. As a result, these factors are expected to offer lucrative growth opportunities for the metaverse in entertainment industry in the upcoming years.
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On the basis of application, the film production segment dominated the overall metaverse market in 2021, and is expected to continue this trend during the forecast period. This is attributed to rise in demand for advanced immersive experience that offer next-level immersion. However, the OTT platforms segment is expected to witness highest growth due to rise in number of key players investing in virtual environment technology in video streaming platforms.
North America held a dominant position in the global market for the Metaverse in entertainment in 2021, and analysts predict that it will continue to do so during the projection period due to the region’s large concentration of metaverse technology vendors. However, due to its continued rapid digital transformation trends, which are anticipated to expand the region’s potential for the metaverse business, Asia-Pacific is predicted to experience significant growth over the course of the forecast period.
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The metaverse in entertainment market has witnessed significant growth in past few years; however, owing to the outbreak of the COVID-19 pandemic, the metaverse in entertainment market witnessed a sudden increase in demand. According to a survey published by J. Clement in April 2022, more than 92% of respondents admitted feeling that the global COVID-19 pandemic accelerated development of metaverse and related technologies.
The key players profiled in the metaverse in entertainment market analysis are Epic Games, Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta, Niantic, Inc., Overactive Media Group, Qualcomm Technologies, Inc., QUEPPELIN, Roblox Corporation, Tencent, and Tetavi. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The rise in work-from-home culture and social isolation norms brought about by the COVID-19 lockdowns also contributed to the period’s increased demand for metaverse platforms, which persisted even after the number of COVID-19 cases began to fall in late 2021. This led a lot of businesses to seize the chance to increase the availability of their goods and services on metaverse platforms. For instance, Lil Nas X and Sony Music Entertainment gave a two-day virtual concert on the Roblox platform in November 2020. More than 30 million users visited the platform because of this concert. The COVID-19 pandemic therefore had a favourable effect on the metaverse in terms of entertainment market forecast.
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