Omdia projects that the media and entertainment market will surpass $1 trillion in 2024, fueled by the expansion of streaming video.
Online video streaming market size will be reaching $392 billion in 2024. The size of the traditional television market will be $327 billion. Games will reach $220 billion. Digital music will be a $44 billion market. Cinema will $36 billion market.
At IBC2024, Omdia’s analysts will explore this growth and evolving business models such as advertising, FAST, and hybrid approaches. The research will have insights on consumer viewing habits, preferred platforms, and the strategic importance of bundling and partnerships within the media business.
Omdia’s analysts will also discuss other key topics, including the impact of smart TVs, the competitive connected TV landscape, and the current and future role of AI in the media industry. The advertising video market is projected to reach $400 billion in revenues by 2028.
Omdia report says the number of UHD TVs has reached nearly 1 billion globally, with the majority still in use.
“30 percent of these sets are in China. However, despite the widespread adoption of UHD TVs, there remains a significant gap in the availability of content produced in UHD,” Maria Rua Aguete, Senior Research Director at Omdia, said.