Market Research Future (MRFR) has predicted that the global blockchain in the entertainment and media market will reach USD 11.8 billion by 2024, with a 30.4 percent compound annual growth rate between 2022 and 2030.
The report Global Blockchain in Media and Entertainment Market highlights current and future trends and growth patterns in the industry, providing business strategies to assist stakeholders in making decisions that will help ensure profit growth within the forecast years.
One of the major factors driving the growth of blockchain in media and entertainment is the increasing use of blockchain technology for various applications in media and advertising, along with fast, secure and transparent transactions.
The global blockchain in media and entertainment market segments and market data breakdown is highlighted by application (security, license and rights management, smart contract, payment, digital advertising, online game, other), company size (small, medium-sized and large enterprises) and vendors (application, middleware, infrastructure).
Objectives of MRFR report
Market Research Future said they aimed to help analysts, blockchain research managers, industry experts and many other key figures by analyzing the size of the blockchain in the entertainment and media market by value and volume.
The Global Blockchain in Media and Entertainment report then provides useful information about the factors influencing the growth of blockchain in entertainment and media. Studying the micro market, prospects, and individual growth trends can help stakeholders provide a thorough evaluation of the critical business strategies used by leading blockchain companies in the entertainment and media market.
Key players in media and entertainment blockchain boom
Market Research Future wrote that there are several key players in the industry, including Digital Currency Group (USA), IBM (USA), Microsoft (USA), SAP (Germany), Accenture (Ireland), Oracle (USA), BRAINBOY (Germany), ARK (USA), Auxesis (India), Synereo (Israel) and Bitfury Group (USA).
The report provides a detailed analysis of consumption, market share, revenue and growth rates from several countries, including South Africa, Saudi Arabia, United Arab Emirates, Israel and Egypt, United States, Mexico, Canada, Brazil, Argentina, Ecuador, Peru, Venezuela, Colombia, Spain, Turkey, Netherlands, Denmark, Belgium, Switzerland, Germany, Russia, Great Britain, Italy, France, Taiwan, Indonesia, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India and Australia.
The Asia-Pacific market is expected to grow significantly over the forecast period, thanks to rising internet penetration, technological advancements in blockchain technology and increasing adoption of artificial intelligence in the region. Nearly 44 percent of people in the Asia-Pacific region had internet access in 2017, which had risen to more than 48 percent in just two years.
North America is expected to have the largest market share for blockchain in the entertainment and media market. This region is home to numerous blockchain market-leading companies. The video streaming sector leads investors in North America, including the United States and Canada.
Blockchain is being used mostly in the media, entertainment, and advertising industries in North America for a variety of applications such as licensing and rights management, smart contracts, payments, content security, digital advertising, and online gaming.
According to a survey by MRFR, nine out of ten media companies in North America have implemented blockchain systems, which will contribute to massive revenue rates. This region is expected to lead the global blockchain market for media, entertainment, and advertising in terms of market size.