Market Size –
The generative AI in media and entertainment market size has grown exponentially in recent years. It will grow from $1.55 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth in the historic period can be attributed to increased computing power, creative experimentation, data availability and quality, content personalization, big data.
The generative AI in media and entertainment market size is expected to see exponential growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%. The growth in the forecast period can be attributed to integration with creative tools, integration of AI into creative workflows, ethical and regulatory considerations, cost efficiency and scalability, emergence of AI-driven content discovery. Major trends in the forecast period include advancements in deep learning algorithms, monetization opportunities, real-time content generation, hyper-realistic content generation.
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Scope Of Generative AI In Media And Entertainment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative AI In Media And Entertainment Market Overview
Market Drivers –
The increasing use of video games is expected to propel the growth of the generative AI media and entertainment market going forward. Video games refer to a computer game in which players interact with an input device or user interface to provide visual feedback on a display device. The popularity of video games arises because of accessibility, diverse content, social connectivity, cultural influence, and ongoing creativity within the industry. Generative AI is increasingly being used in various aspects of video game development to enhance creativity, efficiency, and player engagement and create more immersive and personalized gaming experiences. For instance, in May 2023, according to the Entertainment Software Association, a US-based video game industry company, US consumer spending on video games was $56.1 billion in 2020 and rose to $59.6 billion in 2021. Therefore, the increasing use of video games is driving the growth of the generative AI media and entertainment market.
Market Trends –
Major companies operating in the generative AI media and entertainment market are focused on developing innovative AI technologies, such as media copilot, to stay competitive and meet the evolving demands of the industry. Media Copilot refers to an innovative AI-based tool to assist users in analyzing content performance across distribution platforms and revenue models in the media and entertainment industries. For instance, in April 2024, Symphony Innovation LLC, a US-based software company, announced the launch of AI-driven Media Copilot, which is both predictive and generative. It leverages generative and predictive AI to assist users in analyzing content performance across various distribution platforms and revenue models. Additionally, it features SymphonyAI Media Copilot and revenue model optimization.
The generative ai in media and entertainment market covered in this report is segmented –
1) By Type: Text-To-Image Generation, Image-to-Image Generation, Music Generation, Video Generation, 3 Dimensional Modeling And Animation
2) By Offerings: Solution, Services
3) By Deployment Mode: Cloud-Based, On-Premise
4) By Application: Gaming, Film And Television, Advertising And Marketing, Music And Sound Production, Virtual Reality (VR) And Augmented Reality (AR), Other Applications
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Regional Insights –
North America was the largest region in the generative AI in media and entertainment market in 2023. The regions covered in the generative AI in media and entertainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI in media and entertainment market report are Amazon Inc.; Alphabet Inc.; Samsung Electronics Co. Ltd.; Microsoft Corporation; Meta Platforms Inc.; Tencent Holdings Ltd.; Tesla Inc.; Intel Corporation; International Business Machines Corporation; Oracle Corporation; Uber Technologies Inc.; Netflix Inc.; PayPal Holdings Inc.; NVIDIA Corporation; Salesforce Inc.; Baidu Inc.; Adobe Inc.; Snap Inc.; X Corp; Zoom Video Communications Inc; Sentient Technologies LLC; Gong Inc.; DeepMind Technologies Limited; Cohere Inc.; OpenAI Inc.
Table of Contents
1. Executive Summary
2. Generative AI In Media And Entertainment Market Characteristics
3. Generative AI In Media And Entertainment Market Trends And Strategies
4. Generative AI In Media And Entertainment Market – Macro Economic Scenario
5. Global Generative AI In Media And Entertainment Market Size and Growth
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31. Generative AI In Media And Entertainment Market Other Major And Innovative Companies
32. Global Generative AI In Media And Entertainment Market Competitive Benchmarking
33. Global Generative AI In Media And Entertainment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative AI In Media And Entertainment Market
35. Generative AI In Media And Entertainment Market Future Outlook and Potential Analysis
36.Appendix
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