Mobile Entertainment Market in 2023-2024 Future Growth Predictions through Stats

About 7 billion people have access to smartphones with cellular networks, which they spend primarily for on-demand mobile entertainment purposes only a few clicks away.

Steadily mobile media is becoming its way to the top of the entertainment marketplace.

With every advancement made in either quality of the mobile display or speed efficiency 9f cellular networks or both, the number of people preferably opting for it substantially increases. Multimedia application companies smartly optimized the upcoming futuristic opportunities after being sensed.

Mobile entertainment rules the Visual media market is an understatement. Statistics claim handheld devices are the second most used device for entertainment, the first being TV entertainment. The latest technologies,like 5G and Edge Computing,will impact the media market hugely. Let’s take a sneak peek at the current market status and drive future scope for the mobile entertainment market through it.

Mobile entertainment services

Apart from telecommunication, mobile electronic devices are generally bracketed into Mobile devices, whichbeholds vast opportunities for new technologies and applications to creep in.

Mobile entertainment is perceived as a subset of mobile commerce famously. Mobile entertainment services take into operation cellular networks to provide entertainment such as gaming, social networking, streaming, music playing, and others.

In first and second-world countries, cellular networks have become very cheap; thus, the number of people who can afford media services over mobile/smart Tv increased significantly.

OTT (over-the-top), CTV(connected TV),and VOD( video-on-demand) services bloomed in the early 2000s. In 1997 Netflix came up with its subscription model to replace DVD renting services, and there was no looking back afterward.

Before investing or developing a mobile entertainment firm going through recent stats can surely help. It

Mobile Entertainment Market Research Key Findings

• The below-mentioned chart represents the mobile entertainment market research key findings. In 2021, a worldwide survey unveiled that consumers spend the most on OTT in the mobile entertainment marketplace.

• TikTok was the downloaded mobile entertainment application in 2021, with 796.7 million downloads under its belt.
• With 36% of userssharingsmartphones, the most used device for content streaming in the second quarter of 2022.
• Among the iPhone most downloaded and used entertainment apps Tiktok was one of the top-grossing apps, with 35 million in revenue generated solely from the US.
• The researchdepicted the home/mobile entertainment market at 80.8 billion U.S. Dollarsin digitalrevenue in 2020.
• Among entertainment apps, mobile gaming apps hold the crown. Though second to which is Tiktok,an online video streaming application.
• Disney+ was the most downloaded mobile entertainment app in Hong Kong, according to a survey held in September 2022.
• In Great Britain, among the most preferred mobile entertainment apps over iPhone was Disney+, with 2.3 million in revenue generated in total.
• According to findings of recent researchin the third quarter of 2021, users in the U.S. spent 2.1 billion hours on mobile gaming apps.
• U.S. users spent 730 million hours shopping apps in 2021.
• The mobile content market size in japan collectively stands at 2.82 trillion yen in 2021.

Mobile Multimedia applications

The mobile entertainment catalog includes entertainment applications like gaming, music streaming, OTT, eBooks, Youtube, and & TikTok.

Music Mobile Entertainment

1. 69% of Finland’s population used the internet for listening to online music in 2021.
2. According to statistics, 70% of Chinese students used paid music platforms in the second quarter of 2020.
3. Wynk music streaming application had 40 million downloads in India in 2021.
4. However, research suggests mobile music revenue has been on a downturn in the U.S. since 2009. In 2009 the total revenue of music streaming apps amounted to 128.8 million, dropping to 15 million US dollars in 2021.

Mobile Gaming

1. Research revealed in 2021 that Americans between the 15-19 agegroups spent on average of 1.44 hours computing or playing online games.
2. As per a survey from 2021, 25-44 aged men were the most active with mobile gaming in India.
3. As per a survey dated 2021, a lock screen entertainment app, Glance, had 22% of content consumption in 2021.
4. In the financial year 2021, the share of mobile advertisement and mobile OTT consumption over mobile phones accounted for 39%.

OTT

1. In the third quarter of 2020, OTT streaming apps such as HBO max reportedly had 43 million installs in the United States.
2. With 87 million downloads, Netflix stands second to Spotify among the most installed mobile entertainment applications in 2022.

Mobile entertainment app usage assortment based on geographical areas:

Asia

1. In between 2020 to 2021, social networking sites were the most browsed in Asia.
2. Second to the socials, shopping application stands at a whopping 17.49 min of usage on an average day in Asia.
3. An Asia-held survey reveals that mobile games can be expected to generate a revenue of 125 billion by 2025.
4. From statistics of 2021, Tencent outperformed every other media application in the Asia-pacific region. It stands at a market capitalization of 558 billion U.S. dollars.

The U.K.

1. According to research from 2021, the UK had 49.7 million users watching online videos, which is expected to become 53.7 million by 2026.
2. digital video sales in the UK sum up to 3.5 billion British pounds in 2021.
3. On an average basis in 2021, UK internet users spent 372 minutes per day browsing mobile media.
4. In 2022, data from the Statistical Global Consumer survey mentioned that digital video purchases in the UK had received 56% positiveresponses.

Future scope of mobile entertainment applications (2022-2024)

1. In the U.S., according to statistics from recent research, the gaming advertisement industry currently stands at 5.49 billionin revenueand will grow to 7.9 billion by 2024.
2. And, on a worldwide scale, mobile advertisement spending accounts for327.1 billion and is expected to grow Upto 399.6 billion in 2024.
3. In India, the gaming apps revenue totals 100+ billion INR which is expected to grow to 154 billion by 2024.
4. The gaming application market revenue in the US amounts to be at 5.49 billion dollars in 2021,which is predicted to witness a booming growth of 7.9 billion by 2024.
5. Tiktok is about to witness an 8,000% of growth in over five years with its additional integration, such as Tiktok lite and Tiktok editor collectively

Future trends in mobile entertainment applications

1. mobile media applications are about to welcome advanced applications such as self-driving applications.
2. 3D holographic display applications
3. Haptic suits
4. Sensory dimension integration in gaming accessories.
5. 7G networks Countries like Norway, Netherlands & Hungry do have access to robust 7G cellular networks in 2022.
6. Advancement in in-stream and out-stream media.
7. Live-in stadium experience.

Benefits of mobile entertainment applications

1. New career opportunities as influencers and digital creators showed up with an increment in mobile entertainment usage.
2. New methods of networking evolved, binding people even closer digitally.
3. Though revenue was generated from such entertainment applications global economy benefitted.
4. Accessing entertainment becomes super feasible.
5. Content piracy ceased to some extent.

Top market players in the Mobile Entertainment industry

Global online entertainment market growth rate

The online entertainment market comprising visual, audio, games, eBooks, and other applications holds a market size of 297.5 billion USD in 2021. It is constantly pushing its horizons and is expected to grow into a CAGR of 18.80% between 2023-2028. The online entertainment market is about to witness a jump in revenue up to 865.6 USD billion by 2027.

The In-App advertisement market

The In-App advertisement market implies the developer integrating lesser features in an app to lure customers into upgrading premium versions. This industry is about to bring massive revenue tothe mobile entertainment industry. This is the most well-performing monetized subset of mobile entertainment.

Final Remark

Among the central regions of global mobile entertainment, Asia-pacific is expected to show the most growth between 2023-2024. Steadily it is becoming the hub of the mobile media industry; gaming single-handedly is supporting the most significant fraction of revenue in the mobile entertainment market of the Asia-pacific region.

Also, the in-game advertisement market is about to witness some of the most significant technological advancements, which will help it bring considerable revenues.

The global mobile entertainment market is estimated to be worth 12% CAGR by 2030.