If you are considering investing in the online entertainment industry, whether you are thinking about acquiring a business in the sector or putting money on their stocks and shares, it is paramount that you are up-to-date with the latest developments and the current growth rate. Before you make a final decision, here is what you need to know about the online entertainment industry in 2020.
Growth in Online Entertainment
Due to the increasing reliance that entertainment companies have on technology, there has now started to be exponential growth when it comes to entertainment, especially on online platforms, such as streaming services, betting sites, multiplayer games, and applications for your mobile. To be precise, the entertainment and media industry is expected to generate a revenue of $2.2 trillion by 2021, with online entertainment, such as streaming services, leading this vast increase in growth. This is due to online entertainment’s increase in popularity – 180 million Americans currently access video content. Although you might believe that the growth in online entertainment is reducing the need for physical and more traditional venues, this is not the case, with many of these companies still experiencing growth too.
The Most Recent Developments
To figure out where this growth is coming from, it is important to track many of the most recent developments in the digital entertainment industry. Here are some of the developments that you should know about if you are thinking about investing.
Digital betting websites have started to overtake the need for traditional betting venues, with options to bet on numerous sport becoming increasingly popular. Popular options include table tennis betting, basketball, and football. Not only this, but online betting companies have also started to develop live updates and results, as well as mobile apps that allow customers to bet from any location- including at real-life matches.
More companies are now starting to develop streaming services to meet the demands of their customers, such as the creation of Broadway HD, which focuses on streaming Broadway shows, and streaming services such as Britbox in the UK, and Disney Plus.
In terms of online gaming, more users are starting to access games online or through cloud downloads than on traditional video gaming consoles. Additionally, many top gaming companies are beginning to use online platforms in order to develop multiplayer modes and in-game purchases.
Many institutions, such as museums and art galleries, have recently focused on producing digital entertainment, such as live streams and online tours, to give unlimited access to their content for those that are unable to visit their facilities in person.
What to Expect from the Future of Online Entertainment
It is likely that online entertainment will start to focus more on the production of mobile content and applications that can be accessed on smaller devices, such as tablets and notebooks. This can allow their content to be accessed on the move and can prevent users from being barred from online entertainment when they are using a smaller device.