Global spend on video content will rise to $247bn this year – report
By Felicia Nwosu
Ampere, in its analytics-based predictions for this year, projects that the global spend on video content will rise to $247 billion. The new data released optimistically forecast that 2024 will see a significant rebound in terms of global productions.
With a prediction that content spending will grow 2% year-over-year, it added that global streaming services will increase their content spends by 7% this year.
Meanwhile, another new forecast from Precision Business Analysis, suggests that the global TV Show and Film market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. A flashback in 2022 showed that the market grew at a steady rate and with the rising adoption of strategies by key players; the market is expected to rise over the projected horizon.
An earlier projection showed that TV Show and Film Market size was estimated to reach multi million USD by 2029, in comparison to 2022, at an unexpected CAGR during 2022-2029.
Another previous forecast by the same platform also indicated that TV Show and Film market revenue grossed a couple millions of USD in 2016 and 2020, but was estimated to reach multi million USD in 2026, with an impressive CAGR within the forecast period.
According to Precision Business Analysis, North America, especially the United States, will be the lead player with a remarkable record. It stated that any changes from the United States might affect the development trend of TV Show and Film, noting that the market in North America looks optimistic and could garner growth considerably during the forecast period.
It added some of the propellers of the growth to include the high adoption of advanced technology and that the presence of large players in the region are likely to create ample growth opportunities for the market.
Notably, it mentioned that Europe will also play important roles in the global market with a magnificent growth in CAGR within the forecast period, 2022-2029. The report added that due to the global recovery trend, investors are optimistic about entering the field in the future.
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