(Entertainment-NewsWire.com, December 12, 2018 ) The global film and music market, a part of the MEDIA industry, grew at a compound annual growth rate (CAGR) of around 3.6% during the historic period. The MEDIA industry showed a steady growth. The growth is mainly due to the increasing increase in number of television channels has significantly increased the demand for production and distribution of all types of video and film content. The rise in new commercial broadband networks and expansion of products and services of existing broadband entities has led to a significant rise in the number of television channels across all nations in the world.
In the forecast period, the global film and music market size is expected to be over $450 billion by 2021, growing at a CAGR of nearly 5%. This is expected due to the penetration of newer distribution platforms like IPTV and DTH and online platforms such as YouTube, Vimeo is driving the growth of the film and music market. Digitization of TV platforms has paved the way for better sound and picture quality for viewers and increased revenues for stakeholders in the value chain and resulted in more bandwidth to broadcasters to provide value added services. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global film and music market in the future.
Innovative marketing techniques such as digital out-of-home advertising are being adopted to promote movies. Out-of-home advertising is focused to reach customers while they are outside their homes. It is aimed at expanding marketing coverage to a large number of customers. Out-of-home techniques are combined with new digital interactive formats to attract more customers. Major companies in the film and music market, offering new technology include Time Warner, Sony, CBS Corporation, Walt Disney, Twenty First Century Fox.
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