(Entertainment-NewsWire.com, December 13, 2018 ) The global TV and radio broadcasting market, a part of the media industry, grew at a compound annual growth rate (CAGR) of around 5% during the historic period. The media industry showed a steady growth. The growth is mainly due to large promotion of events across the globe and increased consumer viewership. The TV and radio broadcasting sponsorship rights for such big sports events as Cricket World Cup, FIFA World Cup and the Olympics were sold in advance at considerable prices
In the forecast period, the global TV and radio broadcasting market size is expected to be over $530 billion by 2021, growing at a CAGR of nearly 6%. This is expected due to adoption of virtual reality. Virtual reality (VR) is being adopted by the TV and radio broadcasting industry to create potential impact on audiences. Live events such as sports and music will lead for VR adoption. It will help to connect audiences with major new stories in dynamic ways. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global TV and radio broadcasting market in the future.
Companies are introducing new services to broadcast content on different platforms such as mobiles and website portals to facilitate instant transfer of large content. Access to various platforms and devices has increased over demand for TV and radio broadcasting services. Major companies in the TV and radio broadcasting market, offering telematics technology include Time Warner Inc., Walt Disney, Comcast Corp, DISH Network Corporation, Viacom Inc.
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