The Media & Entertainment (M&E) space is divided into eight major segments -Broadcasting, Entertainment, Publishing, Information Services, Gaming, Marketing & Advertising, New Media, and Education
The overall market is expected to witness a growth of 6.5% to 7.5% through 2022
Broadcasting is the largest M&E market segment, and stands at USD 420 to 440 billion, accounting for more than one-fourth of the overall market
New Media is expected to grow at 16.5% to 17.5% for the next 5 years and touch USD 450 to 470 billion and account for one-fifth of the market by 2022
Zinnov, a global management consulting firm, today released its study on the Global Media and Technology Service Providers landscape, titled 'Zinnov Zones - Media and Technology 2017'. The study enables business leaders in the space of Media & Entertainment (M&E) to make the right decisions in partner selection across technologies and delivery expertise as they expand their digital footprint.
The M&E industry has been witnessing disruption owing to advancements in mobile, video, and content consumption patterns. As a result, media firms are increasing their direct-to-consumer offerings. Growth in adoption of streaming services and content on the go, has led to enhanced offerings from Service Providers around OTT (over-the-top), content security, and experience engineering, to track key metrics for enhanced customer experience as well as for identifying incremental revenue opportunities.
According to the study, the overall M&E industry crossed USD 1.6 trillion in 2017, of which Broadcasting companies accounted for ~25% of the overall industry size, while New Media companies have the highest annual growth rate at ~17%.
Speaking about this development in the M&E industry, Sidhant Rastogi, Partner & Practice Head, Zinnov, said, "Both media enterprises and Service Providers are working towards creating tailored experiences for end consumers. The proliferation of technology in this space has been at unprecedented levels, with stakeholders investing in AR/VR capabilities to enable seamless interaction with other devices. Firms are also experimenting with Blockchain technologies across myriad use cases, with a focus on rights and royalties management, micropayments, and content security."
The Zinnov study highlights some key focus areas of M&E players in the industry today and provides perspective on how to increase wallet share. The report covers trends on key technologies that help drive transformation in the M&E space viz. OTT video, intelligent platforms, immersive technologies, Blockchain, and experience engineering. The report also provides a bird's eye view of the Service Provider landscape, addresses the latent need in the market for outsourcing, and documents the key investments/trends amongst the Service Provider community.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)