People all throughout the world love the escapism, art, and joy that the media and entertainment industries provide. Entertainment is valued at $717 billion in the United States alone, accounting for a third of the global market. The business is expected to rise by more than $100 billion by 2023, according to forecasts.
Video games appear to account for a surprising amount of media revenue. Globally, video games brought in almost $120 billion in 2018, and this figure is predicted to rise to $196 billion by 2022. The increased digital presence of gaming on video-sharing websites like YouTube and streaming platforms like Twitch and Facebook Gaming has aided this expansion. In 2018, gaming videos were watched for a total of 50 billion hours on YouTube alone. The gaming sector generates more revenue than the film and music industries combined.
Another expanding business is digital television and video, which is expected to reach $119 billion in 2022. This is partly due to the migration away from traditional cable television, with millions of subscribers canceling their subscriptions each year. Netflix, Hulu, Disney+, and Amazon Prime Video are among the most popular streaming services, with many more vying for attention.