Global Mobile Entertainment Market: Overview
Mobile entertainment comprises of any content typically accessed using smart mobile devices, notably smartphones. Traditionally, the groundwork was laid by the popularity of different types. Thereafter, with the proliferation of apps that allow easy access to different entertainment contents, the mobile entertainment market gathered incredible traction. A case in point is the popularity of music service apps. Key service providers comprise mobile games, mobile music, and mobile TV. The accelerating pace of use of smart devices among populations world over is a key avenue for providers in the mobile entertainment market.
Over the years, a number of mobile app development companies are willing to tap into revenues in the mobile entertainment market. The growing demand for high-definition entertainment content at cost-effective rate is the key business proposition that has kept the audience hooked.
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Global Mobile Entertainment Market: Competitive Analysis and Key Developments
In the backdrop of the lockdown restriction in Covid-19 pandemic, there is expected to be a steep rise in the consumption of mobile entertainment. This trend is likely to fuel the intensity of competition among providers, causing disruption in OTT service models. Most aspiring players in the mobile entertainment market hope to gain revenues by targeting video on demand services. Several key players have already reaped revenue gains by leveraging the success of OTT platforms.
Top players are spending money to gain control on OTT platforms. Numerous players are also regular about updating the mobile entertainment apps. A few players in the mobile entertainment market have consolidated their position by focusing on gaming apps.
Some of the promising players in the mobile entertainment market are Rovio International, Spotify, QuickPlay Media, Electronic Arts, Activision Blizzard, and Google.
Global Mobile Entertainment Market: Key Trends
Over the years, the smartphones have become more affordable than ever across populations. Together with this, the cost of accessing internet has come down drastically, especially noticeable in developing economies. Producers of mobile entertainment have begun putting tall bets on Over-the-Top media services (OTT) and Video-on-Demand (VoD). The chaotic lifestyle of a large section of urban consumers has spurred the consumption of mobile entertainment. Numerous developing economies have been some of fastest growing smartphone markets.
The sheer pace of use of low-cost internet among smartphone users is one of the enabler as well as appearing to be accelerator in the expansion of the mobile entertainment market. By 2024-end, India, a fast developing market is projected to witness 762 million. Such trends open vast avenue for growth in demand for mobile entertainment. The emergence of new OTT service models is a notable trend bolstering new opportunities in the mobile entertainment market. The growing demand for vernacular content among rural population in countries such as India has also unlocked new prospects in the mobile entertainment market.
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Global Mobile Entertainment Market: Regional Assessment
On the regional front, Asia Pacific is a market with vast potential. This is due to the rising demand for cost-effective entertainment through mobile apps across all demography. Also, there is a surge in demand for vernacular mobile entertainment in countries such as India. Further, in recent years, young adults such as office goers have been increasingly getting attracted toward video streaming services on subscription basis. This will open new opportunities for players offering OTT service models. The changing preference of consumers has led to the popularity of OTT models in the Asia Pacific mobile entertainment market. Further, there seems to a vast demand for original entertainment contents in on video demand. The growing popular demand for local content with mainstream actors in India market is a case in point.
Some of the other promising regions are Europe and North America.
The research document on the mobile entertainment market studies the ecosystem with the help of descriptive overviews and important market statistics. A growing consumer base and improvements in mobile technology are the key driving factors in the mobile entertainment market. The market also creates additional growth for all related markets such as minor application-making organizations/inpiduals, smartphones, and entertainment websites. The report explains the industry’s overall capabilities, overall growth rate, and the systems in use. It also explores the major opportunities for growth, as well as restraints on the mobile entertainment market.
