Middle East Media and Entertainment Market to Witness CAGR of 7.5% (2022-2028) Rising Regionalization Creating Demand for Broad Range of Themes and Genres For Filmmakers | UnivDatos Market Insights
NOIDA, India, Dec. 16, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights the Middle East Media and Entertainment Market was valued at USD 2 billion in 2020 and is expected to grow at a CAGR of around 7.5% from 2022-2028. The analysis has been segmented into Product Types (Movies, Music & Videos); Country.
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The middle east media and entertainment market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Middle East media and entertainment market. The Middle East media and entertainment market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Middle East Media and Entertainment market at the country level.
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The Middle east media and entertainment industry is uplifting on account of the Increasing trends in customization and digitization, OTT, online gaming, and internet advertising. In addition, the expanding social media usage in Saudi Arabia is a trend that businesses, agencies, and media companies are all interested in for advertising purposes. Significant modifications were also seen on the market in the last several years. The debut of the Saudi Arabian film industry was one of the major turning points. The media and entertainment sector in the country is projected to experience significant expansion over the coming years given the rising demand for leisure and entertainment in the region.
Additionally, the region's television industry is also undergoing change. A growing number of new pay-TV and over-the-top (OTT) operators are entering the industry that has previously been dominated by free-to-air, direct-to-home (DTH) transmission. Because of international efforts to boost OTT videos through broadband projects, GCC countries are investing more money in updating their technology. An increasing number of broadcasting networks such as Starz Play, icflix, Istikana, and Netflix, operating globally and locally, are offering subscription-based VOD services for viewers in the region.
During the lockdown, the media and entertainment industries are thriving in the digital space. Changes are implemented by film distributors to address the difficulty of releasing movies in theatres. One of the solutions is to use transactional video-on-demand platforms for new releases. Similarly, the consumption of music, video, gaming, and other forms of entertainment has grown during the time of lockdown and may change the way of operating permanently.
The middle east media and entertainment market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on the product type, the Middle East Media and Entertainment market is segmented into Movies, Music & Videos. The music and videos segment grabbed the major market share and dominated the market in 2020. The increasing penetration of mobile internet services further supports the growth of the music & videos segment. For instance, according to GSMA, in 2021, the number of mobile internet users in MENA exceeded 300 million, with penetration expected to reach 50% of the population by the end of 2022.
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Middle East Media and Entertainment Market Geographical Segmentation Includes:
For a better understanding of the market dynamics of the Middle East Media and Entertainment market, a detailed analysis was conducted for different countries across the region including Saudi Arabia, Qatar, Kuwait, UAE, Bahrain, Oman, Rest of the Middle East has been conducted. Geographically, Saudi Arabia constitutes a major market for the Middle East Media and Entertainment industry owing to the rise in the number of devices capable of supporting digital media and OTT platforms and increasing internet access speed has provided users with an option to access the media content of their choice. According to the Information and Communication Technology Access and Usage Survey 2021, the percentage of individuals who used the internet during the last three months increased by 1.8% compared to 2020.
The major players targeting the market include
The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating in the region. The specialist team of research analysts sheds light on various traits such as Middle East market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Middle East Media And Entertainment market. The major players have been analyzed by using research methodologies for getting insight views on Middle East competition.
Key questions resolved through this analytical market research report include:
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Middle East Media and Entertainment Market Report Coverage
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