Over the past five years, nearly one billion people have joined the digital media space in search of entertainment and knowledge, helping the entire market practically double its revenues. In 2023, the digital media industry is expected to gross more than $576bn, up from $220bn in 2017, and this figure will grow even further in the following years.
According to data presented by OnlyAccounts.io, global digital media revenues are expected to grow by 35% and hit nearly $800bn by 2027.
Video-on-Demand the Fastest-Growing Segment; Revenue to Jump by 44% in the Next Four Years
Before COVID-19, global digital media revenues had grown by an average of $30bn per year, rising from $220.7bn in 2017 to $378.9bn in 2020. However, the surging demand for all kinds of digital media content amid the lockdowns has helped the market to speed up its growth, as more people than ever joined the digital media space.
According to a Statista survey, global digital media revenues increased by almost $200bn over the past three years, reaching $576bn this year. Most of that increase came from video games and video-on-demand, the two largest and the highest-grossing sectors in the market. Between 2020 and 2023, global video game revenues surged by 55% and hit $334bn worldwide. The video-on-demand market has seen even more impressive growth, with revenue surging by a massive 67% to $159.4bn in this period.
Statista expects video streaming platforms to continue driving market growth in the following years. By 2027, the global video-on-demand revenues are forecasted to increase by another 44% and hit $231bn worldwide. The video games industry will see a 38% growth in this period, with revenues rising from $334bn to $467bn. Music streaming platforms follow with $40.2bn in revenue and a 31% growth in this period. Statistics show that ePublishing will see the smallest revenue increase among all market segments of 10%, rising from $52.7bn to $58.3bn.
More than 700,000 People to Join the Digital Media Space in the Next Four Years.
With roughly 5.3 billion people or 65% of the global population using the internet, the digital media industry has become indispensable to everyday life. Today, video games, music streaming platforms, eBooks, and eMagazines have more than 2.8 billion users worldwide, and this number will continue surging in the future.
According to a Statista survey, over 700,000 people are expected to join the digital media space in the next four years, helping the market to hit roughly 3.4 billion users by 2027.
Statistics show that in 2027, almost all market users will watch some form of video-on-demand content. The video game segment is expected to hit 3.1 billion users in the next four years, up from 2.7 billion in 2023. Digital music and ePublishing follow with a 15% user growth in this period and 1.3 billion and 1.4 billion users, respectively.