PORTLAND, Ore., Oct. 5, 2020 /PRNewswire/ — Allied Market Research recently published a report, titled, “Motion Picture Industry” by Genre (Action, Comedy, Drama, Fantasy, Horror, Romance, and Others), Demographics (Children and Adult), and Dimension (3D & Above and 2D): Global Opportunity Analysis and Industry Forecast, 2021–2027″.As per the report, the global motion picture industry was pegged at $42.21 billion in 2019 and is expected to reach $43.96 billion by 2027, growing at a CAGR of 8.3% from 2021 to 2027.
Drivers, restraints, and opportunities
Rise in expenditure on entertainment, crowdfunding for financing film, and government initiative to support the motion picture industry have boosted the growth of the global motion picture market. However, piracy and emergence of OTT platforms hamper the market growth. On the contrary, the international co-production of feature films is expected to create new opportunities for the market players in the coming years.
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Covid-19 scenario:
- Theatres and multiplexes are completely shut, festivals are canceled, and film releases are postponedto curb the spread of the coronavirus.
- However, due to government’s decision to relax lockdown measures, production of new movies is resumed.
- As theatres are closed, major films are released across OTT platforms such as Netflix and Amazon Prime.
The fantasy segment held the lion’s share
By genre, the fantasy segment held the largest share in 2019, accounting for nearly one-fourth of the global motion picture market, owing tochanged perception of viewers toward this genre changed with advancement in image capturing technology and use of a computer-generated image to fill the gap of realism in high fantasy sequences. However, the action segment is expected to manifest the highest CAGR of 10.4% from 2021 to 2027, due tobreakthroughs in camera technology and increased usability of CGI & VFX along with growing affinity of people in OTT and high action movies.
The3D and above segment to portray the highest CAGR through 2027
By dimension, the 3D and above segment is anticipated to portray the highest CAGR of 10.1% during the forecast period, due to advancements in 3D technologies and increased demand for 3D animation. However, the 2D segment held the largest share in 2019, accounting for more than four-fifths of the global motion picture market, as it is easier to produce and does not require special glasses to simulate the three-dimensional experience and demand low budget of movies.
Asia-Pacific, followed by North America, dominated the market
By region, the market across Asia-Pacific held the lion’s share in 2019, contributing to more than two-fifths of the market. Moreover, the region is expected to portray the highest CAGR of 9.5% during the forecast period, due tolarge scale urbanization, growth in disposable income and affordable ticket prices along with government support to the industry. However, the global motion picture market across North America is expected to register the second-highest CAGR of 8.7% from 2021 to 2027.
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Key market players
- Warner Bros.
- Walt Disney Studios
- Sony Pictures Motion Picture Group
- 20th Century Fox
- Universal Pictures
- Lionsgate Films
- Paramount Pictures
- Metro-Goldwyn-Mayer Studios
- The Weinstein Company
- DreamWorks Pictures
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