The move toward digital media has been building for a while now, but after the events of 2020, the digital media industry is expected to see record growth in both revenue and number of users, according to Finaria.it
Finaria.it has presented new data from a Statista survey that projects the global digital media industry will hit a $292.4 billion value in 2021, which would represent a 15% year-over-year growth from 2020.
The last couple of years has already seen strong growth in the digital media sectors, which includes digital video content, downloaded or streamed digital music, digital games, eBooks, eMagazines, etc. In 2017, the industry generated $158.3 billion in revenue; by the end of 2019 it had grown to $208.3 billion. In 2020 alone, with the impact of the COVID-19 pandemic, revenue rose to $254.8 billion, a 22% growth.
This growth isn’t expected to slow down. Finaria.it projects that by 2025, its revenue will be more than $414 billion.
In 2020, video-on-demand saw the biggest segment growth, with revenues rising 29% year-over-year to $72.5 billion. Video-on-demand is projected to continue growing to $85.8 billion in 2021. Video games and digital music are also forecasted to continue growing.
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According to Statista, there will be more than 7 billion users in 2021. Video-on-demand is expected to make up 1.8 billion of that number, which is a 28% growth from 2019.
The U.S. is the world’s largest digital media industry, with projections that it will generate about $85.8 billion for the digital media industry. However, China is expected to be the largest growing market, increasing 18% year-over-year to the tune of $66.7 billion. Japan ($25.3 billion), the U.K. ($14 billion) and South Korea ($8.8 billion) are the next biggest markets.