How Is The Global Generative AI In Media And Entertainment Market Defined?
Generative AI in media and entertainment refers to the use of AI (artificial intelligence) techniques, particularly generative models, to create or enhance various forms of media content such as images, videos, music, text, and even entire narratives. This technology is used to streamline content creation processes, improve user experiences, and enable innovative storytelling techniques.
Generative AI In Media And Entertainment Global Market Report 2024 provides data on the global generative ai in media and entertainment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Generative AI In Media And Entertainment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Generative AI In Media And Entertainment Market Size And Growth Rates Projected To Evolve?
The generative AI in media and entertainment market size has grown exponentially in recent years. It will grow from $1.55 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth in the historic period can be attributed to increased computing power, creative experimentation, data availability and quality, content personalization, and big data. The generative AI in media and entertainment market size is expected to see exponential growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%. The growth in the forecast period can be attributed to integration with creative tools, integration of AI into creative workflows, ethical and regulatory considerations, cost efficiency and scalability, and the emergence of AI-driven content discovery. Major trends in the forecast period include advancements in deep learning algorithms, monetization opportunities, real-time content generation, and hyper-realistic content generation.
What Are The Essential Drivers Behind The Growth Of The Generative AI In Media And Entertainment Market?
The rise in video game usage is set to propel growth in the generative AI media and entertainment market. Video games, popular for their interactive and immersive experiences, are increasingly integrated with generative AI to enhance creativity, efficiency, and player engagement. For example, in May 2023, the Entertainment Software Association reported US consumer spending on video games rising from $56.1 billion in 2020 to $59.6 billion in 2021. This trend underscores generative AI's role in transforming the media and entertainment industry, driving market growth through 2023, 2024, and beyond.
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How Is The Global Generative AI In Media And Entertainment Market Divided Into Key Segments?
The generative ai in media and entertainment market covered in this report is segmented –
1) By Type: Text-To-Image Generation, Image-to-Image Generation, Music Generation, Video Generation, 3 Dimensional Modeling And Animation
2) By Offerings: Solution, Services
3) By Deployment Mode: Cloud-Based, On-Premise
4) By Application: Gaming, Film And Television, Advertising And Marketing, Music And Sound Production, Virtual Reality (VR) And Augmented Reality (AR), Other Applications
What Trends Are Reshaping The Future Of The Generative AI In Media And Entertainment Market?
Major companies in the generative AI media and entertainment market are developing innovative AI technologies, such as Media Copilot, to stay competitive and address industry demands. Media Copilot is an AI-based tool designed to help users analyze content performance across various distribution platforms and revenue models. For example, in April 2024, Symphony Innovation LLC, a US-based software company, launched the AI-driven Media Copilot. This tool combines predictive and generative AI to analyze content performance and optimize revenue models, providing valuable insights for media and entertainment professionals.
What Is The Fastest Growing Region In The Generative AI In Media And Entertainment Market?
North America was the largest region in the generative AI in media and entertainment market in 2023. The regions covered in the generative AI in media and entertainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
