What Is The Definition Of The Global Location-Based Entertainment Market?
Location-based entertainment (LBE) refers to a type of entertainment experience that takes place in a specific physical site or venue, such as amusement parks and themed entertainment venues, and frequently employs immersive technologies to enhance the visitor's engagement and enjoyment. These experiences often incorporate elements of virtual reality (VR), augmented reality (AR), or other immersive technologies to create immersive worlds and storytelling environments.
Location-Based Entertainment Global Market Report 2024 provides data on the global location-based entertainment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Location-Based Entertainment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Location-Based Entertainment Market Size And Annual Growth Rates?
The location-based entertainment market size has grown exponentially in recent years. It will grow from $3.05 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth in the historic period can be attributed to pop culture tie-ins, social media influence, urbanization, family and group activities, and experiential spending trends. The location-based entertainment market size is expected to see exponential growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. The growth in the forecast period can be attributed to the integration of artificial intelligence, expansion into emerging markets, sustainability and eco-friendly initiatives, cross-industry collaborations, and shift towards hybrid experiences. Major trends in the forecast period include integration of augmented reality (AR), immersive experiences, adoption of virtual reality (VR), emphasis on interactive attractions, and advancement in technology.
Which Key Drivers Are Propelling The Location-Based Entertainment Market's Growth?
Increasing consumer spending on games and video content is expected to propel the growth of the location-based entertainment market going forward. Consumer spending on games and video content refers to the amount of money individuals spend on purchasing or subscribing to video games, downloadable content, in-game purchases, streaming services, and other related digital entertainment products. Increasing consumer spending on games and video content reflects growing demand for digital entertainment experiences, immersive gaming experiences, and a shift towards online streaming platforms. Consumer spending on games and video content helps bolster location-based entertainment by showcasing the potential for immersive experiences, driving interest in similar interactive and experiential offerings at physical venues. For instance, in February 2024, according to data published by the Entertainment Software Association, a US-based trade association of the video game industry, total video game sales surged to $57.2 billion in 2023, marking an increase from the $56.6 billion recorded in 2022. The rise was primarily fueled by a boost in video game content spending, which rose to $48.0 billion from $47.5 billion in 2022. Therefore, increasing consumer spending on games and video content is driving the growth of the location-based entertainment market.
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What Are The Key Segments Within The Global Location-Based Entertainment Market?
The location-based entertainment market covered in this report is segmented –
1) By Offerings: Hardware, Software, Services
2) By Technology: 2 Dimensional (2D), 3 Dimensional (3D), Cloud Merged Reality (CMR)
3) By End-Use: Amusement Parks, Arcade Studios, 4D Films
How Are New Trends Impacting The Size Of The Location-Based Entertainment Market?
Companies in the location-based entertainment market are advancing virtual reality (VR) technologies to create more immersive experiences and attract a broader audience. VR technology in this sector generates interactive digital environments within physical spaces, enriching the entertainment experience. For example, in September 2022, Shanghai Disney Resort in China unveiled SoReal VR SuperSpace in its Disneytown district. This flagship venue, developed by China-based VR company SoReal, features VR experiences and an immersive VR walkthrough across two floors, enhancing visitor engagement and entertainment options within Disneytown.
Which Region Drives The Highest Growth In The Location-Based Entertainment Market?
North America was the largest region in the location-based entertainment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the location-based entertainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
