Over the past five years, nearly 1-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 $576-billion, up from $220-billion in 2017 – and this figure will grow even further in the following years.
According to research by OnlyAccounts.io, global digital media revenues are expected to grow by 35% and hit nearly $800-billion by 2027.
Video-on-Demand the fastest-growing segment
Before Covid-19, global digital media revenues had grown by an average of $30-billion per year, rising from $220,7-billion in 2017 to $378,9-billion 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 $200-billion over the past three years, reaching $576-billion 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 $334-billion worldwide. The video-on-demand market has seen even more impressive growth, with revenue surging by a massive 67% to $159,4-billion 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 forecast to increase by another 44% and hit $231-billion worldwide. The video games industry will see a 38% growth in this period, with revenues rising from $334-billion to $467-billion. Music streaming platforms follow with $40,2-billion 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 $52,7-billion to $58,3-billion.
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.