If we were to put our money on the biggest entertainment industry in the world, what would it be? Video games! According to the Entertainment Software Association, Americans spent over $145 billion on video game content last year, making them the largest industry in the world. More people are playing video games than ever before, as they see them as a form of relaxation and socialization. This is not surprising, considering how popular video games have become over recent years.
The media and entertainment industry includes a broad range of companies and sub-industries. Among these is the media industry, which accounted for $617 billion in revenue in 2018. The entertainment industry is a large contributor to U.S. GDP, contributing 6.9% to the nation’s GDP. There are various types of entertainment available on television, in theaters, online, and through mobile devices. Several industries produce different forms of entertainment, and the entire industry continues to grow despite economic crises.
The market for home entertainment in the US is estimated to reach $660 billion by 2021. The total market value is made up of three distinct segments: digital, theatrical, and physical discs. Of these three, the digital segment accounts for 80% of all dollar spending. In 2015, the digital segment grew at the fastest rate since 2014. The theatrical and music sectors combined accounted for the remaining 22%. While streaming services have been increasing their share of the market, movie theaters and physical entertainment are still the largest sectors in the home entertainment market.