Digitization Of Newspapers And Magazines Is A Key Trend In The Media Market – By The Business Research Company
LONDON, Dec. 8, 2022 /PRNewswire/ — The newspaper and magazine industry are currently experiencing significant transformations due to digital technologies. Publishers of newspapers and magazines have changed their distribution approaches by introducing digital offers and services that can cater to consumers’ needs. Traditional newspapers and magazines publishers are offering their content on online platforms and mobile applications. Major traditional newspaper platforms offering news on digital platforms include New York Times Co, McClatchy Co., Gannett Co. Inc, The Guardian and The Sun.
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The global media market size grew from $1.98 trillion in 2021 to $2.21 trillion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The media market is expected to grow to $3.34 trillion in 2026 at a CAGR of 10.8%.
Media Market Driver – Rise In Mobile Video Viewing
Mobile video viewing has increased significantly in recent years and is expected to grow further during the forecast period, hence driving the media market. This is mainly driven by the rise in internet penetration and the growth in smart phones usage. For example, according to Yansmedia, a Yerevan based animated explainer video company, there will be 205 million smartphone video viewers in the US by 2022. Every year, mobile video consumption doubles. Additionally, according to data published by The Social Shepherd, a UK based marketing agency, 90% of consumers have been using their mobile devices to watch video content. Therefore, the increase in mobile video viewing is expected to contribute to the growth of the media market during the forecast period.
Alphabet Inc. Was The Largest Competitor In the Media Market In 2021
As per the media market growth analysis, Alphabet Inc was the largest competitor in the media market in 2021, with a 10.35% share of the market. Alphabet’s growth strategy focuses on strengthening its business operations through the launch of new services. For instance, in August 2022, Alphabet’s subsidiary, YouTube, announced plans to launch Channel Store, its own online streaming store. Channel Store allows costumer to choose among various streaming services through the YouTube app.
Media Market Segments
The global media market research is segmented –
1) By Type: TV And Radio Broadcasting, Film And Music, Information Services, Web Content, Search Portals And Social Media, Print Media, Cable and Other Subscription Programming
2) By Revenue Model: Subscription, Advertisement, Sponsorship, Others
3) By Application: Wired, Wireless
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