Film and Episodic VFX Global Market Outlook to 2028: Rising Penetration of the VFX & Animation Industry Drives Growth
DUBLIN, March 27, 2023 /PRNewswire/ — The “Film and Episodic VFX Market – Global Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global film and episodic VFX market size is expected to grow at a CAGR of 11.54% from 2022 to 2028
MARKET TRENDS & DRIVERS
Rising Penetration of OTT Platforms
Owing to the increasing demand for binge-watch content such as web series, films, and documentaries from audiences, coupled with shooting constraints in the filmmaking industry, there has been a massive demand for VFX content from the OTT industry. These platforms are widely accepted and appreciated for their ease of usage and personalized approach.
Affordability is also one of the key factors. The surge in demand for online content influenced the requirement for VFX. About 70% of consumers have a subscription to at least one of the OTT platforms, and more than 45% subscribe to two or more OTT services.
Rising Penetration of the VFX & Animation Industry
The growing fondness for adult animation and VFX projects and the proliferation of new animation styles over the last half of the decade have driven a new acceptance of VFX and animation. Consumers across the world are highly interested in engaging in high-definition visual experiences. With realistic animation and engaging visual effects, moviegoers want high-quality productions.
Therefore, studios are integrating more animation and VFX shots into their films and series. Consumers consume more immersive content through multiple channels, including ultra-high-definition TVs, smartphones, tablets, and head-mounted devices.
Due to the increasing internet penetration and access to multimedia devices, customers are increasingly spending time streaming digital content. For animation and VFX, streaming video is the fastest-growing distribution channel. This growth can be ascribed to the exponential rise in the number of online video viewers across the globe and further propelling the film and episodic VFX market.
Shortage of Skilled VFX Artists
The demand for skilled talent in the VFX industry has been increasing for several years and is expected to increase during the forecast period. VFX is a demanding, competitive, yet rewarding industry that allows artists to travel worldwide to complete freelance and project-based work.
The shortage of VFX artists hinders film and episodic VFX market growth as there is an imperative need for talent in the VFX studio. Therefore, this shortage of skilled personnel presents a situation where some studios either lose out on work completely or miss deadlines.
- CGI (Computer Generated Imagery)
- Motion Capture
- Film (Theatrical and Digital)
- Digital Episodic
- TV Episodic and Film
- North America dominated the global film and episodic VFX market in 2022. The demand for film and episodic VFX contests remains at an all-time high in the U.S. and Canada. The high adoption of android and iOS devices across the region and better connectivity infrastructure contribute to the region’s high share in the global market. The high bandwidth offered with the launch of 5G connectivity increased the popularity of watching films & series across the region.
- Europe’s film and episodic VFX market was valued at USD 1.4 billion in 2022. Europe followed North America, which the UK, Germany, France, Italy, and Spain led. Demand for film & episodic VFX in the European industry is growing, while upgrades and innovative offerings also drive industry growth. New media technologies have opened the European market, driving intense competition in the news space and putting traditional agencies in the financial doldrums. Hence, these agencies are diversifying the content they produce in VFX films & series to bolster the media & entertainment industry.
Segmentation by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Weta FX
- Technicolor Creative Studios
- Industrial Light & Magic
Other Prominent Vendors
- Rodeo FX
- Scanline VFX
- Sony Pictures Imageworks
- Digital Domain
- Zoic Studios
- Animal Logic
- The Third Floor
- Method Studios
- VFX Legion
- CoSA VFX
- Worldwide FX
- Blackmagic Design Pty. Ltd.
- Absolute Post
- Luma Pictures
- Lola Visual Effects
- Streamland Media
KEY QUESTIONS ANSWERED
1. How big is the film and episodic VFX market?
2. What is the growth rate of the film and episodic VFX market?
3. Who are the key players in the global film and episodic VFX market?
4. What are the key driving factors in the film and episodic VFX market?
5. Which region dominates the global film and episodic VFX market?
For more information about this report visit https://www.researchandmarkets.com/r/nvkfvk
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