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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.
INDUSTRY RESTRAINTS
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.
Market Segmentation
by Technology
by Usage
GEOGRAPHICAL ANALYSIS
Segmentation by Geography
Key Vendors
Other Prominent Vendors
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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