ABU DHABI, 3rd August, 2022 (WAM) — The global media and entertainment services industry is witnessing an increasing reliance on innovation and artificial intelligence (AI).
The value of the sector is expected to reach $2.4 trillion next year, growing at a compound annual growth rate (CAGR) of 3.8% since 2015, according to figures from PricewaterhouseCoopers (PwC).
The PwC report forecasts the industry to grow by 5% from 2020 to 2025, worth $2.6 trillion, noting that the web content, search portals and social media segments will realize gains totaling $542.2 billion in global annual sales while TV broadcasting will make gains of $79.2 billion, the film and video segment with $83.3 billion and newspaper and magazine publishers with $32.6 billion.
Reports from an AI specialist on the global media and entertainment services industry noted the growing international share of AI in 2022 with a CAGR of 30%, valued at $8.4 billion, according to Analytics Insight, while Grandview Research estimates that the international AI market is expected to grow by $99.48 billion. by 2030.
Future Market Insights also pointed out that the value of the AI market in the media and entertainment sector stood at $10.4 billion in 2021, while estimates suggest that this sector will grow, from 2022 to 2032. , with a CAGR of 26% to $132.16 billion.
Media and entertainment in the UAE The report pointed out that the growth of the UAE publishing sector in the current decade is 150% and will reach $650 million in 2030, noting that the country accounts for 25% of the total digital media subscriptions in the Middle East and North Africa region.
The report projects UAE digital music segment revenue to increase to $62 million this year, with a CAGR increasing by 9.46%, resulting in a projected market value of $89 million in 2026.
According to Niko Partners, the entertainment industry in the United Arab Emirates will grow at a CAGR of 9% from 2021 to 2028, while the value of the gaming market in the United Arab Emirates, Saudi Arabia and Egypt will increase to 3 $.14 billion by 2025, at a five-year CAGR of 13.8%.
Investment Opportunities The Ministry of Economy has released a report titled “Investing in Media and Entertainment in the UAE”, which includes summaries of several international reports on the country’s media and entertainment industry. The report highlighted the fact that Dubai Media City has a business environment that includes almost 33,000 media specialists and over 122 channels. Additionally, the Abu Dhabi Free Media Zone is home to over 600 companies, 130 entrepreneurs and over 5,000 media specialists.
The report also notes that the Yas Creative Hub will have over 16,000 employees in 2031, under the Abu Dhabi Investment Authority’s strategy worth over AED 30 billion.
The Sharjah Media City (Shams) witnessed significant growth in 2021 and the number of its registered companies increased to 5,689 while 4,293 companies renewed their licenses in the same year.