Zinnov says media and entertainment market, currently valued at $ 1.7 billion, will reach $ 2.4 billion by 2023

/ – – The global market is expected to grow 7.1% year-on-year through 2023

– Broadcasting is the largest M&E market segment with 441 billion USD and represents more than a quarter of the global market

– Spending on digital engineering initiatives is set at US $ 4 billion and is expected to increase threefold to reach US $ 11 billion by 2023

Zinnov, a leading global management consulting firm, has released the findings of the Global Media and Entertainment Service Provider Landscape Study titled “Zinnov Zones for Media, Communications and Technology – 2019”. The study analyzed the global landscape of M&E service providers and assessed service companies on their prowess in several sub-segments and technology areas. The study provides a 360-degree view of the media and entertainment landscape, covering key technology trends driving transformation in the space (OTT, blockchain, AR / VR, etc.). The main market segments assessed include broadcasting, entertainment, publishing, information services, games, marketing and advertising, new media, and education.

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The aim of the study is to empower business leaders in the media, communications and technology sector to make the right decisions for the selection of partners among technologies and delivery expertise as they develop. ‘they are expanding their digital footprint. The media and entertainment market is currently valued at around $ 1.7 billion and is expected to reach $ 2.4 billion by 2023. Broadcasting is the largest sub-segment, which stands at $ 441 billion. of dollars, representing more than a quarter of the global market. .

The study highlights that the global media and entertainment industry has entered a phase of hyper-growth in the adoption of new era technologies and use cases. Over the past two years, OTT has revolutionized traditional content consumption channels. As a result, media companies are acquiring / investing in online video platforms to expand their digital video distribution capabilities. Telecommunications companies are also investing in capacity development for the OTT sector. Additionally, advancements in AI and ML allow these companies to more effectively monetize these streaming solutions. Intelligence platforms also facilitate monetization through improved segmentation and hyper-targeted advertising.

Digital technologies such as artificial intelligence, virtual and augmented reality, blockchain are also expected to unlock new sources of revenue in the media and entertainment space. In addition to micro-transactions, blockchain enables royalty management, smart contracts, and content security for the industry. Currently, spending on such digital engineering initiatives by media companies is estimated at $ 4 billion and is expected to reach $ 11 billion, a 3-fold growth over the next five years.

Speaking about this development in the media, communications and technology space, Sidhant Rastogi, Partner and Practice Leader, Zinnov, said: “The media, communications and technology vertical is going through a phase convergence: telecom operators aim to enter the OTT / content sector. as part of a concentric diversification strategy. This helps them make up for lost revenue from the traditional voice and data industry, and they can effectively leverage their existing distribution network infrastructure to deliver Quality of Service (QoS) to consumers. The market has seen an increasing number of alliances / partnerships between telecom operators and content producers over the past two years, which is driving a partnership-based growth model in this segment. “

About Zinnov zones:

Zinnov Zones is an annual assessment published by Zinnov, which assesses service providers based on their skills and capabilities. Since 2009, Zinnov Zones (formerly known as GSPR – Global Service Provider Ratings) has become one of the most trusted reports in the world for both businesses and service providers to better understand the ecosystem providers in multiple areas, such as digital transformation, ER&D, IoT, RPA, and media and entertainment services.

This is the fourth consecutive year that Zinnov has rated global service providers for their media, communications and technology capabilities. Detailed ratings and contact details for service providers are available at https://zinnovzones.com.

About Zinnov:

Founded in 2002, Zinnov is a global management and strategy consulting firm with operations in Silicon Valley, Houston, Bangalore and Gurgaon. Over the past 17 years, Zinnov has successfully consulted with over 250 Fortune 500 clients to develop actionable insights that help them on their transformation journeys. With its expertise in Product Engineering and Digital Transformation, Zinnov supports its clients by:

Provide research and strategy advice to technology service providers in the areas of product engineering and digital transformation; Enable companies to develop and optimize an overall engineering partnership strategy to achieve higher throughput, innovation, productivity and cost savings; Revenue growth of business products and services in India and other emerging markets; Help multinationals expand and / or consolidate their globalization footprint. With its team of experienced professionals and research teams, Zinnov serves clients in the software, semiconductor, consumer electronics, automotive, storage, telecommunications and networking, healthcare, banking, financial services and retail in the United States, Europe, Japan and India.

For more information, visit https://zinnov.com.

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