The growing Gen Z market is driving the trend towards a fusion of mobile-first, entertainment and shopping coupled with immersive experiences.
The entertainment industry is experiencing unprecedented growth and transformation, with new opportunities emerging:
The global entertainment & media market was valued at $2.2 trillion in 2021, and is expected to reach $2.6 trillion by 2025 (PwC)
Over 6.4 billion smartphone users in 2021, projected to grow to 7.5 billion by 2026 (Statista)
According to the 2021 Mobile App Engagement Index by Airship, mobile app engagement has grown by 31%, with entertainment apps showing the highest growth in user retention (Airship).
Live-streaming shopping is seeing MASSIVE growth but is still untapped in the entertainment world.
Gen Z is the driving force in entertainment and consumer trends
Gen Z (born between 1997 and 2012) accounts for 32% of the global population, possessing a significant influence on entertainment and consumer trends (Bloomberg).
Gen Z's digital-native nature and affinity for mobile-first experiences provide an untapped market opportunity in the TV and gaming entertainment space (Forbes).
Gen Z prefers interactive and immersive experiences, with 74% spending their free time online (Pew Research Center, 2018)
Live shopping (or live commerce) market valued at $60 billion in 2021, is expected to reach $424 billion by 2025 with a CAGR of 42% (Coresight Research), with Gen Z users driving significant growth (especially in Asia and eventually to the West).