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2. The Changing Entertainment Landscape
The growing Gen Z market is driving the trend towards a fusion of mobile-first, entertainment and shopping coupled with immersive experiences.
- 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 (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).
Last modified 7mo ago