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The Global Entertainment and Amusement Market size is estimated to grow by USD 893.7 billion, at a CAGR of 6.34% between 2023 and 2028. The growth of the market is driven by several key factors. Firstly, the rapid expansion of social media platforms has significantly enhanced the reach and engagement of leisure and entertainment businesses. This digital presence not only boosts visibility but also fosters direct customer interaction and feedback, driving market growth. Secondly, increased consumer spending on entertainment and leisure activities reflects a broader trend toward prioritizing leisure experiences, thereby stimulating demand across related sectors. Lastly, substantial investments in amusement parks and recreational facilities underscore a commitment to enhancing visitor experiences and expanding leisure offerings. Together, these factors contribute to the dynamic growth of the market, creating opportunities for innovation, expansion, and enhanced customer satisfaction in the leisure and entertainment industry.
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The market is experiencing significant growth due to the increasing demand for immersive experiences driven by advancements in technology. Multimedia content, Virtual Reality (VR), and Artificial Intelligence (AI) are transforming the industry, providing new avenues for entertainment. Theme parks, gaming arenas, and sports arenas are popular destinations, with Asian markets leading the charge due to urbanization and a growing middle class. The General Entertainment Authority, malls, movie theatres, and cinemas continue to be key players in the market. Innovations like eco-friendly practices and sustainability are gaining importance, with water parks like Water Kingdom setting new standards. Indoor entertainment centers offer respite from extreme weather events, while air connectivity facilitates easy access to various entertainment clusters. Therapeutic interventions, such as AI-driven healthcare and VR (Virtual Reality) therapy, are also gaining traction, offering unique solutions for healthcare and education. The market is expected to grow further as Virtual Reality (VR) technology and Augmented Reality (AR) technology continue to evolve, providing more immersive and personalized experiences for consumers. Diwali campaigns and other seasonal events add to the market's appeal, making it an exciting and dynamic industry to watch.
The rapid growth of social media will drive the market. The market is positively affected by the increasing use of social media and the availability of mass communication. Visitors love to share their experiences, photos, and videos on social media, helping other people discover the experiences that theme parks across the world have to offer. Approximately 71% of entertainment and amusement park visitors share their experiences on social networks after returning home. Sharing the message on social networks motivates or inspires others to visit such places, which increases the number of visitors to the place. The widespread use of social media is expected to boost the growth of the market during the forecast period.
Virtual theme park gaining traction is a key market trend. Virtual reality innovation has changed the landscape of the amusement park industry. Theme parks are incorporating VR into their existing attractions and developing VR stand-alone rides. While traditional theme parks invest millions in VR technology to increase visitor numbers, other organizations invest billions in developing purpose-built VR theme parks. The quest to expand VR tourism is influencing various trends in both marketing and hospitality, creating new career opportunities for those interested in pursuing a career in hospitality. The adoption of virtual reality has added new dimensions to theme parks. Virtual theme parks are based on 360-degree technology, which provides users with real-time experiences of the virtual world. Several virtual theme parks will be constructed during the forecast period; this will give amusement parks a new dimension. For instance, Universal Studios Orlando is expected to launch the Epic Universe theme park in 2023. Thus, owing to the adoption of the virtual theme park, the market is expected to witness significant growth during the forecast period.
High maintenance cost is a major market challenge. The maintenance of an entertainment and amusement park requires a large investment. All amusement parks require regular maintenance of their facilities to keep them functioning optimally and to limit liability for park accidents that may occur due to equipment failure. However, high maintenance costs are a major challenge for companies in the market. Arcade slot machine maintenance is a tedious task often found in gaming simulators. From the screens to the legs of the simulator, the hardware is fixable due to the increased penetration and high usage of motion simulation. Proper maintenance management across rides or exhibits is imperative for visitor satisfaction and safety. Thus, due to the high maintenance costs, the market may face challenges during the forecast period.
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The market share growth by the entertainment segment will be significant during the forecast period. In recent years, the entertainment segment has flourished as teenage and adult consumers switch from video games to collectible action-strategy and war-based arcade games.
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The entertainment segment was valued at USD 1.99 billion in 2018. One of the major reasons behind the segment growth is the number of gaming bars and cafes offering video games is increasing, which is anticipated to drive the growth of the global market during the forecast period. A family entertainment center offers a variety of arcade games, AR and VR gaming zones, and physical gaming activities for groups of different ages. Strategy and war games with significant cooperation and interaction between players are very popular in the US and Canada. In recent years, improvements in gameplay design and consoles have led to the acceptance of family entertainment centers globally, which is expected to boost the growth of the market during the forecast period.
North America is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North America market is expanding due to growing numbers of adult and child visitors, fueled by increased spending on entertainment. Innovations in rides, accommodation, and merchandise are also appealing to visitors of all ages, contributing to market growth. Additionally, regional tourism is increasing, with more travellers focusing on theme parks. To stay ahead, theme park designers in North America are developing new and cutting-edge rides. These factors are expected to further boost the regional market.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. Some of the major companies in the market include:
Entertainment Plus Production- The company offers entertainment production every day around the world.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market continues to evolve, incorporating cutting-edge technologies such as Virtual Reality (VR) and Augmented reality (AR) technologies to create immersive experiences for consumers. Multimedia content, from 3D audio to experiential tourism, plays a significant role in engaging audiences in new and innovative ways. Theme parks, gaming arenas, and entertainment venues are leveraging these technologies to provide visitors with unforgettable experiences. Artificial Intelligence (AI) is also making a mark in the industry, with AI-driven chatbots and recommendation systems enhancing user experience on streaming platforms and online ticket sales.
Cultural elements, live shows, and regulatory challenges are other key factors shaping the entertainment landscape. Safety standards and content censorship are crucial considerations for entertainment providers, as they navigate financial barriers and corporate sponsorships. The tourism industry, museums, galleries, and historical sites are also adopting gamification techniques and game mechanics to attract visitors and create engaging experiences. Live events, cultural attractions, and malls are exploring new ways to incorporate VR, AR, and other technologies to provide unique experiences for consumers. Entertainment clusters, theme parks, sports arenas, motor tracks, and vacation homes are all benefiting from these trends, as pent-up demand for new and exciting experiences continues to grow.
Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.34% |
Market Growth 2024-2028 |
USD 893.7 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.84 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 54% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Al Hokair Entertainment, Aspro Parks SA, CEDAR FAIR LP, Chimelong Group Co. Ltd., Compagnie des Alpes, Entertainment Plus Production, Fakieh Hospitality & Leisure Group, IMG Artists, irque du Soleil Entertainment Group, Motion JVco Ltd., PARQUES REUNIDOS SERVICIOS CENTRALES SA, SeaWorld Parks and Entertainment Inc., Six Flags Entertainment Corp., The Mousetrap, The Rocky Horror Show, The Walt Disney Co., Timezone Entertainment Pvt. Ltd., Universal Studios Recreation Group., Untamed Entertainment, and Wonderla Amusement Park |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Age Group
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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