MARKET REALITY: Augmented & Virtual Reality Represent Leading Growth Segment in Entertainment & Media
A report by PwC highlights that immersive experiences in augmented and virtual reality represent the fastest growing segment of the entertainment and media industry over the next six years. News from two companies working in the industry, Fox and NetDragon, underscore the growth forecast.
Globally, virtual reality (which includes augmented reality in PwC's report) is forecasted to expand at a 77.9 percent compound annual growth rate (CAGR) in entertainment and media through 2021. In the US alone, the category is predicted to grow at 64.0 percent CAGR over the same period.
By comparison, the second-fastest growth segment, E-Sports, is growing at 21.7 and 22.6 percent CAGR, respectively.
The company forecasts a rise in the importance of user experience, where AR/VR plays a role in content delivery and immersive experiences.
"The next era of differentiation in entertainment and media is being defined and propelled by consumers' increased demand for live, immersive, shareable experiences. Consumers want to get closer, more engaged and better connected with the stories they love – both in the physical and digital worlds," said Deborah Bothun, PwC's Global Entertainment & Media Leader via news release.
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