Recent years have witnessed a surge in the global digital media industry, with Internet users worldwide choosing online content as their primary source of information and entertainment. However, with millions of people spending more time indoors and online amid COVID-19 lockdown, 2020 brought new records, both in terms of the revenue and the number of users.
According to data gathered by GoldenCasinoNews.com, the revenue of the world’s five largest digital media markets is set to touch $116bn value in 2020, an $18.2bn jump in three years.
Chinese Digital Media Industry Witnessed the Highest Growth
The digital media industry includes all types of audio-visual media contents and applications distributed directly over the Internet. This refers to digital video content, music, video games for different devices, and electronically published written content.
In 2017, the combined digital media revenue in the United States, China, Japan, the United Kingdom, and Germany, as the leading markets globally, amounted to $97.8bn, revealed Statista Global Consumer Survey. Over the last three years, this figure rose by almost 20%.
The United States represents the largest digital media market globally set to reach $51.3bn value in 2020, a $6.9bn increase in the last three years. However, statistics indicate that China, as the second-largest market in the world, has witnessed the most significant growth. The revenue of the Chinese digital media industry rose from $25.8bn in 2017 to $34.4bn in 2020, an $8.6bn increase in the last three years.
Japan ranked as the third-largest market globally with a $17.2bn profit in 2020, a $940 million jump since 2017. The United Kingdom and Germany follow with $7.8bn and $5.2bn values, respectively.
Digital Media Revenues to Touch $128bn by 2024
Statista Global Consumer Survey also revealed that the five largest digital media markets’ revenue is expected to continue rising in the following years and touch $128bn value by 2024.
The United States is forecast to witness the most significant growth, jumping by $5.5bn and reaching almost $57bn in revenue in the next four years. Chinese digital media industry is set to reach $38.6bn profit by 2024, a $4.2bn increase over the same period.
Statistics show the combined digital media revenues of the Japanese, UK, and German markets are expected to rise by $1.8bn in the following years, growing from $30.2bn in 2020 to $32bn in 2024.