Zinnov Says the Media & Entertainment Market, Currently Pegged at USD 1.7 Tn, Will Grow to Touch USD 2.4 Tn by 2023

BANGALORE, June 25, 2019 /PRNewswire/ --

- The overall market is expected to witness a growth of 7.1% YoY growth till 2023

- Broadcasting is the largest M&E market segment at USD 441 Bn and accounts for more than one-fourth of the overall market 

- Spend on digital engineering initiatives is pegged at USD 4 Bn and is expected to grow 3X to reach USD 11 Bn by 2023  

Zinnov, a leading global management consulting firm, released its findings from the study on the Global Media & Entertainment Service Provider landscape titled, "Zinnov Zones for Media, Communications and Technology - 2019." The study analyzed the global M&E Service Provider landscape and evaluated services companies on their prowess across multiple sub-segments and technology areas. The study provides a 360-degree view of the Media & Entertainment landscape, covering key technology trends that are driving transformation in the space (OTT, blockchain, AR/VR, etc.). The key market segments evaluated include -Broadcasting, Entertainment, Publishing, Information Services, Gaming, Marketing & Advertising, New Media, and Education.

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The goal of the study is to empower business leaders in the Media, Communications & Technology space to take the right decisions for partner selection across technologies and delivery expertise as they expand their digital footprint. The Media & Entertainment market is currently pegged at ~USD 1.7 Tn and is expected to touch USD 2.4 Tn by 2023. Broadcasting is the largest sub-segment, which stands at USD 441 Bn, accounting for more than one-fourth of the overall market.

The study highlights that the global Media & Entertainment industry has entered a hyper-growth phase when it comes to the adoption of new-age technologies and use cases. Over the past couple of years, OTT has disrupted traditional content consumption channels. As a result, Media Companies are acquiring/investing in Online Video Platforms to expand their digital video distribution capabilities. Telecom companies are also investing towards building capabilities for the OTT business. Furthermore, advancements in AI and ML are enabling these enterprises to monetize such streaming solutions more effectively. Intelligence platforms are also facilitating monetization through enhanced segmentation and hyper-targeted ads.

Digital technologies such as Artificial Intelligence, Virtual and Augmented Reality, Blockchain are also set to unlock new revenue streams in the Media & Entertainment space. In addition to micro-transactions, blockchain is enabling royalties management, smart contracts, and content security for the industry. Currently, the spend on such digital engineering initiatives by Media Companies is pegged at USD 4 Bn and is expected to grow to a staggering USD 11 Bn, witnessing a 3X growth over the next five years.

Speaking about this development in the Media, Communications and Technology space, Sidhant Rastogi, Partner & Practice Head, Zinnov, said, "The Media, Communications & Technology vertical is undergoing a convergence phase: Telecom operators are targeting to enter the OTT/Content business as a part of a concentric diversification strategy. This helps them compensate revenue loss from the traditional voice and data business, and they can efficiently leverage their existing delivery network infrastructure to offer Quality of Service (QoS) to consumers. The market has witnessed increasing number of alliances/partnerships between telecom operators and content producers in the past couple of years, which is driving a partnership-led growth model in this segment."

About Zinnov Zones:

Zinnov Zones is an annual rating published by Zinnov, which rates Service Providers based on their competencies and capabilities. Since 2009, Zinnov Zones (previously known as GSPR - Global Service Provider Ratings) has become one of the most trusted reports globally, for both enterprises and Service Providers to better understand the vendor ecosystem in multiple domains, such as Digital Transformation, ER&D services, IoT, RPA, and Media & Entertainment.

This is the fourth consecutive year that Zinnov has assessed global Service Providers for their Media, Communications & Technology capabilities. The detailed ratings and contact information of Service Providers are available on https://zinnovzones.com.

About Zinnov:

Founded in 2002, Zinnov is a global management and strategy consulting firm, with presence in Silicon Valley, Houston, Bangalore, and Gurgaon. Over the past 17 years, Zinnov has successfully consulted with over 250+ Fortune 500 customers to develop actionable insights that help them in their transformation journeys. With core expertise in Product Engineering and Digital Transformation, Zinnov assists clients by:

• Providing research and strategy consulting for Technology Service Providers in the areas of Product Engineering and Digital Transformation;
• Enabling companies to develop and optimize a global engineering partner strategy to achieve higher throughput, innovation, productivity, and cost savings;
• Growing revenue for companies' products and services in India and other emerging markets;
• Helping MNCs expand and/or consolidate their globalization footprint.

With their team of experienced professionals and research teams, Zinnov serves clients from across software, semiconductor, consumer electronics, automotive, storage, telecom & networking, healthcare, banking, financial services, and retail verticals in US, Europe, Japan, and India.

For more information, visit https://zinnov.com.

Media Contact:
Nitika Goel
Chief Marketing Officer
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CMO, Zinnov