PALM BEACH, Fla., May 6, 2021 /PRNewswire/ -- Online entertainment involves accessing entertainment material, including music, videos, books, and games over internet. Surge in internet penetration and increase in adoption of smart devices such as smartphones, smart TVs, and laptops have boosted the number of netizens who have shifted their preference toward online entertainment. Presently, online social media entertainment has gained major popularity, as people are getting increasingly involved in producing videos, music, and images on various social media platforms such as Instagram, Facebook, Tumblr, LinkedIn, and WhatsApp. Thus, an increase in popularity of social media platforms is expected to boost the growth of the online entertainment market during the forecast period. A report from Allied Market Research projected that the online entertainment market size was valued at $183.1 billion in 2019, and is estimated to reach $652.5 billion by 2027, registering a CAGR of 20.82% from 2021 to 2027. Active Companies in the markets today include Grom Social Enterprises, Inc. (OTCQB: GRMM), fuboTV Inc. (NYSE: FUBO), AMC Theatres (NYSE: AMC), Roku, Inc. (NASDAQ: ROKU), iQIYI Inc. (NASDAQ: IQ).
The Allied Market Research report said: "Surge in penetration of smartphones is the key factor that drives the growth of the online entertainment market. This is attributed to the fact that smartphones are majorly used for social media accessing, playing online games, watching movies, and listening to music. The growth of the global market is further driven by decrease in cost of internet charges and technological advancements in smartphones such as introduction of mobile phones supporting 5G network, folding smartphones, 3D-enabled mobile phones, and artificial intelligence- & augmented reality-integrated phones. 3D enabled smartphones allows recording a stereoscopic images and videos. Furthers it doubles the joy of playing video games and seeing movies. Artificial intelligence is revolutionizing in the way video games are played and developed. It will be used to improve the game-player experience and allows players to perform any action in a virtual world that they could in the real one. Furthermore, mobile phones that support augmented reality enhance the visual experience while seeing movies and playing games, which contributes toward the growth of the market."
Grom Social Enterprises, Inc. (OTCQB: GRMM) BREAKING NEWS: CURIOSITY INK MEDIA REVOLUTIONIZES THE MOST WONDERFUL TIME OF THE YEAR WITH THE DEBUT OF SANTA.COM - Curiosity & Grom Social Enterprises Bring Families the Fun and Nostalgia of Christmas with One-Stop, Curated Holiday Hub Coming in Q4 - Grom Social Enterprises, Inc., which recently entered into a binding letter of intent to acquire Curiosity Ink Media, today announced that Curiosity will debut Santa.com – an online hub where kids and adults can experience classic holiday joy in a one-stop, modern digital holiday venue – in Q4, 2021. The online holiday hub represents an opportunity to tap into the growing holiday retail market, projected to top $1 trillion this year, including a 11.3% climb in ecommerce to over $206B in sales. The announcement was made by Russell Hicks, Chief Creative Officer, Curiosity Ink Media.
For kids, Santa.com will offer a special place to register their wish lists, take a tour of the North Pole and schedule a virtual visit with Santa. The site deepens the holiday experience through special holiday-themed interactive games, mobile content, and even access a "good-deeds" point tracker to ensure children remain on Santa's "Nice" list.
Santa.com aims to de-stress the holidays for parents by offering them tools to discover, purchase and send personalized gifts that arrive wrapped, tagged and ready to give, all from the comfort of home. Curated catalogs will allow families to browse through a collection of gift ideas that promise to delight kids and other loved ones on their shopping lists.
"The holidays will become even more magical, thanks to the first-ever, one-stop source for idea-to-under-the-tree gifting," said Hicks. "Santa.com promises to take kids on a vibrant and immersive journey to all of the captivating aspects of the holiday season, from online visits with Santa to creating their own, customized wish lists."
Curiosity also announced that the company is in development to produce an original, animated musical holiday special, inspired by annual classics like "Rudolph The Red Nosed Reindeer" and "Elf." The special will focus on Santa's efforts to modernize his North Pole workshop with the help of some technical upgrades. For more information about Grom Social Enterprises please visit https://gromsocial.com/
Other recent developments in the markets include:
fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV streaming platform, recently announced at the 2021 IAB NewFronts the launch of a branded content studio for advertisers, new and returning shows from Terrell Owens, Matthew Hatchette and Gilbert Arenas on Fubo Sports Network and a partnership with LiveRamp to enhance its addressable advertising capabilities.
Through the new studio, advertisers can collaborate with fuboTV's creative team to create custom branded content to air on Fubo Sports Network. Working with fuboTV, advertising partners have a full menu of creative options to choose from, including short and long form custom brand content and unique original integrations featuring Fubo Sports Network talent.
Roku, Inc. (NASDAQ: ROKU) recently announced that the content from the Quibi acquisition in January will be re-branded as "Roku Originals" and will be launched on The Roku Channel. "Roku Originals" will also be the brand name for future original programming for The Roku Channel, the home of free, ad-supported entertainment on the Roku platform, for viewers in Canada. Additional details on the launch of Roku Originals will be shared in May.
From award-winning scripted entertainment and engaging documentaries, to new breakout unscripted series, Roku Originals will give viewers free access to bold, fresh entertainment from the biggest names in Hollywood. Viewers can enjoy relevant, diverse entertainment that is accessible to everyone, everywhere The Roku Channel is available. More than 75 Roku Originals, including a dozen unreleased series, will debut for the first time on The Roku Channel this year.
iQIYI Inc. (NASDAQ: IQ) recently announced that it has won four prizes at Digital Media Awards China 2021. Commenting on iQIYI's achievement, the organizing committee of the Digital Media Awards China 2021 said that the Company is an industry-leading innovator in technology-enabled content creation grounded in premium original content, providing its young users with diverse entertainment and viewing experiences while creating a forward-looking marketing model.
iQIYI was awarded the Digital Media Innovator of the Year and Best Digital Marketing Team Awards as well as Bronze Awards for Best Use of Integration and Education. The winners were announced on 16 April 2021.
AMC Theatres (NYSE: AMC), the largest theatrical exhibitor in the United States, in Europe & the Middle East, and in the world, recently announced that beginning Friday, March 19, 98% of its U.S. theatres will be open for guests to enjoy the unparalleled experience of movies on the big screen. AMC expects that by Friday, March 26, 99% of its U.S. circuit will be open.
More than 40 AMC locations in California are reopening beginning Friday, March 19, including all 25 locations in Los Angeles County and all eight locations in San Diego County. As of Monday, March 22, AMC expects that 52 of its 54 locations in California will be open. The Company is preparing to resume operations at its remaining California AMC locations once the proper local approvals are in place. AMC will only reopen its theatres once approved to do so by state and local authorities.
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