Entertainment is a term that can be used to describe any form of activity that is a diversion, or something that provides amusement. Entertainment can be fun and make you laugh, or it can be moving and emotional.
Either way, the idea of entertainment is that it provides you with an enjoyable distraction, whether it is something you are watching or listening to, or something that you are taking part in yourself.
The entertainment industry covers all sorts of different things, including:
- Live entertainment, such as the circus, a concert, or a drag show. This also includes theatrical performances and things like professional wrestling, as well as cabaret and burlesque.
- Mass media: this segment of the entertainment industry is things like movies and TV shows, but also chart music and fashion shows.
- Exhibition entertainment, such as museums, art shows, and zoos.
- Digital entertainment, which includes video games, streaming videos, and online music.
- Activities: Entertainment isn’t all about passive enjoyment; some people enjoy taking part and creating their own entertainment. This can be playing a sport, creating art, playing casino games, or even acting and singing.
In 2021, the value of the global entertainment industry was $2.34 trillion. By 2026, that is estimated to reach $2.93 trillion – and that is only considering mass media in all broadcast mediums, as well as films, music, and books.
When we look at online gaming, which includes everything from immersive open-world role-playing games through to casino games and even mobile gaming, the growth curve is even sharper – from $26.14 billion in 2023 to an estimated $32.56 billion by 2027. Online casino gaming continues to grow with players being able to access games conveniently in their own time. For those interested in trying out online casino gaming can try this to access some of the best casino gaming titles.
While digital entertainment is on the rise, traditional physical entertainment has been struggling, even before the pandemic hit. For example, CD album sales have dropped 95% since 2000, and are now at their lowest level since 1986.
With that in mind, what is the future of entertainment, and what trends are we seeing in 2023 that are going to continue to grow?
The Metaverse – the idea that we can create a virtual world and interact inside it using avatars – is something that is being famously developed by Mark Zuckerberg, but he isn’t the only one that is working on that idea. Roblox and Fortnite have both hosted events, from fashion shows to music concerts, where players were able to attend as their avatars.
TikTok might have been in the news recently in a negative light, but Meta Reels and YouTube Shorts have taken the idea of short form video content that TikTok brought to the world and have run with it. Now, anyone can make a 30-second video about almost any subject and get thousands if not millions of views.
Streaming continues to be the choice of many people when it comes to accessing mainstream media like films and TV shows, and the subscription model that the likes of Netflix, Amazon Prime Video, and Disney+ have been using is something that other channels are taking up. In the last nine years, the subscription economy has seen an unbelievable 435% growth – so it is no wonder that traditional cable channels like Paramount are getting involved.
In 2022, around 144 million people in the US listened to a podcast at least once a month, and they are widely available online. Podcasts are essentially audio discussions, and they can range from TV show rewatches to discussions about news and politics. There are even podcasts that are essentially radio plays; fictional stories retold through audio only with voice actors (similar to the radio plays that would have been broadcast before television was widespread).
Supporting creators of entertainment in a subscription-based world is becoming more difficult, especially when the big-name showbiz brands are involved. YouTube used to be the place for video creators to be able to get their content seen – and get paid thanks to monetization and ads – but now, it is becoming increasingly difficult for full-time creators to get seen. Patreon allows smaller channels to get subscriptions from their audience, paid directly to them, and in return the audience will get exclusive content. This is encouraging those who want to get involved in making content like social videos because they can actually earn from their creations.
Lastly, the Internet of Things (IoT) is going to have a huge impact on the way we consume entertainment media. Already, we have Smart devices around our homes, from smart speakers like Amazon Alexa and Google Home. We have video doorbells and even connected refrigerators. This linking of devices throughout a home can mean that with just some basic controls, we can change the lighting, turn on and off the television, create a cinema room, or even have music playing in every room.
It is a great time to be a consumer of entertainment because there is just so much available – and you don’t even have to leave your home to get access.