The global metaverse in entertainment market revenue was around US$ 24.1 billion in 2023 and is estimated to reach US$ 299.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 32.3% during the forecast period from 2024 to 2032.

The term "metaverse" represents the combination of digital tools utilized to build a virtual world. These technologies have virtual reality, online gaming, social media, and interactive components of augmented reality (AR), as well as cryptocurrencies. Also, the usage of metaverse in entertainment applications and media is acquiring traction as it forms a virtual environment for running professional meetings and interviews, organizing online events, broadcasting news, and interacting with other people utilizing 3D avatars.

Factors Influencing Market Growth

- The rise in consumer spending across virtual events, concerts, and others pushes the growth of the metaverse in entertainment market.

- The rapid expansion of the metaverse and the reach of virtual events and technological inventions that enhance audience engagement and help franchise development propelled the growth of the metaverse in entertainment market.

- The capability of the metaverse to cater to the wish of the users to unite with a community drives the growth of the metaverse in entertainment market.

- The high cost of VR and AR devices, the security and privacy concerns over the metaverse, and legal challenges related to the rights of digital collectibles restricting the growth of the market.

- The initiatives for the improvements of digital transformation of a market like utilizing blocking technology in the metaverse can contribute a lot to digital change. As a result, these factors are anticipated to offer lucrative growth opportunities for the market in the future.

Impact of COVID-19

The impact of the COVID-19 pandemic had a significant influence on the global metaverse in the entertainment market due to the surge in social distancing norms and work-from-home culture that were initiated in the lockdowns assisted in stimulating the demand for metaverse platforms during the pandemic, which further managed to continue even after the number of COVID-19 cases dropped in late 2021. This caused many companies to capitalize on this possibility to develop their services and products on metaverse platforms.

Regional Analysis

In 2023, North America dominated the global metaverse in entertainment market in terms of revenue and is anticipated to maintain its position during the forecast period because of the high attention of metaverse technology vendors in this region.

Also, Asia-Pacific is anticipated to notice significant growth during the forecast period because of its continuous rapid digital shifting trends that are anticipated to raise the scope for the metaverse industry in this region.

Leading Companies

The leading prominent companies profiled in the global metaverse in entertainment market are:

- Epic Games, Inc.
- Hungama Digital Media Entertainment Pvt. Ltd.
- Meta
- Niantic, Inc.
- Overactive Media Group
- Qualcomm Technologies, Inc.
- QUEPPELIN
- Roblox Corporation
- Tencent
- Tetavi.
- Other prominent key players

Segmentation Outline

The global metaverse in entertainment market segmentation focuses on Technology, Component, Application, and Region.

Segmentation based on Technology

- Blockchain
- Virtual Reality and Augmented Reality
- Mixed Reality
- Others

Segmentation based on Component

- Hardware
- Software
- Service

Segmentation based on Application

- Film Production
- Music Labels
- OTT Platforms
- Television Broadcasters
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa