Gain fresh insights into the future of entertainment from an industry and consumer perspective. What is driving the entertainment choices of consumers? Where is entertainment heading in terms of technology and innovation? Answer these questions with this report.
Topics Analyzed
- Market size and forecast for leisure and entertainment and drivers of innovation.
- Digital content trends, including streaming video and audio subscription levels.
- US Consumers’ preferred out-of-home entertainment activities.
- Key drivers of entertainment choices.
- Tech-enabled entertainment innovations, including AI and VR.
- Predictions for entertainment in the next two years and five years.
What is the Future of Entertainment?
Entertainment market growth
This $1tn market is expected to experience consistent moderate growth, reaching $1.23tn by 2028.
However, this sector is also in a state of transition. COVID-19 forced people to entertain themselves at home, and many have remained highly selective about venturing out. While concerts have bounced back, theater and movie revenues remain well below pre-COVID-19 levels. New technologies like AI and VR could also transform everything from streaming video to theme parks, enabling new levels of customization and immersion.
How consumers spend leisure time
Consumers spend their leisure time and budget in many different ways, from home-bound, digital pursuits like streaming video, music, and social media to out-of-home entertainment like movies, concerts, and sports, to more participatory activities like arcade gaming, sports/exercise, and theme parks.
Opportunity for brands
Throughout it all, providing consumers with pleasure and relaxation and ways to connect with family and friends remains essential. For new tech-enabled options, issues like content addiction, isolation, and data privacy also become factors, along with the risk of edging out human creators – something consumers definitely don’t want. The next few years will be critical as companies learn to navigate this landscape – and innovators find new “killer apps” for platforms like the metaverse that could really change the game.
Report Scope
For the purposes of this Report, the market size for leisure and entertainment includes membership clubs, sports centers, parks, theaters, and museums; gambling, sporting equipment and supplies, guns and ammunition, games, toys and hobbies; books and musical instruments; video and audio streaming and rental, cable, satellite, other live television services; photo supplies and recording media.
Meet the Expert
Fiona oversees research focused on uncovering the motivations of consumers’ decision-making and behaviors. Her 20 years of research experience spans working directly with CPG brands in product development, competitive intelligence for financial services, and evaluating trends in technology and media. Fiona has a BS from Truman State University.
Busy consumers value relaxation and fun, but can struggle to navigate an abundance of choices. New tech could help – but will it?
Fiona O’Donnell
Senior Director, Lifestyles, Culture & Identity, Multicultural, Travel & Leisure
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Executive Summary
- What you need to know
- What consumers want and why
- Market performance
- Market predictions
- Opportunities
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Market Dynamics
- Market context
- Streamers struggle despite popularity
- Franchise fatigue is real
- Graph 1: domestic box office for Marvel Phase 4 and 5 movies, 2021-23
- Parks struggle to recover from COVID-19
- Will the show go on?
- Concerts come booming back
- Graph 2: LiveNation concert events and fan attendance, 2019-23
- Market drivers
- A media clutter crisis
- Are we in a blah-cession?
- Consumer sentiment and unemployment
- Graph 3: Consumer Sentiment Index and unemployment, 2000-24
- Inflation declines but remains above pre-COVID-19 levels
- Graph 4: Consumer Price Index change from previous year, 2010-24
- Cutting the (broadband) cord
- Graph 5: home internet access services, by age, 2024
- A transformative AI boom
- Market size and forecast
- Moderate growth expected for a highly diverse sector
- Market size and fanchart forecast of leisure and entertainment, 2018-28
- Market size and forecast of leisure and entertainment, at current prices
- Market size and forecast of leisure and entertainment, at inflation-adjusted prices
- Gambling slightly outperforms entertainment sector
- Graph 6: total consumer spending and forecast on gambling, at current prices, 2023-28
- Streaming audio and video far outstrip overall growth
- Graph 7: total consumer spending and forecast of streaming audio and video, at current prices, 2023-28
- Consumer spending and forecast of streaming video – inflation-adjusted table
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Consumer Insights
- Consumer fast facts
- Device ownership and content subscriptions
- Adapt digital content strategies to reflect declining PC ownership among young adults
- Graph 8: device ownership, by gender and age, 2024
- Maximize engagement by targeting affluent PC users
- Graph 9: device ownership, by household income, 2024
- Tap into the power of VR gaming for Hispanic families
- Graph 10: device ownership, by race/Hispanic origin, 2024
- Be a leader in catering to an often underrepresented audience – streaming seniors
- Graph 11: content subscriptions, by gender and age, 2024
- Content subscriptions are compelling for families
- Disney+ courts families with a bundle of fun
- Disney+ “We’re Going to Be Friends”
- Engage Hispanic and Black households with targeted content
- Graph 12: content subscriptions, by race/Hispanic origin, 2024
- Most frequent content activities
- Video remains the most popular pastime
- Short-form social video dominates among young audiences
- Graph 13: most frequent entertainment activities – watching video (any rank), by gender and age, 2024
- Engage families through social video with parental controls
- Graph 14: most frequent entertainment activities – watching video (any rank), by parental status and gender, 2024
- Social media a spectator sport: leverage influencer partnerships to enhance visibility
- Graph 15: most frequent entertainment activities – non-video (any rank), by gender and age, 2024
- Audiobooks can inject fun into everyday routines, particularly for women
- Graph 16: select activities interested in doing when listening to audiobooks, by gender, 2023
- Streaming audio has wider reach among Black, Hispanic audiences
- Graph 17: most frequent entertainment activities – non-video (any rank), by race/Hispanic origin, 2024
- Resonate with multicultural consumers to capture streaming potential
- Graph 18: streaming entertainment (NET) used, by race/Hispanic origin, 2023
- Out-of-home entertainment activities
- Are consumers really heading back out?
- Help consumers to act on plans to do more out-of-home activities
- Graph 19: entertainment activities done in past year/planned in future, 2024
- Out-of-home activities should be social, relaxing and low-cost, but also active and adventurous
- Graph 20: out-of-home leisure and entertainment priorities (ranking), 2022
- Target middle-aged men for ticket sales to live events
- Graph 21: live entertainment activities planned in future, by gender and age, 2024
- Deliver on value and escapism to drive movie theater attendance
- Graph 22: going to movie theaters – done in the past year/plan to do in the future, by gender and age, 2024
- Opportunity: make performances more personal and community-focused
- Demonstrate value of live events: showcase the unique, exclusive and luxurious experiences to persuade affluent audiences to attend
- Graph 23: live entertainment activities planned in future, by household income 2024
- Highlight broader benefits of out-of-home entertainment, like fitness and relaxation, to appeal across income levels
- Graph 24: participatory entertainment activities planned in future, by household income, 2024
- Tradition vs tech: why not both?
- Graph 25: participatory entertainment activities planned in future, by age, 2024
- Key factors for entertainment choices
- Cater to consumers seeking relaxation and pleasure in entertainment
- Graph 26: most important factors driving entertainment choice (ranking), 2024
- Tailor entertainment strategies to different age groups
- Graph 27: most important factors driving entertainment choice (any rank), by age, 2024
- Provide ways for city dwellers to make the social connections they seek
- Graph 28: most important factors driving entertainment choice (any rank), by area, 2024
- Lincoln Center helps foster urban tribes
- Hispanic consumers value more nuanced benefits in their entertainment choices
- Graph 29: most important factors driving entertainment choice (any rank), by race/Hispanic origin – index to all, 2024
- The ability to experience emotions while engaged in entertainment holds significant value in many Asian cultures
- Attitudes toward entertainment
- Help overwhelmed consumers navigate endless choice
- Graph 30: attitudes regarding entertainment (any agree), by gender and age, 2024
- Opportunity: deliver content with a click
- Focus on mobile, social for Black and Hispanic audiences
- Graph 31: attitudes regarding entertainment (any agree), by race/Hispanic origin, 2024
- Dads are the easiest path for reaching families
- Graph 32: attitudes regarding entertainment (any agree), by parental status and gender, 2024
- Attitudes regarding technology and entertainment
- Custom content – not AI-generated content – is of greater interest
- Reassure Gen Z about tech and entertainment
- Graph 33: attitudes regarding technology and entertainment (any agree), by generation, 2024
- Stick with the tried and true for White audiences
- Graph 34: attitudes regarding technology and entertainment (any agree), by race/Hispanic origin, 2024
- Target dads as potential early adopters for AI
- Graph 35: attitudes regarding technology and entertainment (any agree), by parental status and gender, 2024
- AI Twitch channels: potential and problems
- Future desires for entertainment
- Focus on custom content for Gen Z
- Graph 36: future desires for entertainment (any selected), by generation, 2024
- Focus on enhancing, rather than replacing, talent with AI
- Graph 37: future desires for entertainment (any selected), by race and Hispanic origin, 2024
- Dads a critical potential audience for AI-enabled content
- Graph 38: future desires for entertainment (any selected), by gender and parental status, 2024
- Can kids get dads more engaged with AI?
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Marketing Strategies
- Marrying the medium and the message
- Meta makes innovation real and relevant
- Meta Quest 3 “Matinee”
- Snapchat acknowledges social media’s issues
- Snapchat “Love” Super Bowl LVIII commercial
- Taylor Swift brings engagement into a new era
- Fable Studios draws notice with deepfake demo
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In the next two years
- Filmed content lurches from peaks to valleys
- A continued content crunch
- Graph 39: annual number of new movie and scripted TV series releases, 2017-23
- Immersive experiences – often tech-enabled – create a compelling reason to go out and enjoy
- Could NYC become the next Vegas?
- Opportunities
- What’s next for TikTok
- Court the early adopters
- Bringing back the bundle
- Keep it short and sweet?
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In the next five years
- Whither the metaverse?
- Will AI change the game?
- A new future for theme parks?
- Immersive attractions realized through tech
- Opportunities
- Get under the influence
- Don’t repeat the mistakes of the past
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Appendix
- Market definition
- Consumer research methodology
- Generations
- Abbreviations and terms
- Forecast methodology
- Forecast fan chart methodology
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