The “TV and Radio Broadcasting Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
This report provides the strategists, marketers and senior management with the critical information they need to assess the global tv and radio broadcasting market as it emerges from the COVID-19 shut down.
The global tv and radio broadcasting market is expected to grow from $317.05 billion in 2020 to $347.81 billion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $433.94 billion in 2025 at a CAGR of 6%.
Major companies in the TV and radio broadcasting market include Time Warner Inc; Walt Disney; Comcast Corp; DISH Network Corporation and Viacom Inc.
The TV and radio broadcasting market consists of revenues generated from sales of television and radio programs, from the sale of air time to advertisers, and from donations and subsidies, earned by entities (organizations, sole traders and partnerships) that operate broadcast studios and facilities for over-the-air or satellite delivery of radio and television programs. They often produce or purchase programs, which may include entertainment, news, talk shows, business data, or religious services. The TV and radio broadcasting market is segmented into radio broadcasting and television broadcasting.
Western Europe was the largest region in the global tv and radio broadcasting market, accounting for 34% of the market in 2020. North America was the second largest region accounting for 29% of the global tv and radio broadcasting market. Africa was the smallest region in the global tv and radio broadcasting market.
TV and radio broadcasting companies are deploying technologies to allow users to access their content on mobiles and website portals. Access to various platforms and devices has increased over demand for TV and radio broadcasting services. For instance, mobile OTT (over-the-top) service Go90 introduced by Verizon and BingeOn by Comcast Watchable and T Mobile are new services aimed mainly at a youth audience, enable users to watch content on mobile applications, web portals and digital boxes.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on some of the TV and radio broadcasting markets in 2020 as businesses were disrupted due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity and restricted movement of goods and services with countries entering a state of ‘lock down’. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, many media markets have been unaffected or benefited from this as they transmit their content remotely through digital channels. It is expected that the TV and radio broadcasting market will recover from the shock across the forecast period as it is a ‘black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Virtual reality (VR) is increasingly being adopted by the TV and radio broadcasting industry to create potential impact on audiences. Live events such as sports and music are expected to boost the demand for VR adoption during the forecast period, by helping audiences to connect with major events through a dynamic environment. For example, NextVR, a virtual reality platform for delivering live content, streamed Daytona 500 and a democratic debate. It also partnered with an events company Live Nation to broadcast live music to music fans worldwide. Rise in demand for VR content is expected to drive the market going forward. PR Newswire