New York, 02 Feb. 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “TV And Radio Broadcasting Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker. com/p06018826/?utm_source=GNW
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 companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $433.94 billion in 2025 with a CAGR of 6%.
The TV and radio broadcast market includes revenue generated from sales of television and radio programs, from the sale of airtime to advertisers, and from donations and grants, earned by entities (organizations, individual companies and partnerships) that operate studios and broadcast facilities for the live or satellite broadcast of radio and television programs. They often produce or purchase programming, which may include entertainment, news, talk shows, business data, or religious services. The television and radio broadcasting market is segmented into radio 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 broadcasting market and radio. Africa was the smallest region in the global TV and radio market.
TV and radio broadcast companies are deploying technologies to enable users to access their content on mobiles and website portals. Access to various platforms and devices has increased due to the demand for TV and radio broadcasting services. For example, the OTT (over-the-top) mobile service Go90 introduced by Verizon and BingeOn by Comcast Watchable and T Mobile are new services aimed primarily at a young audience, allowing users to watch content on mobile apps, web portals and digital boxes.
The coronavirus disease (COVID-19) outbreak acted as a significant constraint on some of the TV and radio broadcasting markets in 2020 as businesses were disrupted due to government-imposed lockdowns around the world. COVID 19 is an infectious disease with flu-like symptoms including fever, cough and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have led to a drop in economic activity and restricted the movement of goods and services, with countries entering a state of “lockdown”. The outbreak is expected to continue to negatively impact businesses through 2020 and into 2021. However, many media markets have been unaffected or have benefited as they transmit their content remotely via digital channels. The TV & Radio market is expected to recover from the shock during the forecast period as it is a “black swan” event and not related to any persistent or fundamental weaknesses market or the global economy.
Virtual Reality (VR) is increasingly being adopted by the TV and radio industry to create potential audience impact. Live events such as sports and music are expected to drive the demand for VR adoption over the forecast period, helping audiences connect with major events through a dynamic environment. For example, NextVR, a virtual reality platform for streaming live content, aired Daytona 500 and a Democratic Debate. It has also partnered with event company Live Nation to deliver live music to music fans around the world. Rising demand for VR content is expected to drive the market in the future.
Read the full report: https://www.reportlinker.com/p06018826/?utm_source=GNW
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