Global TV and Radio Broadcasting Market Report 2021: COVID
New York, February 02, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Global TV and Radio Broadcasting Market Report 2021: Impact and Recovery of COVID 19 through 2030” – https: // www.reportlinker. com / p06018826 /? utm_source = GNW
05 billion in 2020 to 347.81 billion dollars 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 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 at a CAGR of 6%.
The television and radio broadcasting market consists of revenues generated by sales of television and radio programs, the sale of airtime to advertisers and donations and subsidies, received by entities (organizations, sole proprietorships and partnerships) which 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 broadcasting and television broadcasting.
Western Europe was the largest region in the world television and radio broadcasting market, accounting for 34% of the market in 2020. North America was the second largest region accounting for 29% of the world television broadcasting market and radio. Africa was the smallest region in the world television 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 in relation to the demand for television and radio broadcasting services. For example, the OTT (over-the-top) Go90 mobile service 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 has acted as a significant strain on some of the TV and radio broadcasting markets in 2020 as businesses have been disrupted due to lockdowns imposed by governments 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 in Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in a decline in economic activity and a restricted flow of goods and services, with countries entering a state of “lockdown”. The outbreak is expected to continue to negatively impact businesses throughout 2020 and into 2021. However, many media markets have not been affected or have benefited from it as they transmit their content remotely. via digital channels. The TV and radio broadcasting market is expected to recover from the shock during the forecast period as this is a ‘black swan’ event and not related to any persistent or fundamental weaknesses in the market. global market or economy.
Virtual Reality (VR) is increasingly adopted by the TV and radio broadcasting industry to create potential impact on audiences. Live events such as sports and music are expected to drive demand for virtual reality adoption during the forecast period, helping audiences connect to major events through a dynamic environment. For example, NextVR, a virtual reality platform for delivering live content, broadcast Daytona 500 and a Democratic Debate. It has also partnered with an events company Live Nation to stream live music to music fans around the world. Rising demand for VR content is expected to drive the market forward.
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