According to Statista, Driven by the expansion of mobile internet access and increasing connection speeds, the growing number of mobile and streaming devices leads to a steady growth in the demand for all types of digital media. The major shift in the market can be attributed to the COVID-19 pandemic, which has caused a tremendous increase in the demand for media and the need for digitalization. This positive effect generates more growth, but digital media will most likely remain predominant even after the pandemic. Although the USA is still leading the market, it is the Asian countries in particular that are demonstrating how increasing prosperity creates great demand for knowledge, culture, and entertainment.
Especially video-on-demand is expected to continue its growth avenue, with Netflix as the current biggest player. According to predictions,
however, Disney+ is set to become the most popular streaming service by 2026. In the future, improved technology and new ways of consuming media
will align with the growing consumption by users and exhibit steady growth. With the emergence of the metaverse, for instance, the Digital
Media market will face a completely new dimension that will be accessible for consumers and enable new possibilities for consumption. Because segments like the Digital Video segment and the Digital Music segment are seeing an increase in the number of competitors and variation between regions, the Digital Media market can become highly fragmented and therefore be faced with challenges throughout all its segments.