Post Production Market
The post production market is experiencing robust growth owing to high demand from the animation industry.
PORTLAND, PORTLAND, OR, UNITED STATE, July 4, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Post Production Market Reach to USD 46.5 Billion by 2031 | Top Players Such as – Lions Gate, ErosSTX Global and Netflix.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global post production market was valued at USD 22 billion in 2021, and is projected to reach USD 46.5 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.
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The rising production of films and televisions shows, high growth in streaming media, and the growing trend of OTT platforms are some of the primary factors predicted to boost the growth of the global post production market during the forecast period. The expansion of digital marketing and constant advancements in digital technology are projected to create massive growth opportunities for the post production market by 2031. However, the high costs associated with the post-production technology and equipment may impede the post production market growth in the coming years.
The post production market is segmented on the basis of technique, application, and region. By technique, the market is divided into VFX, audio processing, 2D-3D conversion, editing and others. By application, the market is classified into movies, television, commercials, and online videos. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on technique, the VFX sub-segment held the highest market share in 2021 and is estimated to show the fastest growth during the forecast period. The significant growth of the post production market’s sub-segment is mainly due to the rising demand for high-quality content along with the growing popularity of streaming services, such as Netflix, Amazon Prime Video, and others. Besides, the VFX technique is penetrating at an impeccable growth rate owing to the big budget & successful films.
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Based on region, North America held the highest market share in terms of revenue in 2021 and is likely to dominate in the global post production market during the forecast period. With the rise of streaming platforms and the need for high-quality content, the demand for post-production services has increased in the region. Additionally, the advertising industry in the North America region is vast and growing, and it is increasingly focusing on providing aesthetically interesting and engaging content. Moreover, the rising media & entertainment, telecom, and education sectors in countries like Canada and the US is expected to boost the regional market growth during the forecast period.
The key players profiled in this report include Amazon.com Inc., Animal Logic Pty Ltd., AT and T Inc., Comcast Corp., Deluxe Entertainment Services Group Inc., ErosSTX Global Corp., Framestore Ltd., Lantern Entertainment, Lions Gate Entertainment Corp., Adobe, and Netflix Inc.
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Covid-19 Scenario
● The outbreak of COVID-19 has had a mixed impact on the post production market. Many film and television productions were either delayed or cancelled entirely as the pandemic prompted people to stay at home and avoid public gatherings. Consequently, the need for post-production services has been impacted.
● The shift to remote work was the pandemic’s biggest effect on the post production market. Remote work has become the standard for many in the post-production sector because many of them are unable to work on-site. For post-production companies, this posed both difficulties and chances.
● The availability of raw materials and other supplies required for post-production work has also been impacted by the pandemic. There was a lack of fresh material for post-production businesses to work on as a result of numerous productions being postponed or cancelled. This affected the global post production market growth during the COVID-19 chaos.
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