In 2023, the Chinese entertainment and media market was estimated to be value at about *** billion U.S. dollars. The figure was expected to expand by a compound annual growth rate of *** percent until 2027. China is the second-largest entertainment and media market after the United States, contributing almost *** percent of the industry revenue.
China Media And Entertainment Market Size 2025-2029
The media and entertainment market in China size is forecast to increase by USD 89 billion at a CAGR of 6.1% between 2024 and 2029.
The media and entertainment market is experiencing significant growth, driven by several key trends. One notable trend is the increasing demand for culturally relevant content, as consumers seek out media that resonates with their identities and experiences. Another trend is the growing popularity of virtual reality (VR) and 360-degree videos, which offer experiences that traditional media cannot match. Pirated content, particularly in video streaming, remains a significant challenge. However, the market also faces challenges, including the illegal downloading and piracy of content, which undermines the value of intellectual property and hinders the growth of the industry. Overall, the media and entertainment landscape is evolving rapidly, presenting both opportunities and challenges for market participants.
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The media and entertainment market encompasses a dynamic and evolving landscape, characterized by an abundance of content supply and diverse media channels. Digital access has transformed the media environment, enabling consumers to engage with content on-demand through various platforms, including streaming services, video on demand, and social media. Advertising spending continues to shift towards digital channels, fueling innovation in media monetization and content licensing. Media consumption patterns are increasingly fragmented, with audiences demanding personalized and engaging experiences. Media industry players are leveraging technology to enhance media infrastructure, improve media analytics, and facilitate media strategy. Media regulation and ethics are critical issues, as media impact on audiences and demographics continues to evolve.
Media convergence and globalization have further disrupted traditional media models, necessitating a focus on media literacy and media studies. Content creation tools and content management systems enable media professionals to produce and distribute high-quality digital content, driving growth in media production and content marketing. Overall, the media market is experiencing significant change, driven by technological innovation, shifting consumer preferences, and evolving business models.
How is this market segmented and which is the largest segment?
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Application
Wired
Wireless
Revenue
Advertisement revenue
Subscription revenue
Others
Type
Film
Music
Social media
Video and animation
Others
Distribution Channel
Digital platforms
Traditional media
Geography
China
By Application Insights
The wired segment is estimated to witness significant growth during the forecast period. The market incorporates various wired technologies for communication, data transfer, and signal transmission. Wired technology plays a crucial role in applications such as broadcasting and distribution of audio, video, and data signals from production studios to broadcasting stations. This technology ensures reliability and stability in critical operations, providing consistent performance with minimal latency and reduced susceptibility to interference. Wired connections are essential for uninterrupted media and entertainment services, delivering high-quality audiovisual experiences for production and live events. Key technologies include high-definition displays, powerful processors, enhanced connectivity, and real-time data transmission. The media and entertainment industry in China continues to evolve with advancements in digital transformation, streaming services, virtual reality, augmented reality, artificial intelligence, and experiences.
Content consumption trends include mobile-centric platforms, online television services, podcasts, and niche streaming services. Intellectual property rights, copyrighted material, and data privacy are significant concerns, with ongoing efforts to address unlawful websites, pirated content, and illicit cyber activity. The market is driven by increasing smartphone penetration, online consumption, broadband initiatives, and subscription-based models. Strategic partnerships, content diversification, and distribution capabilities are key strategies for companies in this dynamic market.
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Market Dynamics
Our China Media And Entertainment Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, a
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The China media and entertainment market is a dynamic and rapidly expanding sector, projected to reach a substantial size. The market's impressive Compound Annual Growth Rate (CAGR) of 5.95% from 2019-2033 indicates strong and consistent growth. This expansion is driven by several key factors. Firstly, the burgeoning middle class in China boasts increasing disposable income, fueling higher spending on entertainment and media consumption. Secondly, technological advancements, particularly in mobile internet penetration and streaming platforms, have significantly broadened access to diverse media content. The rise of short-form video platforms and interactive gaming experiences also contributes to the market's dynamism. Furthermore, government initiatives promoting the cultural and creative industries in China provide a supportive environment for growth. However, regulatory changes and increasing competition among major players present challenges. The market is segmented by type (e.g., film, television, music, gaming, digital media) and application (e.g., home entertainment, out-of-home entertainment, mobile entertainment). Key players, including Tencent Holdings, Alibaba, ByteDance, and NetEase, compete fiercely, employing various strategies to capture market share, focusing on content creation, distribution, and user engagement. This competitive landscape necessitates innovation and strategic partnerships for sustained success. The forecast period of 2025-2033 presents significant opportunities for growth, particularly within the digital media segment. The continued expansion of e-sports, live streaming, and virtual reality experiences is expected to drive significant revenue streams. However, addressing challenges such as content piracy and ensuring healthy competition remain crucial for the sector's long-term sustainability. Future growth will depend on the effective navigation of regulatory complexities, the continuous development of innovative content formats, and the fostering of a diverse and inclusive media landscape. The market's substantial size and projected growth make it an attractive investment destination, albeit one requiring careful consideration of the market's evolving dynamics.
In 2019, internet access services dominated the media and entertainment market in China, contributing around ** percent of the total industry revenue. According to the forecast, video games and OTT videos would be the only segments benefited from the coronavirus pandemic to further increase their revenue share in the industry in 2024.
The online pan-entertainment industry in China was expanding with an approximately **** percent year-on-year growth rate in market revenue, reaching around *** billion yuan in 2017. The market growth was projected to slow down to **** percent in 2020. The online pan-entertainment market in China includes online gaming, online video, live streaming, short video, online reading, online music, as well as online animation entertainment market.
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The China entertainment market was valued at USD 494.40 Billion in 2024. The industry is expected to grow at a CAGR of 4.00% during the forecast period of 2025-2034 to reach a value of USD 731.83 Billion by 2034.
Rapid digital integration, increased investment in locally produced content, and a strong shift toward experience-centric offerings that cater to evolving consumer preferences are bolstering the growth in the China entertainment market. With the 14th Five-Year Plan placing strong emphasis on cultural innovation and soft power, entertainment has emerged as a key pillar in China’s socio-economic playbook. From immersive technology-powered theme parks to high-budget domestic productions challenging Hollywood dominance, the industry is actively being reimagined.
As per the China entertainment market report, government-backed platforms like iQIYI and Tencent Video are scaling up AI-generated content, virtual sets, and 4K/8K streaming infrastructures, following the Digital China strategy. Moreover, Shanghai’s newly inaugurated "immersive metaverse film and television park" is offering state-funded opportunities for immersive creators and studios, targeting a younger, digitally native audience. Furthermore, to strengthen relations between Korea and China in the music industry and increase K-pop's visibility in China, RBW has partnered with NetEase Cloud Music on a strategic copyright basis.
In addition, smart amusement parks in Guangdong use biometric ticketing and real-time crowd AI, reducing operational bottlenecks while enhancing user experience, boosting the China entertainment market trends and dynamics. Meanwhile, the Chinese live performance sector is being supported by infrastructure investments. This synergy of physical and virtual platforms marks a shift toward hyper-personalised, on-demand, and culturally aligned experiences.
In China, the market size of the pan-entertainment industry has seen steady growth in all three sectors for **** consecutive years since 2015, amounting to ***** billion yuan in 2019, as measured by retail value. This growing trend was projected to continue, with a forecasted market size of **** trillion yuan in 2024.
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China Adult Entertainment Market is driven by digital transformation, technological integration, and shifting consumer behaviors.
In 2019, the market size of intellectual property-adapted entertainment industry totaled *** billion yuan, an increase from ***** billion yuan in the previous year. Among all entertainment services, the market size of IP-adapted digital games amounted to ***** billion yuan.
Home Entertainment Market Size 2025-2029
The home entertainment market size is forecast to increase by USD 138 billion at a CAGR of 8.3% between 2024 and 2029.
The market is experiencing significant shifts, driven by the emergence of smart televisions and the integration of advanced technologies in Over-The-Top (OTT) services. These developments are transforming consumer viewing habits, enabling on-demand access to a vast array of content. However, the market faces challenges as well. The high energy consumption of televisions, a growing concern for environmentally-conscious consumers, is one such challenge. The integration of Bluetooth and Wi-Fi connectivity in home entertainment systems has enabled seamless streaming of audio and video content.
To capitalize on opportunities and navigate challenges effectively, market participants must stay abreast of technological advancements and consumer preferences, while also focusing on sustainability and energy efficiency. Companies must address this issue through energy-efficient designs and innovative technologies. Another challenge is the intensifying competition in the market, as new players enter the fray and existing ones expand their offerings. These technologies continue to evolve, integrating smart home capabilities, Bluetooth and Wi-Fi connectivity, and cloud services.
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The market is characterized by continuous advancements in technology, with picture quality and display technology taking center stage. Software updates and device compatibility ensure seamless integration of new features and technologies, such as OLED and QLED, into existing systems. Digital content licensing and copyright protection are crucial aspects of the market, ensuring access to high-quality digital content while maintaining intellectual property rights. Energy consumption and user experience design are increasingly important factors, with energy-efficient LED backlighting and digital signal processing optimizing power usage and enhancing viewing experiences.
Platform integration and cable management contribute to a clutter-free setup, while user interface design and cloud storage facilitate easy access to content. Room acoustics and audio calibration ensure optimal sound performance, and installation services cater to users seeking professional assistance. Environmental impact is a growing concern, with companies focusing on reducing waste and improving sustainability. As the market evolves, trends include advancements in OLED and QLED technology, as well as the integration of AI and machine learning for enhanced user experiences. The market encompasses a range of home entertainment-related devices, including high-definition television sets, projectors, soundbars, and home theater in a box (HTIB) systems.
How is this Home Entertainment Industry segmented?
The home entertainment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Product
Video device
Audio device
Gaming console
Distribution Channel
Offline
Online
Application
Residential
Commercial
Geography
North America
US
Canada
Europe
France
Germany
UK
APAC
China
India
Japan
South Korea
South America
Brazil
Rest of World (ROW)
By Product Insights
The video device segment comprises video-enabled consumer electronic devices such as televisions, Blu-ray and DVD players, projectors, and streaming devices. The video device segment is expected to register a significant share in the global home entertainment market during the forecast period. The growth in the video device segment can be attributed to the growing consumer preference for visual entertainment. Factors such as rapid innovations in the existing products, an increase in the digitalization of electronic goods, and a growing tech-savvy urban population in developing countries will increase the demand for video devices. Video devices are undergoing groundbreaking improvements such as the introduction of 8K and 4K resolution, micro-LED and mini-LED displays, high dynamic range (HDR) video in televisions, and the emergence of wireless and portable projectors, which fuel the demand for the video device segment. Moreover, video devices are economically viable for mass production, making them affordable to consumers.
The video device segment, which includes televisions, Blu-ray and DVD players, projectors, and streaming devices, holds a substantial share in this market. Thi
Comprehensive dataset of 209 Entertainment and recreations in China as of July, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.
Metaverse in Entertainment Market Size 2024-2028
The metaverse in entertainment market size is forecast to increase by USD 31.76 billion at a CAGR of 8.2% between 2023 and 2028.
The metaverse in entertainment is experiencing significant growth, driven by the fusion of technologies such as blockchain, artificial intelligence, and sensors. Virtual reality (VR) and online gaming continue to be key areas of focus, with digital labels and software companies investing heavily in developing enriching experiences. The use of cryptocurrency for transactions In the metaverse is also gaining traction. In the realm of music, virtual events and esports tournaments are becoming increasingly popular. High development costs associated with AR and VR apps remain a challenge, but advancements in computer technology and sensor integration are helping to mitigate these expenses. Additionally, the rise of live streaming and video conferencing platforms is enabling more interactive and engaging experiences for users. Overall, the metaverse in entertainment is transforming the way we consume content, from gaming and music to travel and social interaction. As blockchain technology continues to evolve and AI becomes more sophisticated, the possibilities for innovation in this space are endless.
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The metaverse In the entertainment market is experiencing significant growth as digital tools, virtual reality, augmented reality, and online gaming converge to offer enriching experiences that transcend traditional media consumption. Social media platforms are integrating metaverse capabilities, enabling virtual concerts, social interactions, and audience engagement. Cryptocurrencies and non-fungible tokens (NFTs) are revolutionizing the digital-first economy by enabling the buying, selling, and trading of virtual goods, including digital collectibles and avatars. The metaverse is transforming the Ott industry and enterprise sector, providing new opportunities for media companies to monetize their content and engage with audiences in innovative ways. Virtual worlds offer a new dimension to online games, enabling users to interact in more engaging and realistic ways.
Furthermore, video communication is also evolving, with metaverse platforms enabling more enriching and interactive experiences. The entertainment industry, once dominated by traditional powerhouses, is being disrupted by these trends, as the metaverse provides new opportunities for innovation and engagement.
How is this Metaverse in Entertainment Industry segmented and which is the largest segment?
The metaverse in entertainment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
End-user
Film production
Music labels
OTT platforms
Television broadcasters
Others
Component
Hardware
Software
Services
Geography
North America
Canada
US
Europe
Germany
UK
APAC
China
South America
Middle East and Africa
By End-user Insights
The film production segment is estimated to witness significant growth during the forecast period.
The metaverse is poised to disrupt the entertainment industry, particularly film, by offering enriching, virtual experiences that eliminate the need for physical attendance at movie theaters. With the integration of digital tools like virtual reality (VR), augmented reality (AR), and 3D capabilities, filmmakers can create engaging, interactive stories in virtual worlds. Virtual concerts, audience engagement through digital collectibles, and blockchain technology offer new revenue streams. The metaverse enables the creation of persistent digital venues, enabling user-generated content, social interactions, and enriching experiences. For media companies, the metaverse presents opportunities to expand their digital-first economy, engaging audiences through transmedia storytelling and 3-D avatars in virtual interactive spaces.
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The film production segment was valued at USD 15.18 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
Europe is estimated to contribute 32% to the growth of the global market during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The Metaverse In the entertainment market is witnessing significant growth in North America, driven by the fusion of
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The global variety entertainment market, encompassing television, network, and online distribution of TV series, movies, and other entertainment formats, is experiencing robust growth. While precise figures for market size and CAGR are unavailable, we can infer significant expansion based on the listed key players and regional distribution. The presence of major international entertainment conglomerates like Sony Music Entertainment China, Universal Music, Warner Music, and regional powerhouses such as Huayi and Tangren, indicates a substantial and competitive market. The market's growth is driven by increasing internet and mobile penetration, particularly in Asia-Pacific regions like China and India, fueling the demand for streaming services and online content consumption. Furthermore, the evolving preferences of consumers towards diverse content formats, including short-form videos and interactive entertainment experiences, contribute to the market's dynamism. The increasing adoption of digital distribution channels and the rise of over-the-top (OTT) platforms further accelerates market growth. However, challenges exist, including copyright infringement, content regulation across different regions, and the need for continuous innovation to maintain viewer engagement. The segmentation of the market into applications (Television, Network) and types (TV Series, Movies, Entertainment, Others) highlights the diverse nature of the industry. While the Television and Network segments currently hold significant market share, the "Others" category, which includes emerging formats like reality shows, podcasts, and gaming content, demonstrates substantial growth potential. Regional variations exist, with North America and Asia Pacific likely holding the largest market shares, driven by high levels of disposable income, technological advancement, and a strong preference for entertainment content. Europe and other regions show varying levels of maturity, influenced by factors like economic conditions and digital infrastructure. Sustained growth hinges on the ability of market players to adapt to technological advancements, maintain content quality, and cater to the evolving demands of diverse audiences across geographical regions.
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The Chinese Family Indoor Entertainment Center market is projected to grow at a CAGR of 14.99% from 2025 to 2030, fueled by the rising demand for entertainment options among urban
Short video format has become the main driving force in China's online pan-entertainment industry. In the second quarter of 2020, the short video sector accounted for about ** percent of the Chinese internet entertainment industry. TThe online pan-entertainment market in China includes online video, live streaming, short video, online reading, online music, as well as online animation.
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The global entertainment market size was valued at USD 2.2 trillion in 2023 and is projected to reach USD 3.6 trillion by 2032, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period. This growth is predominantly driven by the increasing demand for digital content, advancements in technology, and the rising disposable income of consumers. The exponential growth of streaming services, the resurgence of the gaming industry, and the continuous evolution of social media platforms are some of the key factors propelling the expansion of the entertainment market.
One of the primary growth factors of the entertainment market is the rapid penetration of high-speed internet and the proliferation of smart devices. These technological advancements facilitate seamless access to a myriad of digital entertainment content, including movies, music, games, and live sports. The convenience of accessing content anywhere and anytime has significantly contributed to the surging demand for digital platforms, thereby driving market growth. Furthermore, the proliferation of high-quality, original content by streaming giants such as Netflix, Amazon Prime, and Disney+ has played a critical role in attracting a vast subscriber base.
Another crucial driver is the increasing consumer spending on entertainment and leisure activities. Rising disposable incomes, especially in emerging economies, have led to higher expenditure on entertainment services and products. The growing middle-class population in regions such as Asia Pacific and Latin America is particularly notable, as these demographics are seeking more diverse and sophisticated entertainment options. Additionally, the cultural shift towards valuing experiences over material possessions has seen consumers prioritizing spending on activities such as concerts, sports events, and amusement parks.
Advancements in virtual reality (VR) and augmented reality (AR) technologies are also significantly contributing to market growth. These technologies offer immersive experiences that have revolutionized the way entertainment content is consumed. For instance, VR gaming has become increasingly popular, providing an interactive and lifelike gaming experience. Similarly, AR applications in amusement parks and live events are enhancing user engagement and satisfaction. These innovations are not only captivating current audiences but are also expanding the market by attracting new users interested in cutting-edge experiences.
From a regional perspective, North America remains a dominant player in the global entertainment market, owing to its well-established infrastructure, high consumer spending, and the presence of major entertainment companies. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. This can be attributed to increasing internet penetration, booming mobile gaming industry, and significant investments in entertainment infrastructure. Furthermore, the cultural diversity and large population base in countries like China and India present immense growth opportunities for various entertainment segments.
The entertainment market can be segmented by type into Film, Music, Sports, Gaming, Amusement Parks, and Others. Each of these segments offers unique growth prospects and faces distinct challenges. The film industry continues to thrive, driven by the widespread popularity of streaming services and the global appeal of blockbuster movies. High-budget productions and the use of advanced visual effects are drawing larger audiences to theaters and online platforms. Additionally, the rise of independent films and regional cinema is contributing to the diversification and growth of this segment.
Music remains a vital component of the entertainment market, with streaming services playing a critical role in its evolution. Platforms like Spotify, Apple Music, and YouTube Music have revolutionized how music is consumed, providing consumers with instant access to a vast library of songs. The shift from physical sales to digital streaming has not only increased the accessibility of music but has also created new revenue streams for artists and record labels. Live music events and festivals continue to be major revenue drivers, attracting large crowds and generating substantial ticket sales and merchandise revenue.
Sports entertainment is another significant segment, encompassing live sports events, sports-related media, and sports betting. The global sports market benefits from a passionate
Corporate Entertainment Market Size 2025-2029
The corporate entertainment market size is forecast to increase by USD 53.9 billion, at a CAGR of 5.1% between 2024 and 2029.
The market is experiencing significant shifts, driven by the increasing preference for interactive videos and crowd-streaming events. Interactive videos, which allow viewers to engage with the content in real-time, are gaining traction as a popular form of professional development and corporate entertainment. This trend is expected to continue as companies seek innovative ways to engage their employees and customers. Simultaneously, the rise of crowd-streaming, where large audiences can watch and interact with events in real-time, is transforming the corporate entertainment landscape. This trend is particularly prominent in the tech industry, where major companies use crowd-streaming to showcase new product launches and engage with their global customer base.
However, the market faces challenges as well. The fluctuation in demand from corporates, due to economic uncertainty and shifting priorities, poses a significant obstacle. Companies must navigate these challenges by offering distance learning, flexible and cost-effective solutions to meet the evolving needs of their clients. Additionally, the increasing competition in the market necessitates continuous innovation and differentiation to maintain a competitive edge. Companies that can effectively capitalize on these trends while addressing these challenges will be well-positioned to succeed in the market. Live streaming services and virtual reality production expand reach and engagement, while event risk management mitigates potential hazards.
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In the dynamic market, experiential marketing agencies play a pivotal role in creating unforgettable events. Event analysis and evaluation are crucial components of their service offerings, ensuring event success measurement through various metrics. Augmented reality development and event storytelling captivate audiences, enhancing brand experiences. Event legal compliance, event security protocols, and event budget planning are essential elements of a well-executed event.
Event feedback systems and accessibility considerations foster continuous improvement. Event risk assessment, sustainability consulting, diversity and inclusion, and cost control are key trends shaping the industry. Event permits, technology integration, and licensing are integral parts of the planning process. Event insurance and compliance ensure peace of mind for organizers. Data-driven event planning and event content creation are the future, driving innovation and engagement.
How is this Corporate Entertainment Industry segmented?
The corporate entertainment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Type
Conventions
Retreats
Office parties
Others
Application
25-55 years
Under 25 years
Over 55 years
End-user
IT and telecom
BFSI
Healthcare
Retail
Manufacturing
Geography
North America
US
Canada
Europe
France
Germany
Italy
UK
APAC
China
India
Japan
South America
Brazil
Rest of World (ROW)
By Type Insights
The conventions segment is estimated to witness significant growth during the forecast period. Corporate entertainment events continue to evolve, offering various functions for businesses. These events serve as platforms for motivating and training sales teams, showcasing new products, and fostering industry connections. Keynote speakers, product demonstrations, and entertainment are common elements. Conventions also provide opportunities for professionals to network, learn about industry trends, and discuss common challenges through panel discussions, workshops, and interactive experiences. Moreover, these events can be used for corporate communications, such as updating shareholders with financial results and discussing future visions. They can generate excitement and media attention for new product launches, featuring product demonstrations, celebrity appearances, and entertainment.
Catering services ensure attendees are well-fed, while registration systems facilitate seamless entry. Brand partnerships and experiential marketing strategies enhance the event experience, while event production companies handle logistics and execution. Social media marketing and content marketing extend the reach of these events. Event technology, including event apps, event management software, and interactive games, streamlines processes and engages attendees. Sustainability practices and corpor
In 2020, the market size of social and entertainment services with a focus on online music amounted to around **** billion yuan in China, growing at a CAGR of more than ** percent between 2016 and 2020. Online karaoke and audio livestreaming have been gaining traction while virtual commodity was the major market revenue driver.
The online pan-entertainment industry in China generated over *** billion yuan in 2017, indicating a year-on-year growth rate of **** percent. The market growth was projected to slow down and the revenue to reach ***** billion yuan by 2020. The online pan-entertainment market in China includes online gaming, online video, live streaming, short video, online reading, online music, as well as online animation entertainment market.
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China Culture and Entertainment Article: Jingdong Online Sales: Market Share data was reported at 2.940 % in Mar 2025. This records a decrease from the previous number of 3.080 % for Feb 2025. China Culture and Entertainment Article: Jingdong Online Sales: Market Share data is updated monthly, averaging 3.410 % from Jan 2019 (Median) to Mar 2025, with 75 observations. The data reached an all-time high of 5.734 % in May 2022 and a record low of 2.710 % in Jun 2020. China Culture and Entertainment Article: Jingdong Online Sales: Market Share data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Consumer Goods and Services – Table CN.HTC: Jingdong Online Sales: By Category.
In 2023, the Chinese entertainment and media market was estimated to be value at about *** billion U.S. dollars. The figure was expected to expand by a compound annual growth rate of *** percent until 2027. China is the second-largest entertainment and media market after the United States, contributing almost *** percent of the industry revenue.