LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global TV and movies merchandise market forecast the market to grow at a CAGR of close to 9% during the period 2018-2022. The increase in the number of mobile applications is a major factor driving the market’s growth.
The development of mobile gaming applications with regard to new movie and TV show releases has been growing over the years. Production houses are introducing mobile and video games based on movie characters. This type of merchandise helps in promoting the character among the public. The growth of smartphone penetration is driving the development of these mobile applications. In 2017, close to 63% of the global population was expected to own a smartphone. In 2018, the same is expected to increase by 5%. Globally, the app-development segment is one the fastest-growing business segments. There has been an exponential growth in the smartphone market and billions of mobile applications are created and downloaded every year.
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In this report, Technavio highlights entertainment companies capitalizing on merchandise sales as one of the key emerging trends in the global TV and movies merchandise market:
Entertainment companies capitalizing on merchandise sales
Ticket sales used to be the primary focus of entertainment companies to generate revenue. Over the last few years, this trend has been changing. These players are now focusing on the revenue being generated through the sale of merchandise, making it among the main revenue generation streams. Movies are becoming more expensive to make as there has been a decline in DVD sales and the box office stalling. Warner Bros. studio is looking at merchandise as an alternative to increase sales. At present, consumer products are influencing moviemaking decisions to come up with sequels.
“Movie’s success is not solely determined by box office numbers or critic reviews. Additionally, several instances have shown that the peripheral characters gained more attention than the protagonist of the movie. This trend is expected to continue during the forecast period, where the entertainment companies are likely to capitalize on revenue generated through the sale of licensed merchandise,” says a senior analyst at Technavio for research on media and entertainment services.
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Global TV and movies merchandise market segmentation
This market research report segments the global TV and movies merchandise market into the following product type, including apparel, toys, accessories, and video games and key regions, including the Americas, APAC, and EMEA.
The apparel segment held the largest market share in 2017, accounting for nearly 26% of the market. The market share for this product type is expected to increase by 2022. The fastest growing product type is video games, which will account for nearly 20% of the total market share by 2022.
The Americas was the leading region for the global TV and movies merchandise market in 2017, accounting for a market share of nearly 58%. By 2022, APAC is expected to witness a significant gain in market share of nearly 13%.
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