Top 5 Online Entertainment Trends in 2024
As entertainment evolves to meet demand the fundamentals behind the top 5 online entertainment trends in 2024 indicate that we no longer enjoy ourselves in solitude. Technology advances brought about a significant transition, increasingly away from engaging in outside activities to instead enjoy ever-more online entertainment indoors.
Broadband internet unlocks access to an extensive range of exciting online entertaining options. Previously, reports indicated that the primary objective was conducting studies and gathering information. Nevertheless, smartphones caused another transition in which internet users preferred leisure and pastime activities.
Social media is the primary factor driving billions of people to access the internet regularly. Online gambling is a highly favoured activity, with several online casinos offering a wide range of high-quality games and exceptional incentives. Enjoyable pastimes that qualify for the top 5 include video games, music, and video streaming.
Social Media
Social media usage merged with modern living, evolving to a fully integrated lifestyle. Masterfully designed online entertainment platforms attract maximum visitors. Facebook, created to establish its nation, has grown to over 2 billion users. It is the most popular for users to stay in touch with family and friends.
Fuelled by consumers’ love for visuals, TikTok is the go-to space for funny and entertaining content and is the fastest-growing across all generations. TikTok continues to gain users with growth percentages across all generations of 48% Gen Z, 43% Millennials, 67% Gen X, and 92% Baby Boomers.
Video content captures attention, and snapshot shortform remains the most favoured. According to a Social Trends 2024 survey, staying in touch is the top reason for social media popularity. Followed by being able to be entertained and mentally unwind.
Brands continue to cling to ROI (return on investment) metrics for effective use of social activities. The purpose of publishing entertaining content is engagement, interest, and market share. Changes in online entertainment platforms used by brands, based on no value, no point, saw a decline in popularity for Pinterest, WhatsApp, and Twitter.
Online Gambling
Online gambling trends in 2024 and beyond include a more immersive gaming experience with virtual reality casinos. Cryptocurrencies are more acceptable to players due to anonymity, flexibility, and transaction speed at online casinos. Live dealer games transport the casino floor to your screen, and mobile gaming offers the convenience of gambling on the go.
The iGaming market is more popular than ever as the number of players discovering the fun and convenience of gambling online increases. Global online gambling enjoys massive growth and is a gigantic revenue generator worldwide. Amidst this growth, online casinos for Canadians players have become important, offering games just for them. These sites have lots of games and easy-to-use interfaces, helping the global online gambling industry grow. Online casinos driven by regulations, consumer behaviour, and technology became more permissive.
Research projects that the online gambling global market in 2030 will reach USD 153.57 billion. The emergence of freemium modes generating revenue via integrated advertisements and users will drive growth in the online casino market. The highest user penetration rate of 48.6% is expected from Canada, while the worldwide market thrives with a wide range of regulations and options diverging from country to country.
Video Games
The online video games industry is a constant source of innovation, with the business sector adopting numerous revolutionary technologies. The industrial use of augmented and virtual reality (AR/VR) is just beginning. Entering immersive worlds through headgear has been around for years.
Avatar-driven environments are not novel concepts, and 50% of gamers enjoy playing on several platforms. Spending behaviours changed 57% of all players now spent on video games. Gaming engagement in 2024 shows that 79% of the online population engages in video games.
eSport popularity continues to grow internationally. According to reports by Statista, the global market is valued at $1.38 billion with 532 million players. It is forecasted to increase in 2025 to $1.87 billion, with viewers expected to reach more than 640 million worldwide.
Ninja (Richard Blevins) had the most followers in November 2023, reaching more than 18.83 billion on Twitch. The top game remains GTA-V, released in 2013. The action-adventure accounted in July 2023 for 6.4% of total hours watched on the online entertainment platform.
Music Streaming
Streaming significantly altered music consumption patterns and caused the most disruption in the entertainment industry of any technological innovation in recent history. There’s been a significant surge in the number of subscribers recently. The online streaming platforms currently cater to over 616.2 million users.
Music streaming revenues, according to global industry data, have experienced substantial growth of over 28 times across the past decade. It significantly outpaces digital download sales and all physical music formats. Streaming music is not only great in terms of accessibility, convenience, and the vast library accessible to users.
Platforms like Amazon Music, Apple Music, and Spotify offer access to millions of songs. In addition, music streaming adds a social aspect, enabling users to discover new music and share their playlists with friends and influencers. Spotify is home to over 33.5% of music streamers worldwide, double that of Apple Music, followed by other services such as YouTube and Tencent Music.
The number of active Spotify listeners in 2024 is an estimated 602 million, with over 236 million premium subscribers. The number of tracks presently available is 100 million, with an anticipated addition of 22 million new songs by the end of the year. Based on follower count, the most favoured artists are Ed Sheeran, Taylor Swift, Arijit Singh, and Ariana Grande.
Video Streaming
Video streaming online visibly impacted viewing behaviour and transformed the media landscape globally. Driven by mobile devices, widespread availability, adoption of the internet, and the constant increase in online video content popularity, the global market enjoyed unprecedented growth.
Popular video streaming services in 2024 include Netflix, with over 260 million subscribers. Netflix is the most popular in Canada and is subscribed to by over 76% of Canadians. The second spot goes to Prime Video with 54% and Disney with 29% in streaming services.
OTT (over-the-top) video revenue reached in 2022 estimated $154 billion, with the USA accounting for the largest revenue share worldwide. YouTube content shifted from amateur videos to the largest online video platform globally. Adapting to the demands of users, YouTube shorts surpassed daily views of 50 billion in February 2023.
Pinkfong released the Baby Shark Dance video in June 2016, and by January 2021, it became the first to surpass 10 billion views on YouTube. Its current viewer total is 14 billion, while the Gangnam Style video holds the record for remaining in the top spot for 4.6 years or 1,689 days.
Conclusion
The entertainment and media industry will hit the $1 trillion mark this year. Set in motion by diverse segments, online video streaming, online gambling, music streaming, video games, and social media contributions. The dynamics reveal a complex interplay of technological advancements, evolving business modes, and consumer preferences, highlighting the adaptability and robustness of the ever-changing online market conditions. Digital transformation emphasizes adaptability and knowledge, driving innovation for the future.
References:
https://www.statista.com/statistics/278414/number-of-worldwide-social-network-users/
https://www.statista.com/outlook/dmo/eservices/online-gambling/worldwide
https://www.statista.com/topics/7527/video-streaming-worldwide/#editorsPicks
https://www.statista.com/statistics/748044/number-video-gamers-world/
