Global Entertainment Industry Revenue Rebounds From Pandemic, Thanks to Streaming Boom

variety.com:

Rebecca Rubin Film and Media ReporterConsumer spending in the global entertainment market — consisting of theatrical box office and home entertainment — reached $99.7 billion in 2021, marking an important return to pre-pandemic levels, according to a new report released by the Motion Picture Association.In 2020, when the entertainment industry and world at large first began to grapple with COVID-19, consumer spending for theatrical and home entertainment sank to $80.8 billion, down 18% from the year prior.

Now, consumption is closer to levels in 2019, when revenues hit a record $101 billion. That year was the first time in history the global entertainment market surpassed the $100 billion mark.Though the box office has started to slowly recover from the pandemic, streaming is mostly responsible for the growth of the overall industry.

That’s a key takeaway from MPA’s annual Theatrical and Home Entertainment Market Environment (THEME) report. The study is conducted by the entertainment industry trade group and is intended to analyze how the film, television and streaming content industry performed over the last 12 months.

Subscriptions to streaming services reached 1.3 billion globally, a 14% increase from the 1.2 billion in 2020. In the U.S. alone, subscriptions reached 353.2 million, up 14% from 2020.