Film and Episodic VFX Global Market Report 2023: Rising Penetration of OTT Platforms Drives Demand
Film and Episodic VFX Market
Dublin, March 20, 2023 (GLOBE NEWSWIRE) -- The "Film and Episodic VFX Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global film and episodic VFX market size is expected to grow at a CAGR of 11.54% from 2022 to 2028
MARKET TRENDS & DRIVERS
Rising Penetration of OTT Platforms
Owing to the increasing demand for binge-watch content such as web series, films, and documentaries from audiences, coupled with shooting constraints in the filmmaking industry, there has been a massive demand for VFX content from the OTT industry. These platforms are widely accepted and appreciated for their ease of usage and personalized approach. Affordability is also one of the key factors. The surge in demand for online content influenced the requirement for VFX. About 70% of consumers have a subscription to at least one of the OTT platforms, and more than 45% subscribe to two or more OTT services.
Rising Penetration of the VFX & Animation Industry
The growing fondness for adult animation and VFX projects and the proliferation of new animation styles over the last half of the decade have driven a new acceptance of VFX and animation. Consumers across the world are highly interested in engaging in high-definition visual experiences. With realistic animation and engaging visual effects, moviegoers want high-quality productions. Therefore, studios are integrating more animation and VFX shots into their films and series.
Consumers consume more immersive content through multiple channels, including ultra-high-definition TVs, smartphones, tablets, and head-mounted devices. Due to the increasing internet penetration and access to multimedia devices, customers are increasingly spending time streaming digital content. For animation and VFX, streaming video is the fastest-growing distribution channel. This growth can be ascribed to the exponential rise in the number of online video viewers across the globe and further propelling the film and episodic VFX market.
Shortage of Skilled VFX Artists
The demand for skilled talent in the VFX industry has been increasing for several years and is expected to increase during the forecast period. VFX is a demanding, competitive, yet rewarding industry that allows artists to travel worldwide to complete freelance and project-based work. The shortage of VFX artists hinders film and episodic VFX market growth as there is an imperative need for talent in the VFX studio. Therefore, this shortage of skilled personnel presents a situation where some studios either lose out on work completely or miss deadlines.
INSIGHTS BY TECHNOLOGY
The global film and episodic VFX market by technology is segmented as CGI (Computer Generated Imagery), Compositing, and Motion Capture. CGI (Computer Generated Imagery) has dominated the global film and episodic market with several movies, from drama to blockbusters. CGI uses computer graphics in art and media, including 2D or 3D animations, renderings, or objects. The type of art media can be a television program, film, simulation, or video game.
CGI can be used in films, varying from science fiction epics to quiet, intimate dramas. Presently CGI has gained higher popularity as it is used in every field of education and learning. Architects and engineers use CGI in the form of architectural maps, 3D models, blueprints, and others. CGI technology in film & episodic includes 3D models of monsters, people, explosions, buildings, cars, and other things. Then these 3D models are put in a live-action scenario, for example, an explosion of a car blown up or a monster attacking a city.
Segmentation by Technology
CGI (Computer Generated Imagery)
INSIGHTS BY USAGE
The film (theatrical and digital) usage segment is expected to hold the highest global film and episodic VFX market share and is growing at a CAGR of 14.09% during the forecast period. This segment includes the VFX used to design digital and theatrical films. Over the last 20 years, there has been huge innovation and progress in VFX films. Visual effects are essential in movie production, mainly in Hollywood blockbusters. It enables the filmmakers to add a sense of scale to the experience. The recent increase in computer-generated imagery (CGI) development and popularity has transformed how visual effects are created in films. Commonly used VFX in films involves creature creations, fire, explosions, and the destruction of objects. Avatar: The Way of the Water, one of the films that made use of VFX in 2022, has designed some next-level VFX for this sequel to James Cameron's Avatar, mainly in the realm of underwater performance capture, performance capture, and the rendering of realistic above and below-water imagery.
Segmentation by Usage
Film (Theatrical and Digital)
TV Episodic and Film
North America dominated the global film and episodic VFX market in 2022. The demand for film and episodic VFX contests remains at an all-time high in the U.S. and Canada. The high adoption of android and iOS devices across the region and better connectivity infrastructure contribute to the region's high share in the global market. The high bandwidth offered with the launch of 5G connectivity increased the popularity of watching films & series across the region.
Europe's film and episodic VFX market was valued at USD 1.4 billion in 2022. Europe followed North America, which the UK, Germany, France, Italy, and Spain led. Demand for film & episodic VFX in the European industry is growing, while upgrades and innovative offerings also drive industry growth. New media technologies have opened the European market, driving intense competition in the news space and putting traditional agencies in the financial doldrums. Hence, these agencies are diversifying the content they produce in VFX films & series to bolster the media & entertainment industry.
Segmentation by Geography
Middle East & Africa
Technicolor Creative Studios
Industrial Light & Magic
Other Prominent Vendors
Sony Pictures Imageworks
The Third Floor
Blackmagic Design Pty. Ltd.
Lola Visual Effects
KEY QUESTIONS ANSWERED
1. How big is the film and episodic VFX market?
2. What is the growth rate of the film and episodic VFX market?
3. Who are the key players in the global film and episodic VFX market?
4. What are the key driving factors in the film and episodic VFX market?
5. Which region dominates the global film and episodic VFX market?
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Premium Insights
7 Market at a Glance
9 Market Opportunities & Trends
9.1 Rising Penetration of Ott Platforms
9.2 Increasing Penetration of 5G Network
9.3 Growing Adoption of Ar & Vr Technology
10 Market Growth Enablers
10.1 Rising Penetration of Vfx & Animation Industry
10.2 Increasing Popularity Among Millennial & Gen Z Populations
10.3 Increasing Number of Internet Users and Smartphone Penetration
11 Market Restraints
11.1 Shortage of Skilled Vfx Artists
11.2 Highly Competitive Marketplace
12 Market Landscape
16 North America
19 Latin America
20 Middle East & Africa
21 Competitive Landscape
22 Key Company Profiles
23 Other Prominent Vendors
24 Report Summary
25 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/94g0n1
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