The media and gaming industries are as promising as ever. All forecasts point to growth. The size of the global media industry in 2019 is estimated at around USD 522.2 billion. Global OTT revenues are expected to surpass USD 200 billion by the end of 2023. At the same time, the games industry is projected to increase to USD 196 billion by 2022.
Global revenues in the media industry, USD billion
What is happening in the media and gaming space
The over-the-top (OTT) space has disrupted the industry as we know it. As the lines between content creators and distributors are becoming more blurry, this translates into a redefinition of buyers’ distribution operations and a more centralized structure on the buyers’ side. It also means a rise in content that needs to be localized due to the global approach of most OTT companies. This is having a positive impact on the media localization industry.
The gaming industry is not lagging behind. New distribution models such as Games as a Service, subscription services, and cloud-gaming are reshaping the industry as we know it. Disruptive technologies such as virtual reality (VR) and augmented reality (AR) bring new opportunities to developers. At the same time, developers have been getting ready for the next generation of consoles (PlayStation and Xbox) planned for 2020.
The two main challenges media localization companies are currently facing are related to the industry’s exponential growth: scalability and capacity. Watch this space throughout 2020.
You can download the full Nimdzi 100 report covering the global language industry size, trends, and challenges here.
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