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The Rise of Video Content: A New Era in Entertainment Media

Summary

In a surprising turn of events, video content has surpassed video games as the largest entertainment medium in the United Kingdom. Since 2012, video games have consistently ranked first in terms of revenue among entertainment media platforms. However, after 2023, […]

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In a surprising turn of events, video content has surpassed video games as the largest entertainment medium in the United Kingdom. Since 2012, video games have consistently ranked first in terms of revenue among entertainment media platforms. However, after 2023, video content has officially taken the lead.

ERA, a trade body representing video, music, and toy retailers in the UK, has released its latest figures, revealing that the video game industry accumulated a revenue of £4.74 billion in 2023 on PCs, mobile devices, and consoles, with a growth rate of 2.9% compared to the previous year. While an impressive amount, the video content industry experienced an even greater growth rate of 10%, reaching a revenue of £4.9 billion.

So, what has contributed to this remarkable surge in revenue for the video sector? According to ERA, the key factor is subscription services such as Netflix, Disney Plus, and Apple TV, which account for 89% of the video market’s revenue. These services have become increasingly popular, attracting a growing number of users and generating substantial profits.

This marks the first time since 2012 that video games have not topped the list of the UK’s largest entertainment media. The question remains: What will the future hold? Will video content maintain its dominance, or will video games reclaim the top spot in 2024? Only time will tell.

FAQ:

Q: What is ERA?

ERA stands for Entertainment Retailers Association, which represents video, music, and toy retailers in the United Kingdom.

Q: Are video games still profitable?

Yes, video games continue to generate significant revenue, although video content has currently surpassed them in the UK.

Q: What are some popular video subscription services?

Some popular video subscription services include Netflix, Disney Plus, and Apple TV.

Q: How do subscription services contribute to the growth of the video industry?

Subscription services have attracted a large user base and generate substantial revenue, contributing to the overall growth of the video industry.

Sources: ERA (www.era.org.uk)