LONDON—The growth of the global digital media industry has been significant over the last few years as content consumption on the internet gains in popularity, and nowhere has that been more evident than in China.
According to a report new data from Statista Global Consumer Survey, reported on by GoldenCasinoNews, the world’s five largest digital media markets—the U.S., China, Japan, the U.K. and Germany—are expected to reach $116 billion in value in 2020, an increase of $18.2 billion from the market’s value in 2017 ($97.8 billion).
The digital media industry includes audio/visual media content distributed over the internet, including digital video content, music, video games and electronically published content.
The U.S. is still the largest market for digital media in the world, expected to reach a value of $51.3 billion in 2020, which is an increase of $6.9 billion since 2017.
However, China, which is the second largest market, has emerged as the fastest growing market in the world. It’s value of $25.8 billion in 2017 is expected to reach $34.4 billion by the end of 2020, an increase of $8.6 billion.
Japan follows as the third largest market ($17.2 billion in 2020), followed by the U.K. ($7.8 billion) and Germany ($5.2 billion).
The rise in digital media is only expected to go up over the next few years, according to Statista Global Consumer Survey. By 2024, the value of the top five global digital markets is projected to reach $128 billion.
During this time frame, the U.S. is actually expected to surpass China in terms of growth, with a forecasted increase of $5.5 billion to reach nearly $57 billion in revenue. China will keep its second position, with an estimated growth of $4.2 billion to $38.6 billion. Growth in Japan, the U.K. and Germany is expected to be slower, with a combined projected growth of $1.8 billion by 2024.