Historically high inflation has rummaged several industries worldwide, and the entertainment industry is no exception. Due to inflation, many consumers in the United States are cutting back on their typical entertainment expenses. According to a survey conducted earlier this year, around 30% said they planned to spend less on concerts, sporting events, and going out at night.
However, the pandemic has boosted streaming services, gaming, and user-generated content, and these trends are here to stay, while in-person entertainment demand is expected to live on. The global entertainment and media market is expected to grow at a CAGR of 10.4% until 2030.
