Digital Media - Caribbean

  • Caribbean
  • The Digital Media market in the Caribbean is expected to achieve a revenue of €730.70m by 2024.
  • Among the various segments, Video Games is projected to dominate with a market volume of €339.50m in 2024.
  • However, in terms of global comparison, in the United States is anticipated to generate the highest revenue, amounting to €181.10bn by 2024.
  • The Caribbean has seen a surge in digital media consumption, with online streaming platforms gaining popularity among the younger population.

Key regions: United States, China, Japan, Asia, Europe

 
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Analyst Opinion

Driven by the expansion of mobile internet access and increasing connection speeds, the growing number of mobile and streaming devices leads to a steady growth in the demand for all types of digital media. The major shift in the market can be attributed to the COVID-19 pandemic, which has caused a tremendous increase in the demand for media and the need for digitalization. This positive effect generates more growth, but digital media will most likely remain predominant even after the pandemic. Although the USA is still leading the market, it is the Asian countries in particular that are demonstrating how increasing prosperity creates great demand for knowledge, culture, and entertainment. Especially video-on-demand is expected to continue its growth avenue, with Netflix as the current biggest player. According to predictions, however, Disney+ is set to become the most popular streaming service by 2026. In the future, improved technology and new ways of consuming media will align with the growing consumption by users and exhibit steady growth. With the emergence of the metaverse, for instance, the Digital Media market will face a completely new dimension that will be accessible for consumers and enable new possibilities for consumption. Because markets like the Digital Video market and the Digital Music market are seeing an increase in the number of competitors and variation between regions, the Digital Media market can become highly fragmented and therefore be faced with challenges throughout all its markets.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Digital Media market. Digital media is defined as audiovisual media content and applications distributed directly over the internet. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.

Visión general

  • Revenue
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
  • Key Market Indicators
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