The animation industry in the past 10 years, has developed rapidly as a result of new technology and market expansion. Leading firms like Disney are continuously seeking new strategies to expand business towards service and product innovation.
Among the innovative industry sectors is the animation industry, which highlights original design, market diversification and technology innovation, game, TV industries and overlapping with design. Recently, the Animation Industry has expanded rapidly due to the availability of the internet, TV, Satellite, social media and mobile devices. The growing demand for gaming, entertainment, animation movies and visual effects have also fueled the growth of the animation industry.
The fast advancement of technology has made animation, visual effect and games available to the masses, and the industry has become one of the fastest growing segments in the global media and entertainment industry at large. In 2018, the global value of the animation industry was $259 billion. It was predicted to reach $270 billion in 2020.
Also, the market size of the animation industry is on an intense rise. The spend on special effects as a percent of production is about 20%-25%. The orthodox form of content viewership is making way for a sharp increase in streaming video consumption. In 2018, the size of streaming market for animation content was about $2.9 Billion and grows on an annual rate of 8%. The Size of global video gaming industry in 2018 was $96 billion. Global eSports industry is growing at the rate of 30% and is a billion-dollar industry in 2020.
Animation and games contents, is being consumed not only by Netflix and Amazon, but also on YouTube, Twitter and Facebook. With the growing internet penetration and access to multimedia devices, customers are spending more time on streaming digital contents. Video streaming is the fastest rising segment distribution channel for animation and is witnessing double growth and the same is expected to continue in the next few years. This growth is attributed to the exponential growth in the number of online video viewers throughout the world.
The times are changing and animation creatives are putting in the expected work and the industry is moving to the next plateau. Animation is even ready to take its place as the artistic equal of live-action filmmaking. Consumers globally, are displaying a growing appetite for engaging, high definition visual experience. Moviegoers are demanding high quality productions with realistic animations and engaging visual effects. Studios are including more animation and VFX shots into films.