2023 has been an intriguing year when it comes to entertainment, particularly in Australia, where the digital revolution continues in full swing. This is mostly fuelled by the increasing switch towards online platforms, accompanied by widespread adoption of emerging technologies and services, particularly those available via the internet and mobile devices.
But which segments of entertainment has raked in the biggest revenues? Well, three key entertainment segments have risen way above everything else, so let’s take a look at them in greater detail, and in ascending order of the revenues they generated over the last 12 months.
Streaming Video on Demand (SVoD)
In 2023 the Australian population surpassed 26.5 million, and in the same year, the number of people with Streaming Video on Demand (SVoD) subscriptions reached 24.6 million in total, while the majority of Aussies tend to contract more than just the one service.
Based on the Entertainment Subscription Entertainment Study, published by Telestyle midway through the year, the total number of SVoD subscriptions reached 49.9 million in total, even though growth in this market slowed compared to previous years.
What’s also interesting, aside from the widespread adoption of streaming content services, the study also revealed that Australians consider SVoD subscriptions to be essential, given that more than 50% suggested that on-demand services are vital for their entertainment needs.
Netflix holds the biggest market share with 6.1 million subscribers, followed by Prime Video with 4.5 million, who also achieved the biggest growth in subscriber numbers through 2023. They are followed by Disney+ with 3.1 million, and Australian provider Stan with 2.5 million.
Video Games
According to the Interactive Games & Entertainment Association (IGEA), the biggest representative body for the segment in Oceania, sales data shows that Australia’s games industry is valued at $4.21 billion AUD in 2023.
This was the overall spending on video games for the 2022-2023 financial year by Aussies, across hardware, software, and peripherals related to gaming, marking a 5% increase on the previous financial year.
Within that overall total, $1.56 billion AUD was spent on mobile games, $1.5 billion AUD for digital downloads, and $1.15 billion AUD was spent at traditional retail outlets. All three of those areas enjoyed continued growth, and there are further interesting data points.
Although $607 million AUD was spent on gaming hardware, such as PCs and components or consoles and mobile gaming accessories, the biggest individual spend for was on in-game purchases, accounting for $750 million AUD.
Online Gambling
While pinning down exact revenue figures can sometimes be difficult, according to IMARC marketing analytics, the online gambling market in is now worth more than $4.5 billion AUD. Individually, this undoubtedly makes it the biggest entertainment segment in Australia.
Online gambling is generally referred to as the iGaming sector, which incorporates online sports betting and casino gaming activities. Currently, sports betting holds the biggest share of the two, although casino has grown exponentially in recent years.
While casino sites offer a wide selection of games, including poker and blackjack, roulette and other traditional favourites, the large majority of Aussie participants enjoy playing the best pokies online for real money. Mostly because of the huge choice and variety available online.
Although desktop devices account for the most Australian casino gamers online, mobile is the fastest growing niche of the iGaming sector, already accounting for more than $1 billion AUD within the overall revenues.
Source: Story.KISSPR.com
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