The US audiovisual and broadcasting production sector has seen significant fluctuations over the past decade. From 2013 to 2019, the industry experienced steady growth, averaging around 4% annually. There was a notable dip in 2020 due to the pandemic, which brought a 15.21% decline. However, recovery was swift, with a remarkable 25.9% increase in 2021. As of 2023, the industry's value stood at $413.93 billion, a modest 2.24% year-on-year growth from 2022. The CAGR over the last five years had been approximately 2.38%.
Looking forward, the forecast predicts continued growth, albeit at a slower average annual rate of 1.7%. By 2028, the industry's value is expected to reach $461.8 billion, indicating a total growth rate of 8.8% over the next five years.
Future trends to watch for include:
- The impact of emerging technologies such as artificial intelligence and virtual reality on production processes
- Ongoing shifts in content consumption patterns, particularly the rise of streaming services
- Regulatory changes and their potential effects on broadcast and production companies
