The entertainment industry in Australia
Australians enjoy entertainment and consume a lot of it. The country presents an annual expenditure of AU$40 billion (equivalent to US$26 trillion) on entertainment, which is an exceptional figure.
Since the boom in popularity and production of digital content, the industry has never been so important in Australia, with an average annual growth near 2.9% and AU$36 billion (equivalent to US$24.103 billion) generated since 2008.
Australia is considered a center of excellence in creating entertainment content, such as film-making, animation, digital special effects, or game design.
The following areas are the hot spots for investment in Australia:
Animation: Sydney is world-renowned as an animation hub. The city houses six major world-famous studios, Animal Logic, Omnilab, and Rising Sun Pictures.
Gaming: Australia is a big video game fan with an average of 12.5 million video and computer games purchased each year. Forty development companies and sales exceeded AU$1 billion. According to the Interactive Entertainment Association of Australia (IEAA), the country would export near AU$100 million each year. (equivalent to US$67.016 million)
Film Industry: Australia offers a competitive film environment, providing excellent weather, attractive costs, government initiatives, and highly qualified personnel. International film and music festivals and more extraordinary arts scenes in tourist hot spots have welcomed creative and cultural innovations. One such example is virtual reality.
The mobile industry: As the primary entertainment tool in our new technological world, the smartphone has changed how we engage with content and each other. Between 2016 and 2017, the number of Australians using mobile devices to enjoy new forms of entertainment led by applications increased. Global application revenues reached US$60 billion, with a 35% increase over 2017.
Online streaming and video services: One of the reasons for the entertainment industry’s success is the revenue generated by online video and streaming services. According to a Nielsen report, Australians spend an average of 7 hours and 28 minutes per month watching videos online.