February 2024
08 Sep 2024
The global location-based entertainment market surpassed USD 4.53 billion in 2023 and is predicted to attain around USD 57.05 billion by 2033, expanding at a CAGR of 28.83% during the forecast period. Major factors responsible for the demand for a location-based entertainment market are the growth rate of the population, the adoption of urbanization, and the rise in disposable income and leisure time.
Location-based entertainment (LBE) is a customer-centric industry, and it offers a combination of hospitality, leisure, retail, and entertainment. As the name suggests, location-based entertainment is where consumers visit to experience various entertainment acts. Places such as theme parks, arcades, and movie theatres. The multi-national LBE brand Disney World is the perfect example; it includes a variety of different entertainment options, lodging, dining, shopping for every age group and appeal, live performances, and casual sports.
The location-based entertainment market compels people to draw out of their houses to a specific location for social interaction, and it provides an opportunity for people to connect and enjoy together. It makes an economic impact by attracting tourists to the desired venue and creating jobs for people. LBE has proven to be a strong tool for brands to engage their customers in a fun and interactive way. Recent LBE has included innovative technologies like VR (Virtual Reality) and AR (Augmented Reality), which provide a completely new experience.
The increasing popularity of LBE is significantly enhancing the value of the location-based entertainment market. As more people seek out captivating and interactive experiences, the demand for LBE venues like amusement parks, VR arcades, and themed attractions rises. This increased demand drives revenue growth and encourages further investment in the sector. The popularity of LBE is pushing the adoption of advanced technologies such as virtual reality (VR), augmented reality (AR), and mixed reality (MR). These technologies Improve the quality and appearance of LBE experiences, attracting more visitors. With more visitors, LBE venues can invest in better facilities, more attractions, and improved services, leading to a superior overall guest experience.
The location-based entertainment market is highly competitive for several reasons, such as continuous technology integration. As location-based entertainment is widely popular, the development and maintenance of the industry cause high-cost investments. Advanced technology and infrastructure need a significantly high investment in attracting audiences. Companies are involving advanced technologies like VR, AR, and MR to create a unique experience. Many companies like Google, Meta, Sony, and Microsoft are investing in the market to achieve the next level. The Rising consumer demand for social and shared experiences is driving companies to innovate and engage in more memorable ways.
Recent Development in Comcast Corporation Company
| Company Name | Comcast Corp |
| Headquarters | Philadelphia, Pennsylvania, United States |
| Development | In March 2024, Comcast Corporation to expand its headquarters in Philadelphia. The expansion includes the construction of a new building adjacent to the existing Comcast Center. This new facility will feature state-of-the-art technology and amenities, aiming to enhance the company’s operational capabilities and employee experience. |
Recent Development in Song Group Corporation Company
| Company Name | Sony Group Corporation |
| Headquarters | Tokyo, Japan |
| Development | In January 2024, Sony Music Masterworks announced a new joint venture with UK-based live entertainment company Roast Productions. Founded by Bonnie Royal and Michael Stevens, Roast Productions specializes in producing theatre, concerts, and family entertainment events. The partnership aims to develop new productions and expand their reach internationally. |
The entertainment industry holds significant potential for surpassing current innovations with ongoing inventive ideas and research. In the location-based entertainment market, Ai is anticipated to heighten digital interconnectivity, improving the overall user experience of media and entertainment technology. The incorporation of AI is reshaping the media landscape and is poised to play an increasingly vital role in the creative process, fueling content development and innovation. It is expected to witness a transformative era where robots assume roles traditionally held by human hosts, such as orchestrating drone-managed fireworks displays and coordinating orchestras.
Asia Pacific is expected to grow at the fastest rate in the location-based entertainment market over the forecast period. There is an increase in the region is preferring for outside entertainment activities and to spend leisure time. Asia Pacific hosts many global VR software and hardware providers, creating opportunities for the market.
North America dominated the location-based entertainment market in 2023 with exceeding shares and is expected to grow significantly. The reason for the growth market is increasing awareness and adoption of location-based VR, especially in media, entertainment, and gaming. The region also benefits from having many major market players.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 5.84 Billion |
| Market Revenue by 2033 | USD 57.05 Billion |
| CAGR | 28.83% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Component Type
By Technology
By End-use
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