💹Market Background

The "Creator Economy" — a new economic model that allows entertainment culture to earn income through the creation of digital content with the help of internet platforms — is rapidly developing. According to reports from PwC and Mordor Intelligence, the global entertainment and media market was valued at approximately 2.5 trillion USD in 2023 and is expected to grow to about 2.7 trillion USD by 2024, with a compound annual growth rate (CAGR) of 7.9%. By 2027, the market size is expected to reach 2.9 trillion USD, encompassing various market sectors such as the media economy, IP operators, content entertainment culture, and social economy.

Due to the strong centralization effect of major platforms, the connection methods, tools, and training are all forced to revolve around the platforms rather than the entertainment culture itself.

The short drama business in China alone achieved a 238% annual growth in 2023 and is expected to exceed 15 billion USD by 2027. In terms of international business, the growth in 2023 was over 8000%, and the revenue has reached 400 million USD from 2024 to the present.

In March 2024, compared to the same period in the previous year, the consumption capacity has even broken through a terrifying growth of 10,300%.

The innovation pursued in Web3 is precisely to introduce corrections needed by the platform ecosystem to address the current crisis. Founders who want to promote the next generation of platform economies should pay special attention to three areas: data ownership and portability, participatory decision-making and collaborative business models, and decentralization achieved through Crypto and open-source protocols.

The Web3 entertainment culture market is expected to continue growing in the coming years, potentially bringing more innovative and diverse entertainment experiences. Through decentralized technology, users and creators can interact in a more fair and open environment, driving the transformation and upgrade of the entire entertainment industry.

According to various reports and market analyses, the main drivers of growth in the Web3 entertainment market include:

• Increasing demand for decentralization and transparency: Users and creators desire higher transparency and autonomy, reducing the intervention of intermediary organizations.

• Popularization of digital assets: The acceptance of NFTs and cryptocurrencies among the public is continuously increasing, promoting the expansion of the Web3 entertainment market.

• Technological innovation: The development of blockchain, smart contracts, and decentralized autonomous organizations (DAOs) provides a technological foundation and space for innovation for the Web3 entertainment market.