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Friday, June 2, 2023

Entertainment: Kicking off the curtain on Risk 2023

With streaming now fundamental in the entertainment and media landscape, Furtschegger sees virtual conferencing as a particular area of ​​growth. The global virtual events market size will exceed USD 114 billion in 2021, and Estimated CAGR of 21.4% [8] From 2022 to 2030.

Even without a live audience, virtual meetings still carry risks, including transmission failures due to weather events, natural disasters, fires affecting broadcast units, or network issues affecting broadcast infrastructure. Rented equipment and studio space may also be vulnerable to property and casualty liability.

Reality and live content also continues to grow, driven by on-demand services and social media platforms.Virtual reality (VR) is fastest-growing entertainment and media segment, says report PricewaterhouseCoopers [9], the global VR growth is expected to bring the segment to $7.6 billion between 2021 and 2026. Gaming is expected to account for 85% of total VR revenue by 2026.

In 2022, MTV introduced a new award category, “Best Metaverse Performance,” which was won by South Korean K-pop group Blackpink for their performance hosted by the PUBG Mobile game. Fellow Korean BTS was nominated for the band’s Minecraft concert experience, along with Ariana Grande for her Rift Tour in Fortnite and more.

“As the gaming, music and entertainment worlds continue to converge, with gaming platforms such as Fortnite and Roblox increasingly serving as entertainment and social hubs, gaming content is crossing social media and streaming platforms,” Furtschegger said. HBO launched The Last of Us, a video game adaptation of the post-apocalyptic world, in January 2023 to critical acclaim.At the same time, video games continue to grow as a spectator sport, with the total global esports audience likely Over 640 million by 2025 [10]according to a recent report.

Phillips warns that streaming particularly high-profile events, especially those lucrative fan-based ancillary events, increases potential losses related to any transmission failure. “With some global events seeing very high viewership – Blackpink attracted 15.7 million viewers – the cost of a major disruption could also be significant if a technical issue caused the transmission to fail.”

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