‘Entertainment scene is moving indoors! Ditch heat and dust to emerge in booming family fun, high-tech gaming, and immersive experiences’
Bangladesh, a nation renowned for its vibrant culture and flourishing entertainment industry, is undergoing an exhilarating revolution in media consumption and its perception. The indoor entertainment industry in Bangladesh is a rapidly growing sector, with a projected revenue of US $48.4 million in 2024, mentioned in Statista.
According to a report published by SKYQUEST, the global indoor entertainment center market size was about USD 46 billion in 2023 and it is projected to reach USD 115.54 billion by 2031, growing at a CAGR of 12.2% in the forecast period (2024-2031). North America holds a significant share of the global indoor entertainment centers market, primarily driven by the United States. Factors such as substantial disposable income, a robust culture of family leisure, and a mature entertainment industry contribute to this dominance. Additionally, the presence of prominent indoor entertainment center chains offering popular experiences further stimulates market growth in the region.
In contrast, Asia Pacific emerges as the fastest-growing region for indoor entertainment centers. This growth is fueled by increasing disposable income, rapid urbanization, and a burgeoning middle class, particularly in countries like India, China, Japan, and South Korea. The popularity of emerging attractions such as trampoline parks, mini golf, and VR gaming adds to the region's appeal, attracting a growing number of visitors to indoor entertainment centers. Moreover, rising consumer spending potential and the growing influence of Western entertainment culture are expected to propel market growth in Asia Pacific in the foreseeable future.
The home entertainment market in Bangladesh is expected to show an annual growth rate of 10.04% (CAGR 2024-2028), resulting in a projected market volume of US$71 million by 2028. Despite the increasing popularity of streaming services, traditional forms of home entertainment like board games and cable TV subscriptions still dominate the market.
With the advent of OTT (Over-the-Top) platforms, the entertainment landscape is experiencing a dramatic transformation. OTT platforms in Bangladesh provide entertainment enthusiasts with an unprecedented level of convenience and variety. These platforms offer a vast content library, on-demand viewing, multi-device access, and personalized recommendations.
Yes, there are several new indoor entertainment activities emerging in Bangladesh, as mentioned in Prothom blog. Here are a few examples:
The growth of the OTT industry in Bangladesh can be traced through a timeline of platform launches. It began in 2013 with the introduction of "Bongo," the first OTT platform in the country with 4.3 million subscribers. Subsequently, platforms like "Bioscope," "Banglaflix," "Teleflix," "Cinespot," "Binge," "Chorki," "Deepto Play," and "iScreen" entered the market, expanding the availability of online streaming services.
Bongo: Free trial for 7 days, Monthly subscription is Tk66, and Annually Tk400.
Bioscope: Free trial for 7 days, 3 days subscription is Tk9 (for Bangladesh), Monthly subscription is $2.99 (for abroad users), and annually $29.99 (for abroad users).
Toffee: You can get a subscription of 3 months at Tk 289 (1 stream, 5 connected devices), and 12 months at Tk 949 (2 simultaneous streams, 7 connected devices).
Chorki: An OTT platform, offers consumers a diverse array of movies and TV shows for streaming.
As for the revenue, the projected revenue in the OTT Video market of Bangladesh is estimated to reach US$238.9 million in 2024 reported by Statista. It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 10.80%, leading to a projected market volume of US$398.9 million by 2029. Recent data revealed that the total number of subscribers across various local OTT platforms stood at an impressive 2 crore. Furthermore, Business Post BD stated that the industry's market size was estimated to be Tk300 crore annually and its annual growth was 20%.
Despite the growth of OTT platforms in Bangladesh, the industry has not yet reached its full potential. Challenges such as a lack of government dissemination, user-generated content creation, high-quality engaging content, utilization of AI and blockchain, collaboration, and content targeting future-ready citizens persist. However, with the projected growth and the increasing adoption of smart home products, the indoor entertainment industry in Bangladesh is poised for a bright future. The indoor entertainment industry is evolving with the advent of new technologies. The rise of virtual reality-based gaming zones is one of the significant trends in the industry. Service providers in the indoor entertainment center market are focusing on providing additional facilities to enjoy social gatherings.
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