In the year 2018, the total value of the Asian animation industry was US$ 52 billion. After that, most segments in the Asian animation industry grew by 23% yearly. In Asia, the cost of production on special effects is about 5-10%. It is also noticed that there is a sharp increase in streaming video consumption in Asia over the traditional form of content viewership. The production cost of an animated movie in Asia ranges between US$ 3 million and US$ 60 Million. The size of the Asian video gaming industry was only US$ 30 billion in 2017.
Netflix, Amazon, Hulu, and Twitch are not the only ones that consume Animation, VFX and game content but are also used on YouTube, Twitter, and Facebook. With the growing internet penetration and access to multimedia devices, customers spend more and more time streaming digital content. Streaming video or live video is the fastest-growing segment in the distribution channel for animation and is witnessing double-digit growth, which is expected to continue for the next few years.
The animation industry has become one of the fastest-growing segments in the global media and entertainment market because of the rapid advancement of technology in animation, VFX & amp; and games. There is an increase in demand for more global animation, VFX and games production taking place in a globally distributed mode. Many Asian animation studios put too much importance on owning and protecting animation content by investing a lot in intellectual property protection mechanisms.
This growth is connected to the exponential growth in online video viewers worldwide. Cloud computing plays a vital role in character rendering and modelling processes because the cloud-based rendering of animation films is more efficient and effective as it reduces the time and cost compared to traditional rendering. Cloud Gaming/Computing services, which are growing very aggressively, need the right pricing model to drive adoption and generate sufficient returns for platforms and publishers.
The availability of very low-cost payment systems allows users to pay for access or download small quantities of digital content, which is the key for the online games market to grow. Artificial Intelligence/Machine Learning-based techniques are used for in-game analytics, customer acquisition, cross-sell, churn, retention, classifying player behaviour, etc.
Popular eSports tournaments have rich spectator interactions and mesmerizing fan experiences for in-person and online viewers. China has become a leader in eSports, and many tournaments are organized yearly, with millions participating in both online and offline modes.