Global Animation Market Is Expected To Reach $640 Billion By 2030

The Global animation industry is offering enormous growth opportunities for the manufacturers, vendors, customers in developed as well as emerging economies worldwide. Animation involved the practice of controlling a series of the still images by showing them in order at a certain pace, producing the illusion of the action of images. Recent animation includes computer generated imagery. In the CGI animated data are created or programmed using software as well as animation tools. Currently, animation has a wide variety of technologies and platforms, for example television and video, digital platforms, entertainment, and games. The use of cartoon characters in animation and animated films has grown over the last decade. Most animation films have quickly and slowly achieved recognition and success in new years. Rapid advancements across communication and technology sectors across the globe are anticipated to drive growth of the global animation market. Addition to this, budding media and entertainment business is also boosting growth of the global market.  A report from Precedence Research projects that the global animation market size is expected to hit around US$ 642.5 bn by 2030, growing at a CAGR of 5.2% from 2021 to 2030. It was previously valued at US$ 354.7 billion in 2020.  Active Companies in the markets today include Grom Social Enterprises, Inc. (NASDAQ: GROM), The Walt Disney Company (NYSE: DIS), Walmart Inc. (NYSE: WMT), Sony Group Corporation (NYSE: SONY), GRAVITY Co., Ltd. (NASDAQ: GRVY).

The Precedence Research report said: “Communication and the television industries are growing at the rapid pace. The technological advancements in the communication and the television industry are major driver for the global animation market growth. Addition to this, in the recent movies, the adoption of the visual effect technology is increasing which is projected to have positive effect on the global industry growth. Increasing entertainment and the media industry is anticipated to create numerous opportunities for the growth industry growth in the near future. Increasing base of the video viewers owing to increased usage of smartphones, internet penetration, easily accessible multimedia devices and growth in the usage of the tablets are among major factors anticipated to augment the growth of global animation industry over the forecast period of time…  arrival of AI and VR will create huge opportunities in the global industry.”

Grom Social Enterprises, Inc. (NASDAQ: GROM) BREAKING NEWS:  Grom Social’s Top Draw Animation Studio Adds  $1.0MM in Additional New Business – Animation Production Supplier for Global Entertainment Brands Bolsters Output and Leverages New Leadership Team – Grom Social Enterprises, Inc., wholly-owned subsidiary, Top Draw Animation (TDA), today announced that it has been commissioned for an additional $1.0MM in new animation production work, some of which is already underway at its sprawling studio in Manila, the Philippines. The animated projects, none of which have been previously disclosed, are on behalf of global entertainment providers and represent the earliest production work to be fulfilled end-to-end under TDA’s leadership duo of Russell Hicks and Jared Wolfson, the studio’s newly installed President and Executive Vice President, respectively. Due to confidentiality, Top Draw has not disclosed the commissioned series or clients.

“Top Draw is proud to continue its legacy of truly being a world-class animation production leader,” said Hicks.  “Bringing detailed attention to every frame of production sets Top Draw apart as our clients increasingly rely on animated content to round out their programming slates and offer viewers rich storytelling through visually stunning animation.”

Recognized for premium animation production services, Top Draw produces animated series, movies, specials, and short-form content on behalf of several leading global entertainment providers. The studio employs over 400 artists, animation and production executives at its 30,000 square foot, state-of-the-art campus in the heart of Manila, the Philippines.  Since opening its doors in 1999, TDA has accumulated an impressive portfolio of TV animation, producing more than 2,000 half hours of content on behalf of programmers and other leading entertainment providers.

Top Draw Animation was acquired by Grom in 2016 and serves as a centerpiece of Grom’s offerings, which include safe social media for kids, web filtering utilized in school districts nationwide and original family entertainment through Curiosity Ink Media. Founded by Hicks and advertising executive Brent Watts in 2017, Curiosity is intended to serve as Grom’s pipeline for original IP (Intellectual Property) development through which the company aims to serve the entertainment needs of kids and families.

Source: FinancialNewsMedia.com