Virtual Production Market Expected to Reach $8.87 Billion by 2031 as Significant Investments in R&D Activities Increase
PALM BEACH, Fla., June 25, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Virtual production Market is projected to continue to grow significantly over the next several years. Virtual production allows filmmakers to interactively visualize and explore digital scenes within the studio, such as realistic virtual characters, three-dimensional graphics, and a real-time virtual interactive background environment. Over the years, significant advancements in the field of virtual production have resulted in the introduction of solutions that allow filmmakers to transfer an actor's motion-captured movement to virtual characters, which are then previewed in real-time in conjunction with live-action footage and virtual set extension elements. Such solutions assist filmmakers in planning and communicating their creative ideas in novel and intuitive ways. A report from SNS Insider said that: “The Virtual Production Market Size was valued at USD 2.98 billion in 2023 and is expected to reach USD 8.87 billion by 2031 and grow at a CAGR of 14.62 % over the forecast period 2024-2031.” The report added: “Based on type, the virtual production market is segmented into Production, Pre-production, and Post-production. In the virtual production market, the production phase is expected to grow at the fastest CAGR. The increased use of virtual production technology aids in project front-loading, early evaluation and editing, and a reduction in the need for guesswork while filming. It also contributes to a smoother phase and helps to limit post-production expenses. This is primarily due to an increase in the number of movies and television shows produced entirely through virtual production technology.” Active companies in the markets this week include Grom Social Enterprises, Inc. (NASDAQ: GROM), The Walt Disney Company (NYSE: DIS), Comcast Corporation (NASDAQ: CMCSA), Netflix, Inc. (NASDAQ: NFLX), Warner Bros. Discovery, Inc. (NASDAQ: WBD).
SNS Insider added: “Based on offerings, the virtual production market is segmented into Hardware, Software, and Services. The software segment controlled the majority of the virtual production market. During the forecast period, it is expected to grow at the fastest CAGR. The segment's dominance can be attributed to the growing demand for VFX and computer-generated imagery (CGI) in films. Because of technological advancements, the combination of various other next-generation technologies such as Machine Learning, AI, augmented and virtual reality (AR VR), extended reality (XR), deep learning, and virtual production has boosted growth. Based on end-user, the virtual production market is segmented into Movies, TV series, Online videos, Commercial ads, and Others. During the forecast period, the television series segment is expected to grow at the fastest CAGR. Some of the factors driving the fastest growth of the television series segment include the increasing dominance of OTT platforms and their ability to reach a large number of audiences.”
Grom Social Enterprises, Inc. (NASDAQ: GROM) News - Arctic7 Announces Involvement in Major 2024 Film & TV Releases - Narwhal Studios, a wholly owned subsidiary of Arctic7, reveals its role in the highly anticipated David Ayer TV project ‘Lollipop’ and Francis Ford Coppola movie ‘Megalopolis’ - Arctic7, which provides a robust suite of full game and co-development services together with own intellectual property development within gaming, and transmedia and virtual production services for the movie and TV industry, has announced it is working on David Ayer’s groundbreaking series Lollipop. Arctic7 recently announced that it has entered into the definitive documents phase towards its acquisition by Grom Social Enterprises, Inc. (NASDAQ: GROM), a leading provider of family-friendly media and technology solutions.
Narwhal Studios, acquired by Arctic7 in 2023 and famed for its virtual production and VFX work on multiple Lucasfilm properties such as The Mandalorian, Ahsoka and Obi-Wan Kenobi, as well as Marvel’s Ant-Man and the Wasp: Quantumania and Netflix’s Avatar: The Last Airbender, has been heavily involved in Lollipop since early its design phases. The show, written and executive produced by Ayer (Fast and the Furious, Training Day, Fury, The Beekeeper) alongside Chris Long and their Cedar Park Studios, is a bold next-generation storytelling experience that will combine elements of episodic streaming, gaming and professional sports, and will invite audiences to actively participate in virtual racing linked to the plot. Feature, a pioneering entertainment and technology company, is the main studio behind the project, and Lollipop utilizes their Smart Content™ solution to power the interactive components of the series.
With its deep transmedia and Unreal Engine 5 expertise drawn from the gaming and film/TV background, Narwhal is working on virtual set design, as well as on the gaming and professional sports component of the series which is slated for release late in 2024.
In addition, Narwhal has announced it worked on the forthcoming and highly anticipated Megalopolis, which was recently picked up by Lionsgate for distribution this Fall. The latest film from visionary director Francis Ford Coppola recently debuted at the Cannes Film Festival. It is set in an imagined modern America following a devastating disaster, and features an ensemble cast including Adam Driver, Giancarlo Esposito, Jon Voight, Laurence Fishburne and Dustin Hoffman. Megalopolis is the first film Coppola, renowned for The Godfather and Apocalypse Now, has directed in more than a decade and will release in theatres in the US on September 27th.
Arctic7 Chief Production Officer Andrew MacLusky said: “Our vision for Arctic7 is to become a leader in transmedia entertainment. Thanks to Narwhal’s successes in virtual production and VFX in film and TV, coupled with the game development expertise from across Arctic7’s other studios, we’re able to provide a unique perspective on the requirements for Lollipop and its next-generation storytelling.
“We’re excited to start talking about this unique project as well as our work on Megalopolis – another truly visionary entertainment experience – and we’ll be revealing more details about both in the coming months.” CONTINUED… Read this full press release and more news for Grom Social Enterprises at: https://www.gromsocialenterprises.com/news
Other recent developments in the industry of note include:
The Walt Disney Company (NYSE: DIS) recently reported earnings for its second quarter ended March 30, 2024. Financial Results for the Quarter Were: Revenues for the quarter increased to $22.1 billion from $21.8 billion in the prior-year quarter; Diluted earnings per share (EPS) was a loss of $0.01 for the current quarter compared to income of $0.69 in the prior-year quarter. Diluted EPS decreased to a nominal loss due to goodwill impairments in the quarter, partially offset by higher operating income at Entertainment and Experiences; and Excluding certain items, diluted EPS for the quarter increased to $1.21 from $0.93 in the prior-year quarter.
Message From Our CEO: "Our strong performance in Q2, with adjusted EPS up 30% compared to the prior year, demonstrates we are delivering on our strategic priorities and building for the future," said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. "Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4. "Looking at our company as a whole, it’s clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results. We have a number of highly anticipated theatrical releases arriving over the next few months; our television shows are resonating with audiences and critics alike; ESPN continues to break ratings records as we further its evolution into the preeminent digital sports platform; and we are turbocharging growth in our Experiences business with a number of near- and long-term strategic investments."
Comcast Corporation (NASDAQ: CMCSA) - Comcast Business recently announced the kickoff of its "5-Year Price Lock Guarantee" event for qualifying, new Business Internet and cybersecurity customers. The 5-Year Price Lock Guarantee is available to Comcast Business Internet Advanced (800 Mbps), Gigabit Extra (1.25 Gbps), and 2 Gigabit speed tier customers with Comcast Business SecurityEdge™ and a 1-year term agreement. The guarantee lets customers lock in their monthly service charge (excluding equipment, taxes, and fees) for 5 years, and is available to new customers starting today June 24, 2024, through August 21, 2024.
In today’s competitive environment, cost savings and predictability are critical to customers. Business owners require fast, reliable, secure connectivity to empower workforces, help sustain pace with competition, and keep customers happy. Comcast Business’s new price lock guarantee offer is designed to provide financial reassurance as well as reliability and security to customers.
Netflix, Inc. (NASDAQ: NFLX) recently announced it will post its second quarter 2024 financial results and business outlook on its investor relations website at http://ir.netflix.net on Thursday, July 18, 2024, at approximately 1:00 p.m. Pacific Time. A live video interview with co-CEOs Ted Sarandos and Greg Peters, Chief Financial Officer Spence Neumann and VP, Finance/IR & Corporate Development Spencer Wang will begin at 1:45 p.m. Pacific Time. Management will answer questions submitted by sell side analysts.
The live earnings video interview will be accessible on the Netflix Investor Relations YouTube channel at youtube.com/netflixir at 1:45 p.m. Pacific Time and a recording of the webcast will be available shortly following the session at approximately 2:30 p.m. Pacific Time.
Warner Bros. Discovery, Inc. (NASDAQ: WBD) recently announced the pricing terms of the previously announced cash tender offer (the "Tender Offer") by its wholly-owned subsidiaries, Warner Media, LLC, Discovery Communications, LLC and WarnerMedia Holdings, Inc. (each, an "Issuer" and together, the "Issuers") to purchase up to approximately $2.61 billion aggregate purchase price (excluding accrued and unpaid interest, the "Aggregate Tender Cap") of the outstanding notes described in the table below (together, the "Notes"), for the consideration and in the order of priority listed in the table below. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase, dated May 9, 2024 (the "Offer to Purchase").
The Issuers will accept for purchase in full the principal amount of Notes in Acceptance Priority Levels 1 to 11 validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on May 22, 2024 (the "Early Tender Deadline") and will not accept for purchase any Notes with Acceptance Priority Level 12. Holders who validly tender Notes following the Early Tender Deadline but on or before the expiration of the Tender Offer at 5:00 p.m., New York City time, on June 7, 2024 will not have any of their Notes accepted for purchase.
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