Cricket Media - South Korea

South Korea

Highlights

Revenue in the Cricket Media market is projected to reach US$1.33m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.16%, resulting in a projected market volume of US$1.34m by 2029.
In global comparison, most revenue will be generated India (US$1.16bn in 2024).
The average revenue per user (ARPU) in the Cricket Media market is projected to amount to US$5.04 in 2024.
In the Cricket Media market, the number of users is expected to amount to 257.3k users by 2029.
User penetration in the Cricket Media market will be at 0.5% in 2024.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cricket Media market in South Korea has shown a slight decline, impacted by a negligible growth rate and various factors such as limited access to digital technologies and low health awareness among citizens. Online health services have yet to gain significant momentum in this market.

Customer preferences: The Cricket Media Market within the Sports Market has seen a rise in consumer demand for online streaming services, as a result of the increasing trend of on-the-go media consumption and the popularity of mobile devices. This trend is also reflected in South Korea, where there is a growing preference for digital entertainment and content. Additionally, there has been a notable increase in the use of social media platforms and online forums to engage with other fans and share opinions and insights about cricket matches and players. This shift highlights the impact of digital technologies on the consumption of sports media and the importance of staying connected and engaged with the cricket community.

Trends in the market: In South Korea, the Cricket Media Market within the Cricket Market is experiencing a growing demand for online streaming and mobile apps for live cricket matches. This trend is significant as it caters to the tech-savvy younger generation and allows for increased accessibility to matches. The trajectory of this trend is expected to continue, as more people turn to digital platforms for their entertainment needs. For industry stakeholders, this trend presents opportunities for partnerships and advertising collaborations. Moreover, it also highlights the importance of investing in user-friendly and innovative digital platforms to stay competitive in the market.

Local special circumstances: In South Korea, the Cricket Media Market is starting to gain traction with the rising popularity of cricket among the local population. Unique cultural factors, such as the countrys love for sports and its thriving entertainment industry, have paved the way for cricket to enter the market. Additionally, the governments focus on promoting the growth of the sports industry and its initiatives to attract foreign investments have created a favorable environment for the development of the Cricket Media Market. This has led to collaborations between Korean and international content providers, resulting in a diverse range of media offerings catering to the growing interest in cricket.

Underlying macroeconomic factors: The Cricket Media Market of the Cricket Market within the Sports Market in South Korea is influenced by macroeconomic factors such as technological advancements, increasing disposable income, and government support for digital media industries. South Korea has a highly developed digital infrastructure and a strong economy, making it an ideal market for cricket media companies to expand their operations. Additionally, the growing popularity of sports and entertainment industries in South Korea is further contributing to the growth of the Cricket Media Market in the country. Furthermore, the South Korean governments efforts to promote international sports events and encourage foreign investment in the sports sector are also positively impacting the development of the Cricket Media Market in the country.

Data coverage:

The data encompasses B2B revenues. Figures are based on media spending from businesses to several clubs. That also includes the revenues from advertising as this is part of media and broadcasting contracts the individual clubs have with their respective leagues.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per ticket, price on sport goods). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function or linear forecasting, as it fits the development of either strong growing markets or more sophistacted and saturated markets, such as soccer in Europe.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). We also account for the different cycles of international tournaments, such as world cups or continent cups. Consumer Insights data is reweighted for representativeness.