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In the wake of back-to-back labor strikes last year, the media and entertainment industry experienced a decline of historic proportions, with a 52% decrease in production spending compared to the previous year and so much collateral damage that the effects have yet to be fully tallied. However in 2024, Virtual Production earnings have bounced back, with 35% growth in the corporate and education sector.

But the market is forecasted to be a tale of two cities. As the volatile Media and Entertainment market continues to stifle investment in the industry, a rising number of corporate and higher education virtual studios will take virtual production technologies to new audiences with different use cases. With compounding disruption and volatile labor markets, radical transformation is quickly approaching.

The continued pace of innovation in the production industry has been relentlessly accelerating with advancements in computer graphics, and new creative workflows that are coming out so quickly it is outpacing the market’s ability to commercialize them into viable solutions. With another looming strike on the horizon for M&E, and innovations in generative AI continuing to redefine how content is created, this year is expected to be one of the most transformative years in the industry since the shift to digital in the early 2000’s.

Introducing ‘The State of Virtual Production,’ an executive report covering the market shifts from the past year and offering a forecast for 2024 and beyond. Dive into the latest transformations and trends in the virtual production industry for 2024, featuring key insights from virtual production studios worldwide.

Available as a white paper, keynote presentation, and podcast – click the link below to read, watch, and listen!

https://www.vu.network/state-of-virtual-production