The online acting education market is projected to grow at a rapid pace during the forecast period.
Online acting education refers to the form of acting education in which students are taught virtually with the use of the internet. The world is undergoing rapid digitalization, and the number of people using the internet and electronic gadgets has been increasing at a significant pace which is anticipated to propel the growth of the online acting education market during the forecast period. Also, a growing number of acting institutes are now launching online acting classes online, which is further expected to surge the online acting education market during the forecast period.
The recent outbreak of the novel coronavirus disease had a positive impact on the online acting education market. The pandemic had a huge impact on revolutionizing acting education and shifted a huge population towards using digital technologies for acting education. Due to lockdowns in most parts of the world, acting institutes were closed and acting students were left locked into their houses. This prompted various acting institutes to launch online acting courses during the pandemic, which led to the shifting of acting students to online acting classes. Although the growth of online acting education will decline after the pandemic, as traditional acting classes are still preferred, the market growth will be higher compared to the pre-pandemic period.
The online acting education market has been classified on the basis of class type, acting level, time period, and geography. By class type, the market has been classified on the basis of Live Classes, Pre-Recorded Video Classes, and Text-Based Classes. On the basis of acting level, the segmentation has been done into Beginner, Intermediate, and Advanced. By time period, the market has been categorized into Part-time and Full-time. Geographically, the market for online acting education has been distributed into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The rise in the number of internet and electronic gadget users
One of the key factors supplementing the online acting education market growth includes the growing number of people using the internet and electronic gadgets all around the globe. With the rise in internet and electronic gadget users, the usage of online acting education is increasing leading to market growth. According to International Telecommunication Union (ITU), 28.7% of the population of the world were internet users in 2010 which increased to 41.5% in 2015 and further increased to 51% in 2019. Also, there were 553 million people in the world who had fixed broadband subscriptions in 2010 which rose to 841 million in 2015 and further rose to 1.13 billion in 2019. With the rise in digitalization, the number of people using the internet has been increasing at an even greater pace. As per the Telecom Regulatory Authority of India, the average wireless data usage per wireless data subscriber was 11 GB per month in India in FY20 and is expected to reach 18 GB by 2024. Moreover, the number of electronic gadget users has been increasing at a great pace around the world. For example, according to an ICEA report, India witnessed a 14.5% growth rate in the smartphone market in 2018 with 142.5 million units shipped. The report also states that the country is expected to have 829 million smartphone users by 2022. The world is witnessing a rapid increase in electronic gadget users, along with the increase in internet usage, which is anticipated to surge the market growth during the forecast period. In June 2020, NTIA, United States Department of Commerce, showed in its report that around 80% population in America was using the internet by November 2019, and are increasingly using a larger and more varied range of devices. According to data from World Bank, internet users in the USA were 69.7% of the population in 2011 which rose to 88.5% IN 2018. The data also shows that the fixed broadband subscriptions (per 100 people) were 26.1 in 2009 which rose to 34.7 in 2019. Also, NTIA stated that only 27% US population used a smartphone in 2011, which later soared in popularity and were used by 68% of the American population by 2019. The rapid digitalization is leading to an increased number of acting enthusiasts opting for online acting education which is anticipated to propel the market growth during the forecast period.
Acting institutes launching online courses
Some of the well-known names in the acting courses category have started taking online classes for teaching acting to people, which has made more people interested in learning acting online, which is anticipated to boost the growth of the online acting education market during the forecast period. For instance, The Lee Strasberg Theatre & Film Institute situated in New York, United States launched their Online Acting Subscription to teach method acting techniques to new and experienced students. The classes are held live and are interactive. Also, another popular acting institute, Barry John Acting Studio situated in New Delhi, India has started its online acting courses. Owing to the rising interest of people in learning acting online, some widely known online learning platforms like Udemy and Coursera started providing online acting courses, which is further anticipated to propel the growth of the online acting education market during the forecast period.
Prominent/major key market players in the online acting education market include The Lee Strasberg Theatre & Film Institute, New York Film Academy, Tisch School of the Arts, among others. The players in the online acting education market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the online acting education market.