UK Entertainment And Media Sector To Grow By USD 10.76 Billion Growth By 2022 - PWC Report
PwC has released its latest Global Entertainment & Media (E&M) Outlook 2018-2022 which forecasts that the Entertainment And Media Industry in the UK would grow by almost USD 11 billion over the next four years, making the UK the second largest market after Germany in Europe, the Middle East and Africa (EMEA).
The E&M sector's worth will grow by USD102 billion this year, and this will
PwC's UK head of Entertainment and Media Mark Maitland, said: “This growth will be at a healthy rate from now till 2022 with some of the largest and fastest growing markets in digital and technology. To thrive, entertainment and media firms must re-envision how their business generates income and how then build and sustain trust. They should also know that speed is critical.
Maitland added that with the dynamic nature of consumers, the one-size fits all content experiences don't appeal to them anymore. It is therefore essential to use digital delivery, data analytics and AI to tailor their offerings to provide a unique experience for consumers.”
According to PwC's forecast, advertising will account for a quarter of the total E & M revenue at the said period with digital spend continuing to dominate growth. Internet advertising will leap from £12 billion in 2018 to £15 billion by 2022 which is a 6.8 per cent compound annual growth rate (CAGR).
Mobile is forecast to become the dominant segment in the coming years, as it will account for half of all internet advertising. 2018 will also see digital billboard displays (digital out-of-home) overtake physical out of home (OOH) for the first time. Digital OOH will grow to £517 million in 2018 and increase to £689 million within the forecasted period, a 9 per cent CAGR. For the first time, Podcast advertising was included in PwC’s analysis and is forecast to grow at a 38 per cent CAGR clinching £34 million, an improvement from £11 million in 201