The UK’s entertainment and media (E&M) sector is set to overtake Germany and become the largest in Europe, the Middle East and Africa (EMEA), according to the latest PwC report.
‘Entertainment and Media Outlook 2016’ stated that the UK’s E&M sector will be worth £62.8 billion in 2017, overtaking Germany’s £58.6 billion.
The growth is also forecasted to continue in the following three years, reaching £68.2 billion in 2020.
Phil Stokes, UK head of entertainment and media for PwC, said, “Advertising revenues are driving this growth, as the industry identifies new ways of measuring and tracking performance in a connected, mobile and digital world.
“Mobile internet connections worldwide are growing apace. They already outnumber fixed connections by three to one, and are projected to rise by over five billion to seven billion in the next five years.”
PwC reported that by 2017, more than half of the world’s population will be mobile internet subscribers. Global total internet advertising revenue is forecast to grow from £101.1 billion in 2015 to £171.3 billion in 2020.
It forecasted that mobile will exceed TV to become the world’s largest single advertising category by 2019.
Stokes added, “Put simply, today’s entertainment and media industry is about consumer choice, innovation and experience, irrespective of whether delivery is digital or non-digital. Mastering these three elements is now critical to commercial success – and to sustaining future growth.
“This is a bigger global disruption than the industrial revolution.”