Accessability Links
Cookies on our website
By continuing to use this website we will assume you are happy to receive cookies as outlined in our cookie policy
Accept Policy

Entertainment and media sector growing rapidly, says PwC

Jun 06
 
Tags: PwC
Share this story:
Entertainment and media sector growing rapidly...

Management consultants hunting for opportunities with growing businesses in the UK could find what they are seeking in the entertainment and media (E&M) sector, which is currently experiencing "seemingly unstoppable growth", according to PwC.

The professional services firm released an outlook report for the coming years indicating that this industry will be worth £76 billion by 2022, up from £68 billion this year.

This rate of expansion would make the UK the second-largest E&M market in the Europe, Middle East and Africa region, after Germany.

Internet and advertising lead the way

One of the key trends highlighted in the PwC research showed that consumer spending on internet access will deliver the most revenue over the four-year forecast period. A compound annual growth rate (CAGR) of four per cent is set to take expenditure on internet access from £13.7 billion this year to £17 billion by 2022.

There was a significant development in this space last year, with consumers spending more on mobile internet access than fixed broadband for the first time. With the number of people using smartphones expected to pass the 70 million mark, PwC predicts that mobile web access will account for more than half of all internet usage revenue in four years' time.

Advertising is another key component of the E&M sector and will make up a quarter of total revenue in the industry by 2022, according to the report. Internet advertising spend is forecast to increase from £12 billion in 2018 to £15 billion four years later, with mobile-focused campaigns driving growth.

This year, digital billboard displays are set to overtake physical outdoor advertising for the first time, with business spend on the former expected to reach £517 million, before inflating to £689 million by 2022.

Analysing some of the latest online and advertising industry trends, Mark Maitland, UK head of E&M at PwC, said: "Growth will be driven by better-connected homes and businesses and increased network coverage and capacity for mobile users, who are becoming more attracted to low-cost SIM-only deals from operators.

"Mobile-first consumption is increasingly the new normal and this continues to define the direction of advertising revenues, as mobile platforms become important distribution channels for media - especially through video, which is one of the fastest growing sub-segments."

Rapid growth elsewhere

Looking into other segments of the E&M industry that are expanding rapidly, the study revealed that virtual reality (VR) continues to see the fastest growth in the UK, with 34 per cent CAGR predicted over the next four years.

This sub-sector could reach a value of £1.2 billion in the coming years, with a cumulative total of more than 7.8 million VR headsets forecast to be sold in the UK by 2022.

PwC's figures underlined the UK's position as the biggest video games market in Europe, with total revenue in this segment (£5.5 billion) likely to overtake spend on books (£4.9 billion) by 2020.

The country is also the European leader in adoption of streaming services, with UK consumer spending on the likes of Netflix and Amazon Prime Video set to reach £1.9 billion within four years.

Search Mindbench.com for the latest management consultancy jobs and consulting recruitment opportunities or contact us on +44(0)207 089 9017.

Image: PeopleImages via iStock

Share this story:
Add new comment
Jobs Related to this Post
5 result(s) found 
Page 1 of 1 

$150k-$400k US dollar packages
China and Asia
Our client is a supply chain advisory business which has expanded rapidly in Asia. They have opportunities for Manager and Principal Level candidates.  General Expectations: • Lead the client
£120k plus 20% bonus, plus £...
Central London and UK
Our client inspires healthy habits for real life. They meet ther members where they are and leverage the latest nutritional and behavioral science to help them eat healthier, move more
£60k-£80k plus bonus, benefi...
Central London and UK
Our client has a strong record of working with C-level leaders in major private and public sector organisations, directly addressing their greatest strategic challenges
£30k-£70k plus bonus, benefi...
Opportunities in London, Bristol, Manc...
  Resume - William Ng Are you looking for an opportunity to work at the cutting edge of public service reform?  Our client are seeking a highly-professional
£28K - £45K base + bonus, be...
Central London
My client is an award winning London based Technology & Media - Research & Strategy Boutique Consulting Firm.  They are looking for a Business Analyst with consulting