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Global entertainment and media industry, spurred by advertising and digital, to hit $2.8 trillion market in 2027 even as growth rate decelerates: PwC Global Entertainment & Media Outlook
- Entertainment and media (E&M) revenues will grow every year through 2027 – creating a US$2.8 trillion industry – but the rate of growth will decline every year
- Advertising revenue to approach $1 trillion in 2027 and become the largest E&M sector, even as consumer spending loses steam and competitive landscape shifts
- Digital will account for nearly three quarters of E&M revenue by 2027, up from 55.2% in 2018
- Gaming sector remains a key driver of industry growth – particularly in Asia-Pacific – with global gaming revenues to hit $312B by 2027
- Live events to return to pre-pandemic highs in 2024 and outperform E&M industry at-large
- Global internet access to approach $1 trillion market as annual data consumption triples between 2022 and 2027
LONDON, June 27, 2023 /PRNewswire/ — For the global entertainment & media (E&M) industry, 2022 marked an important inflection point. Total industry revenue rose 5.4% in 2022 to US$2.32 trillion – a sharp deceleration from the 10.6% growth rate in 2021 when economies and industries were recovering from the onset of the COVID-19 pandemic.
PwC’s Global Entertainment & Media Outlook 2023-2027, which covers 13 sectors and 53 countries and territories, also finds that while the rate of revenue growth is expected to decline in each of the next five years through 2027 – in part due to weakening consumer spending – E&M will grow to become a US$2.8 trillion industry by 2027.
The Outlook paints a picture of an industry that is becoming more digital and increasingly dominated by advertising. By 2027, digital’s share of E&M revenue will account for nearly three-quarters (70.8%) of total industry revenue, up from 55.2% in 2018. Meanwhile, global internet access is expected to approach a $1 trillion market as data consumption nearly triples between 2022 and 2027, from 3.4mn petabytes (PB) to 9.7mn PB.
Regionally, the US will continue to remain the largest global E&M market (growing from US$819 billion in 2022 to US$943 billion in 2027), followed by China (growing from $388 billion to $480 billion). China is forecast to grow at a 4.3% compounded annual growth rate (CAGR), compared with a 2.9% CAGR for the US.
Amid a broad-based resetting of expectations and flagging consumer strength, companies are seeking growth in sectoral hotspots (especially advertising and gaming), emerging technologies such as generative AI, and regions with outsized growth prospects like Asia.
Advertising revenues to approach $1 trillion as competitive landscape shifts
Advertising remains a key growth sector and is expected to approach US$1 trillion in 2027. At US$952.6 billion in 2027, it will be the largest of the three broad sectors the Outlook tracks: consumer, advertising, internet access. While advertising dollars are growing, they’re getting spread more thinly as more market players – including e-commerce sites, video games and streaming platforms – take market share from large social media and search platform incumbents.
Werner Ballhaus, Global Entertainment & Media Industry Leader, PwC Germany, said:
“We have seen impressive growth in the entertainment and media industry over the past two years following a surge in demand for digital products during COVID-19. However, macroeconomic challenges, increased industry competition, and a reduction in production costs – particularly in digital services and experiences – have reduced revenues and consumers’ willingness-to-pay. If companies in the EM industry are to successfully engage consumers and drive growth, they need to transform their service-offerings and tap into new and emerging markets and technologies, such as Asia and generative AI.”
Macroeconomic pressures hit consumers, EM bottom-lines and M&A/VC deal-activity
Macroeconomic pressures, geopolitical instability and inflationary challenges hit consumers hard in 2022, pushing companies to reset expectations, refocus inward and seek new ways to drive growth in 2023 and beyond. Consumer spending on E&M products and services is expected to grow at just a 2.4% CAGR between 2022 and 2027. The declining growth rates were among the factors that have put an end to a long-term boom in deal activity in the E&M market globally, both for mergers and acquisitions (M&A) and venture capital (VC).
Gaming and emerging technology – such as generative AI – to lead industry growth
Gaming remains one of the powerhouses of the global E&M industry and will continue to remain a key driver of growth, particularly in the Asia-Pacific. Total gaming revenue is expected to rise from US$227 billion in 2023 to US$312 billion in 2027, representing a 7.9% CAGR. At the same time, industry players are embracing the convergence of emerging technologies such as generative AI – particularly in the areas of content creation, video games, and other entertainment categories – to drive industry innovation, scale and efficiency. Looking at industry growth rates, mobile augmented reality (AR) consumer revenue is expected to grow at the fastest rate, with a CAGR of 26%, followed by VR gaming revenue (with a CAGR of 19.5%).
Live sectors to outperform the E&M industry at-large
After a prolonged period of dormancy during the COVID-19 pandemic, live sectors have returned to growth and are poised to outperform the E&M industry at-large. Through 2027, live experience revenues are expected to grow at 9.6% CAGR, four times the 2.4% CAGR predicted for overall consumer revenue, highlighting the enduring appeal of live experiences. Cinema box office revenue will reach pre-pandemic levels by 2025, hitting US$43 billion (up from US$39.4 billion in 2019). China will again become the largest global box office market by 2024, after overtaking the US in 2020 and 2021. Global e-sports ticket sales revenue returned to pre-pandemic levels in 2022 after doubling in 2021 and growing by 147.8% in 2022. Live music and cultural event revenue is expected to surpass the 2019 pre-pandemic peak in 2024.
Werner Ballhaus, Global Entertainment & Media Industry Leader, PwC Germany, concluded:
“Increased reliance on mobile and digital technologies, heightened industry competition, an evolving regulatory environment, and disruptions posed by new and emerging technologies will create new tensions and possibilities in the years ahead for the sector. If companies are to retain market share and drive growth, industry leaders will have to be more creative about how they create, distribute and monetise products and services, while remaining cognisant of an evolving global regulatory and geopolitical environment increasingly conscious of data privacy.”
About PwC: At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2023 PwC. All rights reserved.
About the Outlook: PwC’s Global Entertainment & Media Outlook, now in its 24th year, provides in-depth analysis of global entertainment & media consumer and advertising spending. The Outlook includes five-year historical and five-year forecast data and commentary for 13 industry segments across 53 territories. Segments include business-to-business; cinema; internet access and data consumption; internet advertising; music, radio and podcasts; newspapers, consumer magazines and books; Out-Of-Home advertising; Over-The-Top video; traditional TV and home video; video games and esports; virtual reality (VR) and augmented reality (AR). The full Outlook can be accessed at www.pwc.com/outlook.
Contact
David Faggard ([email protected])
Dan Barabas ([email protected])
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HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
“Our goal with these deposit bonus options is to empower traders of all levels,” said Christopher Oates, the spokesperson for FXGiants. “Under this scheme, we have diverse categories, including Bonus Maximiser, Booster Bonus, and the Bonus Advantage. These bonuses are designed to provide flexibility to clients as they trade on the FXGiants online trading platform.”
Exploring the FXGiants Bonus Options
The bonus options at FXGiants come with versatile advantages. The Bonus Maximiser provides a full 100% boost on all deposits without limit, whereas the Booster Bonus offers a 40% bonus on all deposits up to $4,000 for traders who want to moderately enhance their capital. On the other hand, the Bonus Advantage provides a 60% bonus on deposits up to $5,000, giving traders a better handle on risk. These bonuses enhance the trading experience on the FXGiants online trading platform.
“At FXGiants, we are committed to a trading environment that meets the evolving needs of our clients,” Oates added. “Our online trading platform is a robust ecosystem designed to support traders with advanced execution, extensive market insights, and continuous improvements. As we move forward, we will keep expanding our offerings to ensure that traders have access to the best resources and support.”
About FXGiants
FXGiants stands out as an international broker providing access to over 300 financial instruments across 6 asset classes. Traders can operate through the popular MetaTrader 4 platform, and benefit from exceptional trading conditions such as competitive spreads, flexible leverage, and fast execution. With deposit boosters, partnership programs, an educational blog, and account types tailored to both novice and experienced traders, FXGiants remains dedicated to delivering a one-stop trading solution.
Terms & Conditions apply. Bonus cannot be withdrawn.
All trading involves risk. It is possible to lose all your capital.
FXGiants is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
Website: https://www.fxgiants.com/
View original content:https://www.prnewswire.co.uk/news-releases/fxgiants-online-trading-platform-launches-bonus-initiative-to-reward-traders-302338463.html
BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-successfully-hosts-2024-mba-professor-training-program-for-western-china-302338458.html
VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
Wirex cards allow users to use VEUR and VCHF in various ways. Whether users receive payments in VEUR and/or VCHF, use them for remittances (including cross-border transactions), or sell digital assets for stablecoins instead of fiat, Wirex provides the simplest solution for spending in real life. Users can instantly convert their stablecoins into fiat currency and send them directly to their bank accounts, catering to those who prefer traditional banking options.
Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
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View original content:https://www.prnewswire.co.uk/news-releases/wirex-adds-veur-and-vchf-stablecoins-to-its-platform-for-seamless-spending-302338369.html
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