Fintech PR
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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Strategic launch to cater to the growing demand for luxury real estate across Asia-Pacific
HONG KONG, Nov. 5, 2024 /PRNewswire/ — DAMAC International, a global leader in luxury real estate, has officially opened its new office in Hong Kong, marking its third office in the Asia-Pacific (APAC) region. This expansion is part of DAMAC’s broader vision to strengthen its presence in one of the world’s fastest-growing regions, renowned for its rapid investment growth. The Hong Kong office is a strategic gateway to the APAC market. It allows DAMAC to better serve its expanding clientele by offering direct access to its prestigious properties in Dubai and other international locations, such as London and Miami.
The Hong Kong office will provide investors across the region access to personalised services, offering exclusive insights into DAMAC’s luxury residential towers, branded residences, and lifestyle communities. As demand from the APAC region continues to rise, DAMAC is poised to offer high-end real estate investment opportunities that cater to the needs of discerning clients.
Talking about the opening, Abbas Sajwani, Board Member, DAMAC International, stated: “This is yet another milestone in our expansion into the APAC region. The new office will allow us to be closer to our clientele. It is a testament to our belief in the region’s potential and commitment to providing top-tier investment opportunities in luxury development.”
By establishing this new office, DAMAC continues positioning itself as a leading player in the global real estate market. It further strengthens its ability to connect with clients to provide unparalleled luxury investment opportunities for long-term value.
About DAMAC International
DAMAC International has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region and internationally, including in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the United States, as well as the United Kingdom.
Since then, the company has delivered more than 47,000 homes with over 40,000 more in diverse planning and development phases. Joining forces with some of the world’s most eminent fashion and lifestyle brands to create tremendous living experiences, such as with Versace, Roberto Cavalli, or de GRISOGONO. With a consistent vision and momentum, DAMAC is building the next generation of luxury living across the globe.
Live the Luxury.
Visit us at www.damacgroup.com
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Fintech PR
GTN and SBI Group collaborate to launch “SBI Saudi Arabia Equity Exchange Traded Fund (ETF)”
The launch marks the first ETF dedicated to investing in the Saudi Arabian stock market listed on the Tokyo Stock Exchange.
DUBAI, UAE, Nov. 4, 2024 /PRNewswire/ — GTN and SBI Holdings announced on October 30 at FII 8th Edition 2024 in Riyadh the launch of the “SBI Saudi Arabia Equity Exchange Traded Fund (ETF)”- a groundbreaking ETF dedicated to investing in the Saudi Arabian stock market and listed on the Tokyo Stock Exchange. This fund marks a significant milestone as it represents the first ETF focusing exclusively on Saudi equities to be accessible to Japanese investors.
The collaboration between GTN and SBI Group stems from a Memorandum of Understanding (MOU) signed in May 2024 in Tokyo at the Saudi Japan Vision 2030 Event in the presence of H.E. Eng. Khalid bin Abdulaziz Al-Falih, the Minister of Investment.
Inspired by Vision 2030, the ETF is expected to reflect the performance of the Saudi market and attract Japanese investors due to Saudi Arabia’s significant economic transformation, sustainable growth, and advanced financial infrastructure. The ETF will be managed to achieve investment results linked to the “MSCI Saudi Arabia Index (yen equivalent basis)”. SBI Asset Management received the regulator’s approval, and the ETF was successfully listed on the Tokyo Stock Exchange on October 31, 2024.
As per the MOU signed between the parties, SBI Asset Management will be responsible for creating, managing and promoting the ETF in Japan, while GTN will provide research, execution, clearing and settlement services to the ETF.
SBI Group is a strategic investor of GTN and a key partner in GTN’s expansion plans in Asia.
The Chairman of GTN and its mother company NTG, Mohammed Rashid Al Ballaa said: “We are excited about the collaboration between SBI Group and GTN to launch the first-ever Saudi-focused ETF in Japan. SBI Group has access to over 10 million customers and is ideally suited to promote an ETF linked to the Saudi market in Japan. This milestone was achieved thanks to Mr. Yoshitaka Kitao, the visionary leader and founder of SBI Group.” “The ongoing support of the Saudi Stock Exchange and the Ministry of Investment in Saudi Arabia were also essential success factors in reaching this milestone,” said Mr. Al Ballaa.
At the FII conference in Riyadh, Mr. Yoshitaka Kitao said: “I am excited to be in the Kingdom and see the development that has taken place over the past few years. I am also excited to see the unfolding of the Vision 2030. I am confident that the Saudi Arabia ETF will provide Japanese investors the opportunity to participate and be part of the growth journey of Saudi Arabia.”
About GTN
GTN is a fintech pioneer with decades of success, holding broker-dealer and capital markets services licenses in multiple jurisdictions through subsidiaries. We are committed to empowering brokers, banks, asset managers, and fintechs with scalable and innovative investment and trading solutions that enable access to a comprehensive network of global markets and multiple asset classes, making investment and trading accessible to all.
GTN brings together a diverse team of over 500 talented individuals spread across Brazil, Hong Kong, Saudi Arabia, Singapore, South Africa, Sri Lanka, the UAE, the UK, and the US, united by a shared passion and purpose: empowering clients and transforming the accessibility to investment and trading opportunities for all.
GTN is backed by strategic investors IFC, a member of the World Bank Group, and SBI Group, one of the largest financial services firms listed on the Tokyo Stock Exchange. To learn more, visit www.gtngroup.com or follow us on LinkedIn.
About SBI Group
Over 25 years of successful track record, SBI Group has become one of the largest FinTech companies in Japan. Listed on the Tokyo Stock Exchange, the SBI Group has over 19,000 employees and 685 group companies. SBI Group’s main businesses are financial services, asset management, investment business, Crypto-assets and Next Gen businesses such as biotechnology, healthcare and Web3.
SBI Group companies include SBI Securities, Japan’s number one online securities company, SBI Sumishin Net Bank, Japan’s largest internet bank in terms of deposit amount, and a variety of other financial companies.
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GENEVA, Nov. 4, 2024 /PRNewswire/ — Swiss private banking group CBH Compagnie Bancaire Helvétique announces the appointment of Enid Yip as the new CEO of its subsidiary CBH Asia. Mrs Yip will also lead the Asia Regional Committee. Based in Hong Kong, CBH Asia is a key part of the Group’s strategic commitment to expand its presence in the region.
Concurrently, Patrick Wong, who has overseen the Asia business since 2017, has been appointed Deputy Chief Executive Officer. Mr Wong will continue to manage Operations, Regulatory and Compliance, and IT, while Mrs Yip will focus on enhancing the firm’s client offering and driving business development in line with the Group’s long-term strategy for Asia. With its entrepreneurial approach and exclusive and bespoke investment offering, CBH Asia offers compelling advantages to clients and relationship managers in the region.
A seasoned executive, Mrs Yip brings over 25 years of experience in successfully growing wealth management institutions in Asia. Most recently she was with LGT. Prior to that, she was a Member of the Board at Bank J. Safra Sarasin, having previously served as their Chief Executive Officer, Asia, overseeing the bank’s expansion in the region. Earlier in her career, Mrs Yip held various senior positions in the private banking industry.
Simon Benhamou, CBH Bank Chief Executive Officer said: “We are delighted to welcome someone of Enid’s calibre to lead CBH Asia. Her extensive experience and strong leadership will be instrumental in furthering our growth in key Asian markets. Our people are our greatest asset and with Enid’s strong commitment to our core values of entrepreneurship and teamwork, we are confident that she will further strengthen CBH Asia’s success. We extend our best wishes to Enid on her appointment.”
Mrs Yip said: “I am delighted to be joining a Group that fosters an environment where we can achieve great results by pursuing excellence with creativity. I am determined to expand CBH’s footprint in the region, building on our established expertise and maintaining our long-term vision of adding value for both clients and stakeholders.”
About CBH | Compagnie Bancaire Helvétique
CBH Compagnie Bancaire Helvétique is a family-owned Swiss banking group founded in 1975. Headquartered in Geneva, the Group currently counts close to 309 professionals in 10 locations around the world. As of December 31st, 2023 client assets totaled CHF 14.3 billion and the Group’s Tier 1 ratio was 43%, placing it among the best capitalized banks in Switzerland compared to its peers.
CBH Group provides wealth management services to private and institutional clients, as well as several complementary business lines, including family office solutions, asset services & structuring, exclusive private markets expertise, and bespoke daily banking and card solutions.
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