UK entertainment and media market to be worth £66.6BN by 2019

The company’s latest Global Entertainment Media Outlook found that the UK’s EM industry was at the forefront of the digital revolution, one in which mastering the user experience was critical to success. The report reveals that in 2014 the UK had the second largest EM market across Europe, the Middle East and Africa at £56.9 billion, behind Germany, and will maintain this position until 2019.

And digital will be at the heart of this growth. PwC calculates that revenues from digital look set to reach a 50/50 share with non-digital in 2020, with the biggest revenue generators in digital being Internet access and Internet advertising, and TV advertising being among the fastest growing digital sectors. “Increasingly, though, it’s clear that consumers see no significant divide between digital and traditional media – what they want is more flexibility, freedom and convenience in when, where and how they interact with their preferred content,” commented Phil Stokes, UK entertainment and media leader at PwC. “Having a digital strategy is not as compelling as having an overall strategy that’s fit for a digital age – one that marries together online and offline experiences for consumers.”

PwC expects the UK to maintain its position as the largest internet advertising market in Europe, with a compound annual growth rate of 10.6% forecast over the next five years, rising from £7 billion in 2014 to £11.7 billion in 2019. Digital advertising revenue is growing rapidly with a compound annual growth rate of 20% between 2014 and 2019, to reach £729 million in 2019.

In a call to action for the EM market, PwC suggests that there is a compelling need to deliver experiences that span online and offline activities. Stokes said: “In a world that’s in beta, today’s entertainment and media companies need to do three things to succeed: innovate around the product and the user experience, develop seamless consumer relationships across distribution channels and put mobile (and increasingly video) at the centre of their consumer offerings.”

Article source: http://www.rapidtvnews.com/2015060338554/uk-entertainment-and-media-market-to-be-worth-66-6bn-by-2019.html

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