Indeed, the PwC Global Entertainment & Media Outlook 2021-2025 - the 22nd annual analysis and forecast of spending by consumers and advertisers across 53 territories - categorically states that the E&M industry has regained its momentum, with revenues outpacing the economy as a whole, APA-Economics reports citing PwC.
It calculates that following a “challenging” 2020, when in-person entertainment plummeted, including a 71% decline in movie theatre box office revenues. the more than $2 trillion industry is on track to grow by 6.5% in 2021 and 6.7% in 2022, powered by strong demand for digital content and advertising.
By contrast, video streaming boomed in 2020 and its growth trajectory is projected to continue with the subscription video-on-demand (SVOD) sector set to grow at a CAGR of 10.6% to 2025, making it a US$81.3 billion industry. Meanwhile, cinema revenues are projected to rebound in 2021 as lockdowns ease but will not recover to pre-pandemic levels until at least 2024.