The global entertainment and media industry has regained its momentum, with revenues outpacing the economy as a whole, says PwC, APA-Economics reports citing AdNews.
The $2 trillion plus industry is on track to grow 6.5% in 2021 and 6.7% in 2022, with strong demand for digital content and advertising.
The numbers come from PwC's Global Entertainment & Media Outlook 2021-2025, the 22nd annual analysis and forecast across 53 territories.
"The pandemic slowed the entertainment and media industry last year, but it also accelerated and amplified power shifts that were already transforming the industry," says Werner Ballhaus, Global Entertainment & Media Industry Leader Partner, PwC Germany.
"Whether it's box office revenues shifting to streaming platforms, content moving to mobile devices, or the increasingly complex relationships among content creators, producers and distributors, the dynamics and power within the industry continue to shift.
"Our outlook shows that the hunger for content, continued advances in technology and new business models and ways of creating value will drive the industry's growth for the next five years and beyond."