PWC claim new technology driving strong online sales
June 24, 2005
A report by PricewaterhouseCoopers claims that new technology is driving strong growth in the global entertainment and media industry.
Due to the increase in the online distribution of music, films books and games, the industry is expected to grow in value to $1,800bn (£987bn) by 2009.
The report predicts that across the world, new methods of buying all forms of entertainment, including broadband internet, will increase revenues from $11.4bn in 2004 to $73bn by 2009.
Wayne Jackson, global leader of PricewaterhouseCoopers Entertainment and Media Practice said that innovative new revenue sources, including online and wireless video games, licensed digital distribution of music, and the rapid adoption of ringtones and mobile music downloads, were becoming key to the industry.
Entertainment spending in the UK has increased, placing it as the largest market in the world, followed by the US and Japan.
The report also suggests that Asia/Pacific will remain the fastest growing region during the next five years.
China is expected to record a substantial growth in spending and will overtake Japan as the region’s biggest market by 2008. The report suggests that the threat of piracy will continue to hinder growth throughout the Asia/Pacific region.