London, June 17: The global entertainment and media
market is expected to grow by 2.7 per cent annually to reach a
size of USD 1.6 trillion in 2013, with Asia Pacific and Latin
America remaining the fastest growing regions, a
PricewaterhouseCoopers report says.
Despite the current economic downturn impacting almost
every sector of the Entertainment & Media (E&M) space, it has
also accelerated and intensified the digital migration among
both providers and consumers of content, as per PwC`s Global
Entertainment & Media Outlook for 2009-2013.
"The global entertainment and media market as a whole,
including both consumer and advertising spending, will grow by
2.7 per cent compounded annually for the entire forecast
period to USD 1.6 trillion in 2013," the report stated.
The report forecast that initially a 3.9 per cent drop
would be witnessed in 2009 and a mere 0.4 per cent advance in
2010, with a period of much faster growth during the remaining
period to 7.1 per cent in 2013.
"What we are sure about is that this recession will last
longer than previous ones due to a steeper downturn and that
the impact on consumer spending will be much steeper than in
the past," it added.
E&M has not remained immune to that trend with consumer
spending in E&M projected to fall by 1.2 per cent in 2009,
remaining weak in 2010 and seeing only relatively low growth
at 3.2 per cent in 2011.
Bureau Report
