In its latest Global Entertainment and Media Outlook, 2024-28, PwC analysts indicate growth in advertising spend and data consumption will make UK E&M market the largest in Europe next year
By Matthew Corrigan
Published: August 14, 2024
In its latest Global Entertainment and Media Outlook, 2024-28, PwC analysts indicate growth in advertising spend and data consumption will make UK E&M market the largest in Europe next year
target=_blank title=Share on LinkedIn class=share-linkedin> In its latest Global Entertainment and Media Outlook, 2024-28, PwC analysts indicate growth in advertising spend and data consumption will make UK E&M market the largest in Europe next year
https://www.tvbeurope.com/uncategorized/pwc-uk-media-and-entertainment-market-on-track-to-become-largest-in-europe title=Share via Email class=share-email>
A new report from PwC forecasts the UK will overtake Germany to become the largest entertainment and media market in Europe from next year.
PwC's latest Global Entertainment and Media (E&M) Outlook 2024-2028 report has predicted revenue will break the £100 billion barrier this year, growing to £121 billion by 2028 with a compound annual growth rate (CAGR) of 4 per cent.
The report highlighted that the UK advertising market, already the most digitally mature in Western Europe, will strengthen its position further from this year's £32 billion of spend to £44 billion over the next four years. This represents a CAGR of 8 per cent, one of the highest in the region.
Analysts suggested the growth will be enabled by the service sector (internet access) scaling up from £28 billion this year to £32 billion by 2028, providing the digital infrastructure to meet increased consumption. 5G mobile subscriptions are expected to rise almost threefold over the period, from 36 million to almost 100 million.
Commenting on the findings, Mary Shelton Rose, partner and UK technology, media and telecoms leader at PwC, said, The UK entertainment & media industry has always been at the forefront of technological disruption. To capitalise on the many growth opportunities, it must leverage the power of new and emerging technologies such as GenAI, re-shape its business and creative models, and better leverage technology for advertising. So far, many of the applications of GenAI in the E&M industry have focused on speed and efficiency cost savings. As we look ahead, the industry should further explore how GenAI can lead to greater value creation through experimenting, iterating, and scaling new solutions and processes, which can be monetised to drive top-line revenue growth.
New streaming models will fuel growth While it remains the largest in Western Europe in revenue terms (and third largest in the world behind the USA and China), the UK's over-the-top (OTT) streaming market is facing a slower growth rate, said the report. Increasing competition and rising costs are expected to reduce to a 3 per cent CAGR over the 2024-28 period, down from 20 per cent on the 2019-24 figure. Subscriptions to OTT video services are predicted to show a 6 per cent CAGR, rising from £6.5 billion this year to £8.3 billion in 2028.
The report suggested streamers are looking to consolidate their positions and reshaping business models to find additional revenues beyond subscriptions, including the introduction of live sports, ad-based variants and cracking down on password sharing. By 2028, advertising will account for 30 per cent of UK OTT streaming revenues, said the report, rising from 24 per cent this year.
Ben Bird, entertainment and media sector leader at PwC UK, said, Despite the OTT market being extremely competitive and mature, revenue has expanded rapidly in recent years with the market nearly doubling in size since 2020 thanks in part to the accelerated growth experienced during the pandemic. Prices have risen for several major platforms and despite the difficult macroeconomic environment, the market has continued to flourish. Operators are leveraging their content rights and original productions to boost take up, leaving consumers needing to subscribe to multiple services or rotate platforms to access the content they desire, such as sports streaming with English Premier League football spread across three different streaming platforms. The option to have ad-supported plans is also driving growth, in some cases offering the chance to subscribe for slightly less.
PwC: Ads will make up a quarter of streamers' revenues by 2028
Most recent headlines
09/12/2024
Dalet, a leading technology and service provider for media-rich organizations, today announced that it has been named an IDC Innovator in the IDC Innovators: ...
09/11/2024
Dalet, a leading technology and service provider for media-rich organizations, today announced three new members of its executive team. Tara Bryant joins as Chi...
04/10/2024
WASHINGTON The Corporation for Public Broadcasting (CPB) announced today it has awarded 30 grants to date through the first round of the Next Generation Warning...
04/10/2024
TV TECH: What do you anticipate will be the most significant technology trends at the 2024 NAB Show New York?...
04/10/2024
The Hollywood Professional Association Monday tapped a host of creative teams from high-profile projects as Creative Category Nominees in the 2024 HPA Awards, w...
04/10/2024
WASHINGTON The FCC's Enforcement Bureau has appointed Andy Hendrickson as its new chief technology officer, tasked with providing strategic and technical ad...
04/10/2024
TV TECH: What do you anticipate will be the most significant technology trends at the 2024 NAB Show New York?...
04/10/2024
NEW YORK and LOS ANGELES The National Academy of Television Arts & Sciences (NATAS) is introducing a new category for the 75th Technology & Engineering Awards t...
03/10/2024
A still from Daniel Barosa's Boi de Conchas (The Shell Covered Ox), which ...
03/10/2024
Have you ever hopped on a plane only to realize you forgot to download your favorite playlist? Are you looking for ways to save data with your data plan while s...
03/10/2024
The HPA Awards Committee today announced the nominees for the Creative Categorie...
03/10/2024
NEW YORK - October 2, 2024 - An estimated 43.15 million viewers watched the CBS News Vice Presidential Debate across 15 networks on Tuesday, October 1, accordin...
03/10/2024
Blackmagic Cinema Camera 6K Supports Troy University's Art and Design Depart...
03/10/2024
Create With Maxon: Marble Run - Simulation and Rendering
Brie Clayton October 3, 2024
0 Comments
Wednesday, October 9th 4PM GMT / 6PM CET / 9AM Pacifi...
03/10/2024
Shattered Reflection in Resolve Fusion
Simon Ubsdell October 3, 2024
0 Comments
How to make a dramatic reflection scene in Fusion: render passes, shad...
03/10/2024
Student Spotlight: Rafael Heredia The flamenco percussionist is channeling the vibrant music scenes of Japan and Spain in his musical explorations at Berklee,...
03/10/2024
Berklee and Can We Talk Celebrate Healing Power of the Arts in BIPOC Communities Arts Activation 2024: Harmony and Healing (October 19) unites artists, thoug...
03/10/2024
NEW YORK An estimated 43.15 million viewers watched the CBS News Vice Presidential Debate across 15 networks on Tuesday, according to Nielsen. The first and onl...
03/10/2024
Its feature set is closer to what a vision mixer provides than to what operators traditionally expect from a downstream keying function, said the company
By Ma...
03/10/2024
QuickLink, empowering creatives to exceed modern-day standards of production, is launching the new QuickLink StudioPro Controller control panel at NAB New York...
03/10/2024
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, is presenting its Realtime Media P...
03/10/2024
Telestream and Starin, a value-add distributor of broadcast and pro AV products, are pleased to announce a distribution partnership to deliver Telestream's ...
03/10/2024
Vizrt, the leader in real-time graphics and live production solutions for content creators, today announces two new additions to the TriCaster family, TriCaster...
03/10/2024
Celebrating its 40th anniversary this year, Radio Clodia has chosen a DHD SX2 audio mixing console and XC3 IP processing core in a major upgrade of the producti...
03/10/2024
DETROIT Waymark, a developer of AI video-creation technology, is launching Variations, a new technology that generates video ads in multiple lengths and aspec...
03/10/2024
Vizrt expands TriCaster possibilities with new flagship and entry-level solution...
03/10/2024
VFX Industry Veteran Joseph Bell Releases the Visual Effects World Atlas
Brie Clayton October 2, 2024
0 Comments
Long frustrated by the shortage of cl...
03/10/2024
With the WNBA's semifinal playoff round underway, and the first gender-equal...
03/10/2024
Warner Bros. Discovery and AEW Ink Multi-Year Media Rights Renewal That Includes...
03/10/2024
NEP Specialty Capture Improves Pylon Camera, Offers 4K Pan-and-Scan and Super-Sl...
03/10/2024
Diamond Sports Group Confirms Plans to Drop 11 of 12 MLB Teams, Indicates Potent...
03/10/2024
Warner Bros. Discovery's Chris Brown on Building REMI Control Rooms at the N...
03/10/2024
Back to All News
The Shadow Strays' Trailer Tease Dark Suspense and Intens...
03/10/2024
Back to All News
Uncover the Darkest Depths in Bangkok Breaking: Heaven and He...
03/10/2024
AMP8 award follows successful large-scale rollout to date
03 October, 2024 - Winchester, UK - A month after we announced that our smart water meter networks ac...
03/10/2024
It was great to speak with Carly Radford, Strategic Digital Solutions Manager at Telegraph Media Group (TMG). Carly also acts as TMG's TAG Compliance Offic...
03/10/2024
On RT Prime Time tonight, Aoife Johnston's mother and father, Carol and Jam...
03/10/2024
The air is crisp, the pumpkins are waiting to be carved, and GFN Thursday is ready to deliver some gaming thrills.
GeForce NOW is unleashing a monster mash of ...
03/10/2024
AI isn't just about building smarter machines. It's about building a greener world.
From optimizing energy use to reducing emissions, artificial intell...
03/10/2024
Daniel O'Donnell | Sandy Kelly| Garron Noone| Lisa McHugh| Derek Ryan
Janet Devlin | Michael English | Margo | Mike Denver
Jimmy Buckley| Cliona Hagan | P...
02/10/2024
Aspiring actor Laura (Melissa Barrera) contends with a peculiar houseguest in wr...
02/10/2024
By Bailey Pennick
One of the most exciting things about the Sundance Film Festi...
02/10/2024
Tokyo, Japan September 17, 2024: Nielsen, a global leader in audience measurement, data and analytics, has today announced the expansion of YouTube Connected ...
02/10/2024
RKM Studios Produces Music Videos Using Blackmagic Cloud
Brie Clayton October 2, 2024
0 Comments
Nick Phoenix's music videos shot with URSA Mini P...
02/10/2024
Watch DREIONs Electrifying Shining Star Blind Audition on The Voice The Berklee alum wowed the coaches with his rendition of the Earth Wind & Fire classic.
B...
02/10/2024
GatesAir has announced the retirement of Joe Mack effective at the close of the business day Monday, Sept. 30.
GatesAir issued the following statement:...
02/10/2024
The Littlewoods Building transformation will include two film studios as well as office and workshop spaces
By Jenny Priestley
Published: October 2, 2024 U...
02/10/2024
The acquisition will deliver strategic benefits, such as expanded product and solution offerings, an increase in EVS R&D centres, and broader support services
...
02/10/2024
Releasing the data, the Film and TV Charity also announced plans to develop pan-industry mental health standards ahead of a revamp of its Whole Picture Toolkit
...
In its latest Global Entertainment and Media Outlook, 2024-28, PwC analysts indicate growth in advertising spend and data consumption will make UK E&M market the largest in Europe next year
