UK entertainment market worth £65.5bn by 2017 – report
The UK’s entertainment and media market is expected to be worth £65.5 billion by 2017 with digital revenues driving growth of more than a fifth, a new report by analysts PricewaterhouseCooper suggests.
The Global Entertainment and Media Outlook 2013-17 – the 14th annual report by PwC – predicts the value of the UK market to be 21.3% higher over the five-year period based on a compounded annual growth of 4%. In 2012, the UK had the second largest entertainment and media market in the EMEA (Europe, Middle East and Africa) territories and is expected to maintain its standing behind Germany by 2017.
While annual advertising growth is predicted to be slightly higher at 4.4%, consumer spending will see slower compounded growth of 1.8% per year to reach almost £33 billion by the end of the forecast period. The UK will retain its standing as Europe’s largest online advertising market, with a market value of £5 billion in 2012 growing to £8 billion in 2017.
Television advertising of £3.7 billion last year is expected to reach £4.7 billion in 2017, ranking the UK second globally in value only to the US. The fastest growing areas will be internet advertising, internet access, out of home advertising, video games and TV advertising.
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