Media forecast bright
The entertainment and media industry held its ground during the recession according to the inaugural PwC Entertainment and Media Outlook 2011-2015 report.
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The entertainment and media industry held its ground during the recession, with revenues growing a healthy 3% during 2010, according to the inaugural PwC New Zealand’s Entertainment and Media Outlook 2011-2015 report.
It predicts growth rates will rise 5.9% by 2015 as new technologies and faster and cheaper broadband change the way people consume and pay for entertainment.
But spending is not expected to return to pre-recession levels in the short term as growth shifts to the low-cost online space.
PwC assurance partner Keren Blakey said the industries should prepare to capitalise on the opportunities of ultra-fast-broadband and digital technologies.
She said traditional magazine and newspaper publishing will evolve rather than demise.
Online advertising is now takes the largest share of advertising revenue.
“The move from traditional to digital will only accelerate providing new opportunities for emerging and agile companies,” said Mrs Blakey.
“Understanding the dynamics of digital and recognising the importance of innovation is critical to success,” says Mrs Blakey.
She said media and entertainment organizations should utilise partners to help them execute innovative ideas.
“Innovative organisations embrace change and look for new growth areas will expand beyond New Zealand’s borders. The digital shift means our industry’s revenue possibilities are no longer contained by seas, countries and time zones.”
Globally, overall entertainment and media spend rose by 4.6% during 2010 and is predicted to rise by 5.7% over the next five years. This increase is driven by economic growth, but the trend masks the accelerating shift of spending from traditional to digital platforms.
Nicola Williams
Mon, 01 Aug 2011
Mon, 01 Aug 2011
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Media forecast bright
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