GCN and SSI are in the "right place at the right time"
Asia/Pacific to Remain Fastest-Growing Region with Powerful Growth in China
NEW YORK, June 22 /PRNewswire/ -- The global entertainment and media (E&M) industry is in its strongest position since 2000, and will increase at a 7.3 percent compound annual growth rate (CAGR) to $1.8 trillion in 2009, according to PricewaterhouseCoopers' Global Entertainment and Media Outlook: 2005-2009, released today. Improved economic conditions and an advertising upswing, combined with expanding online distribution of music, films, books and video games, will be key drivers triggering end-user spending.
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New spending streams triggered by broadband Internet and wireless technologies will account for a significant portion of total growth in global spending. Total revenues from new spending streams will increase significantly from $11.4 billion in 2004 to nearly $73 billion worldwide by 2009, according to predictions published in the new edition of the Outlook.
"The entertainment and media industry continues to display an extraordinary ability to reinvent itself and create new revenue streams through innovative offerings that barely existed as recently as 2000," said Wayne Jackson, global leader of PricewaterhouseCoopers' Entertainment & Media Practice. "Online and wireless video games, online film rental subscriptions, licensed digital distribution of music, and the rapid adoption of ring tones and mobile music downloads are becoming critical components of the industry and driving significant revenues across all regions," Jackson added.
Asia/Pacific will remain the fastest-growing region during the next five years, led by powerful growth in China, which is on track to overtake Japan as the region's biggest market by 2008. Spending growth in China will be the highest in the world, at a 14.2 percent CAGR excluding Internet access spending, and 25.2 percent after accounting for the explosion in Internet access spending. Growth in the region will be led by double-digit increases in the Internet, video games, casino gaming, TV distribution and recorded music segments.
"Rapid economic growth and a continually improving regulatory environment, which is facilitating greater investment in China, will drive spending and accelerate regional growth during the next five years," said Marcel Fenez, Asia/Pacific Leader of PricewaterhouseCoopers' Entertainment & Media Practice. "These factors and the aggressive roll out of broadband infrastructure will enable the country to generate the most significant increase in media penetration beyond any other region. The only cloud on the horizon is the on-going threat of piracy, which continues to hinder growth throughout Asia/Pacific, where efforts to stem the tide have had only limited success."
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