The global entertainment and media market is expected to grow by 2.7 per cent annually to reach a size of $1.6 trillion in 2013, with Asia Pacific and Latin America remaining the fastest growing regions, a PricewaterhouseCoopers (PwC) 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 $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.
