PWC has painted a rosy picture for UK advertising in its latest Global Entertainment & Media (E&M) Outlook. By 2025, the UK is set to overtake Germany as the biggest E&M market in Western Europe with compound growth of 5% per annum. Total UK advertising spend is forecast to increase by 7% compound over the next five years (9% this year.)
By 2025, the UK’s E&M sector is expected to be worth £88bn with only the US, China and Japan worth more globally. Cinema, B2B Events, Live Music, and Out of Home are forecast to bounce back most strongly as pandemic lockdown restrictions are eased.
PWC UK head of entertainment and Media Mark Maitland says: “UK consumers’ rapid migration to digital behaviours in the pandemic has now become embedded in their day-to-day lives, helping to sustain overall growth across E&M for the coming five years. As companies race to meet consumers’ evolving needs with new products, services, and experiences, the E&M industry will become more pervasive, more immersive and more diverse.”
PWC Strategic director Dan Bunyan says: “These shifts are playing out almost everywhere in the entertainment and media sector. Whether it’s box office revenues shifting to streaming platforms, rising eCommerce helping to boost digital advertising, creators of user-generated content tapping into new audiences or brands looking to find potential customers across new entertainment platforms and games, there is one common driver: changes in customer behaviour, propelled by habits gained in the pandemic, in many cases, look set to continue well beyond it.”
The full Outlook is here.