VR and OTT Video to lead growth in Media & Entertainment sector until 2024, say PwC experts during EANA online seminar
VR, OTT Video and Video Games & E-Sports to top growth in Media & Entertainment sector until 2024, according to the Global Entertainment and Media Outlook study presented by PwC’s Werner Ballhaus, Global Entertainment & Media Sector Leader at PwC Germany, during the EANA Online Seminar on the Future of Media. The seminar was organised last Friday by EANA - The European Alliance of News Agencies, and also benefited from the participation of Karim Sarkis, Partner - Entertainment and Media at Strategy& (the global strategy consulting team at PwC) and of Dan Bunyan, Director at the same Strategy&.
According to the same study, total E & M sector revenue fell globally by more than US$120bn in 2020, a 5,6% drop, bigger than the 3% drop witnessed by the industry during the crisis in 2009.
The digital segments witnessed “relatively neutral effects” of the Covid-19 crisis in 2020, mentioned Werner Ballhaus during his presentation, underlining that the physical segments of the industry suffered the most, and, the same as with past crises, some traditional E&M segments will not recover.
Another highlight shown by the study was related to the global data consumption witnessing tipping point in 2019, when data consumed by smartphones overtook fixed broadband. The mobile data consumption trend is expected to grow more rapidly than broadband usage, leading to an increased distancing between the two.
The Future of Media online seminar is part of the digital shift of EANA, favoured by the current Covid-19 context, and will be followed by other monthly seminars for members only. High ranking executives from 30 European news agencies participated in the seminar.