NAIROBI, Kenya, Jun 18 – Digital platforms are expected to drive the growth of entertainment and media in the next five years, with Virtual Reality expanding by 40 percent followed by Over the Top Content by 10 percent.
This is according to the Entertainment and Media outlook report published by PwC shows total revenue will see a 4.4 percent rise over the five year forecast period, reaching $2.4 trillion by 2022.
Digital revenue will continue to make up more of the industry’s income, accounting for more than 50 percent in 2018, while magazines and newspapers will see a decline in revenues through to 2022.
“The last 12 months have been marked by streaming services, TV companies and social networks competing simultaneously over both conventional sports and e-sports rights; TV companies, telcos, tech companies, OTT operators and movie studios competing to provide TV content; radio stations, podcast companies and streaming services competing to provide radio and podcast content,” states the report.
It adds that news publishers are now hiring VR teams and video experts as automobile manufacturers and radio providers working hand in hand.
The report notes that the most disruptive companies are striving to create an integrated ecosystem suited to a consumer-driven dynamic where social media and e-commerce are intertwined with the entertainment experience