It’s good news for marketers as the UK’s media and entertainment (E&M) sector shows no signs of slowing down, at least for the next four years. According to global advisory firm PwC’s latest Global Entertainment & Media Outlook 2014-2018, the country’s E&M market is expected to grow by 3.1% compounded annually (CAGR) from 2013 – 2018 to a value of £64bn in 2018.
In 2013, the UK had the second largest E&M market in EMEA at £58.6bn, behind Germany, and it will maintain this position to 2018.
Total E&M spend on digital (excluding spend on Internet access) is forecast to grow at a 10.9% annually between 2013 and 2018 and account for 34% of the UK’s entertainment and media spending growth – more than one in every three pounds.
The fastest growing areas will be internet advertising, internet access, outdoor advertising, video games and TV advertising.
Phil Stokes, Entertainment and Media lead partner at PwC, said: ‘This growth is being driven by the internet and by consumers’ love of new technology, particularly mobile technology and applications powered by analytics and the cloud; they demand excellence in customer experience – a social experience as well as a personal one.’