Worldwide spending for entertainment is expected to steadily rise over the next five years as consumers increasingly use smartphones and tablets and as Brazil, China and India further develop into vibrant media markets, reports the LA Times.
PricewaterhouseCoopers has predicted that global spending for media and entertainment will reach US$2.2tn in 2017, compared with $1.6tn in 2012. The US is expected to remain the largest media market, with spending increasing 4.8 per cent annually to reach $632bn in 2017, up from the nearly $500bn spent last year.
Digital media — fueled by the expansion in ownership of smart devices — is expected to account for 43 per cent of all media spending in the US by 2017. That’s up from 31 per cent of the total in 2012.
“The growth is really going to be concentrated on digital media platforms and associated consumption,” said Joe Atkinson, a principal with PricewaterhouseCoopers’ entertainment and media practice.
Latin America is expected to become the fastest-growing region over the next five years, with 10.6 per cent annual spending growth. Asia Pacific countries are expected to notch annual growth of 6.5 per cent.