As someone who has been closely following the entertainment industry for years, I find it absolutely fascinating to see the U.K.’s E&M market on track to become Europe’s largest by 2025. The growth projections are nothing short of impressive, with streaming revenue expected to surpass £100 billion this year and reach £121 billion by 2028.
In the upcoming years, it’s predicted that streaming platforms and cinemas will take center stage in the United Kingdom’s entertainment and media sector. By 2025, this market could surpass Germany to become Europe’s leading E&M market, as suggested by PwC’s most recent Global Entertainment & Media Outlook report for 2024-2028.
As someone who has spent years working in the tech industry, I can confidently say that the projected growth of U.K.’s E&M (Entertainment and Media) revenue is truly remarkable. Having seen firsthand the rapid evolution of technology and its impact on various industries, it’s impressive to see such a significant increase forecasted for this sector. The report projects that the U.K. will surpass £100 billion ($128 billion) in E&M revenue this year alone and reach an astounding £121 billion ($155 billion) by 2028, growing at a steady compound annual rate of 4%. This growth is not only a testament to the resilience of the U.K.’s economy but also a sign of the endless possibilities that technology brings to our daily lives. The entertainment and media landscape has always been dynamic, but the pace at which it’s changing now is breathtaking. I can’t wait to see how this sector continues to innovate and shape our world in the years to come.
The U.K.’s streaming market, which is the largest in Western Europe and ranks third globally, is dealing with a maturing environment. Despite predictions of increased subscriptions from £6.5 billion in 2024 to £8.3 billion in 2028, growth rates are decelerating. To adapt, streaming services are seeking alternative sources of income.
Ben Bird, who leads PwC U.K.’s entertainment and media sector, observed: “Service providers are using their content rights and unique productions to increase user sign-ups, resulting in consumers needing to subscribe to several services or switch platforms frequently to get the desired content.” He further stated that plans with ads are experiencing growth, sometimes even allowing users to subscribe at a lower cost.
Bird emphasized the streaming market’s strong performance, noting its rapid expansion despite intense competition and market maturity. He pointed out that the sector has shown remarkable growth, with its size nearly doubling since 2020, partly due to the boost received during the pandemic. Bird added that even in the face of price increases by major platforms and challenging economic conditions, the streaming market has maintained its robust growth trajectory.
By the year 2028, it’s expected that around one third of the total revenue generated by streaming services in the U.K. will come from advertising, which was only a quarter in 2024. This increase is due to the introduction of ad-supported versions and the exploration of other ways to generate income by these streaming platforms.
The movie industry is bouncing back strongly, anticipating a 6% yearly increase in total earnings over the following four years. Ticket sales are expected to rise by 5% annually. Propelled by big-name films like “Barbie” and “Oppenheimer” set for release in 2023, the industry is poised for even more growth with significant movies planned for 2025. Spending at the box office is projected to surpass its pre-COVID figures by 2027, reaching a record £1.3 billion in 2028.
As a movie buff and reviewer, I’m excited to share some intriguing insights about the box office of online advertising. This dynamic industry is projected to witness significant growth, expanding from an impressive £32 billion in 2024 to an astounding £44 billion by 2028.
In 2024, it’s predicted that the U.K.’s gaming market will continue leading in Europe, with a projected growth in overall video games and esports earnings from £7.4 billion to £8.4 billion by 2028. By 2028, social and casual gaming is likely to account for over half of the U.K.’s total video game revenue.
It’s projected that sales of tickets for live music performances will climb from approximately £1.75 billion in the year 2024 to around £1.9 billion by the year 2028. This growth is primarily fueled by significant events like music festivals and global tours. By the year 2028, it’s estimated that live music will comprise roughly 31% of the overall revenue generated from music, radio broadcasts, and podcasts.
Mary Shelton Rose, a partner and head of U.K. tech, media, and telecoms at PwC, stated: “The British entertainment and media sector has historically been an innovator in technological transformation. To seize the numerous growth prospects, it needs to harness the potential of novel technologies like GenAI, redesign its business and creative strategies, and optimally utilize technology for advertising.”
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2024-08-14 10:17