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More media expenditure to come
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GROWTH rate of expenditure and income in China’s media and entertainment sector is expected to be around 10.5 percent between 2015 and 2019, more than double the global average level, and total amount of spending will rise to US$2.35 billion in 2019 from that of US$1.43 billion in 2014, a latest study shows.
Globally, revenues in the entertainment and media sector will rise at a compound annual growth rate of 5.1 percent over the coming five years, from US$1.74trillion in 2014 to US$2.23trillion in 2019, PwC’s Global Entertainment and Media Outlook report said today.
The report is a five-year forecast for consumer and advertising spending in 13 industry segments in 54 countries and regions.
Internet advertising is the fastest growing segment, as China is already the largest Internet advertising market in Asia and the second-largest globally after the US.
Total Internet advertising revenue is expected to grow at a compound annual growth rate of 15.1 percent, reaching US$33.55 billion by 2019.
"Internet advertising’s share of China’s advertising market is already huge, but is set to continue to grow to contribute 48 percent of total advertising expenditure in 2019 compared with 39 percent in 2014, making China a stand-out market in terms of the use of digital advertising as part of the media mix for brands,” PwC China Entertainment and Media partner William Lam said in a statement.
Paid search is still the biggest sector, followed by Internet display (banner ads).
China’s total filmed entertainment revenue, including box office, cinema advertising and home video expenditure, is also a fast growing segment with an estimated compound annual growth rate of 14.5 percent through 2019.
The market is estimated to be worth US$9.96 billion by 2019, almost double the revenue of US$5.07 billion in 2014.
“More and more global players will keep a close eye on this booming market, as it may not be long before China starts generating billion-dollar blockbusters all on its own, with local films increasingly boost the box office revenue,” Jane Kong, PwC China Entertainment and Media Partner added.
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