The global entertainment business is in the midst of an “asymmetrical” recovery from the effects of the coronavirus pandemic, with box office one of the clearest indications of the patt…
In its survey of 14 different sectors, from gaming to advertising to movies, across 53 territories, PwC said theatrical receipts will total $45.2 billion in 2024. In 2020, as most movie theaters were forced to shutter around the world, the tally was just $13 billion.Across every sector, the total entertainment and media business experienced a nearly 4% year-over year decline in 2020, to $2 trillion. That’s the biggest since PwC has started analyzing the numbers.
PwC sees annual growth of 5% through 2025, when overall entertainment and media revenue will reach $2.6 trillion. Streaming, of course, is a major source of theatrical angst, with movies having bypassed theaters or seeing additional availability on new subscription services. Disney over the weekend found fertile ground withOverall growth in streaming will grow by an annual rate of 10.6 through 2025, PwC predicts. The peak growth year was 2020, when new services from Disney, Apple and WarnerMedia hit the market. By 2025, when subscription services will pull in $81.3 billion globally.
Globally, the streaming landscape is growing more populous and targeted, the forecast notes. The business models have also continued to shift in striking ways. “The expanding array of global streaming services now available in territories worldwide is supplemented in most cases by a slew of local providers,” the forecasters write. “In Brazil, local provider Globoplay expanded rapidly in 2020 and now has more than 20mn subscribers, at a highly affordable cost of about US$7 per month. India’s subscription OTT providers span a vast range of price points, from US$4 a year to US$120 a year.
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