Revenues for the global entertainment and media market are projected to increase at a compound annual growth rate of 5.1 per cent over the coming five years, reaching $2.23trn in 2019, according to a PwC research report as mentioned on PR Newswire.

While non-digital media is still expected to contribute about 80 per cent of the market’s revenue by 2019, the actual digital media segment of the market is projected to show even stronger growth rates.

The power of digital media is reflected in digital advertising revenues, which are projected to grow at a CAGR of 4.7 per cent to 2019.

The report indicates, that while the pace of industry growth will vary widely in different markets, ‘it’s apparent that when consumers around the world become connected, their behavior becomes more similar, subject to two differentiators. The first is the quality of the available infrastructure for consuming content.

The second is consumers’ common desire for content experiences that are relevant to them personally – which is why, even in a globalised world, meeting local preference remains critical.’

PwC’s Global leader in entertainment and media, Marcel Fenez commented on the market, “Digital or non-digital – for consumers it’s all about content experiences. Given the wide variations in consumer preferences, the challenge for entertainment and media companies are to blend data insights and consumer intuition, to maximize the value of the experiences they offer. The prize for achieving this is heightened by the fact that the consumer has never been more up for grabs than today.”