The recent pandemic and its lockdown had a strong impact on the global revenues of the Entertainment & Media sector, which in 2020 were 5.6% lower than in 2019; it’s the worst result since 1999, but already in 2021 a recovery of the market is to be expected: it should grow up to 6.1%, allowing a growth rate of 2.4% between 2020 and 2024.
This is announced by PwC with a report released yesterday for the period 2020-2024. The study predicts an increase in the value of the audiovisual market over the four-year period: in 2024, it will be worth $2.4 billion compared with $2.13 billion in 2019.
The Pwc has in fact announced another important change: with the lockdown, the consumption of audiovisual materials has changed, directing it more and more towards online platforms; this has led to an acceleration of the digital revolution, pushing consumers towards a much more domestic and personalized use of audiovisuals materials.
The recovery is expected in 2021, but the past pandemic could make it uneven. Ott’s growth will continue, with revenues of $87 billion and an increase in global data consumption of 33.8%, but it couldn’t be the same for other sectors: the cinema, for example, strongly affected by the pandemic, in 2024 could have revenues even lower than 2019. A similar argument could be made for newspapers and periodicals, but is also predicted that in 2023 their revenues will come mainly from digital advertising rather than print media publicity.
Among the growth sectors in 2020 is in the first post that of Virtual Reality, which grew by 30% compared to the previous year, followed by Video Ott at 26%. These two sectors are also the same that will have the greatest development in 2024.