PwC Australian Entertainment & Media published a report with some interesting data for people investing in things like a King Kong advertising review and other digital media.
According to the group’s Outlook for 2020-2024, Aussie demand for digital entertainment grew rapidly due to the COVID-19 pandemic. Their data suggests that there’ll be a contraction of 4.46%, to $57.4bn, in 2020, with ad revenue to drop to $14.9bn at a CAGR of -11.31%, for the year 2020. This contraction is attributed to the effects of the year’s events, particularly the COVID-19 pandemic.
However, people dealing with many a King Kong advertising review shouldn’t fret, as PwC AU also predicted that there’ll be growth for both industries all the way up to 2024. They’re expecting customer revenue to grow to AU$17.9bn by 2024, while ad revenue is expected to go up by a CAGR of 1.37%, to AU$17.9bn.
Streaming, meanwhile, is expected to grow at a CAGR of 16.15%, to $2.3bn by 2024. The introduction of new streaming platforms like Disney+ since the last iteration of the report was timed nicely with people spending much more time at home and the unavailability of out of home entertainment options.
PwC’s Outlook also took a look at how the COVID-19 pandemic has changed how Aussies enjoy the news. Digital ad and digital subscriptions, they predict, are set to grow at a CAGR of 5.64%, to $928mn, by 2024.
Entertainment and Media Outlook Editor Justin Papps, a PwC Australia Partner, says that, while COVID has resulted in big changes in how people consume media, it only really accelerated and amplified the already-happening shifts in customer behaviour and digitalization.