Digital Transformation To Change Aussie Entertainment Forever
With Covid-19 driving the entertainment industry, Australians are spending big on media such as video-on-demand, podcasting, music streaming and e-sport.
But PwC’s Australian Entertainment & Media Outlook 2020-2024 finds Australia’s overall entertainment and media revenue will contract by 4.46 per cent to $57.4bn in 2020.
Justin Papps, PwC Australia partner and entertainment-and-media outlook editor, said: “This result comes amid the sharpest fall in global entertainment and media revenue in the 21-year history of this research.
“While the pandemic has had an unprecedented and varying impact, the entertainment and media industry has been going through significant change for years and the pandemic has, in the most part, simply accelerated and amplified ongoing shifts in consumers’ behaviour and in digitalisation.”
Still, PwC’s Outlook shows advertising and digital subscriptions are set to grow to A$928 million by 2024 on the back of Covid.
“The ability of the news media outlets to successfully convert newly acquired digital news audiences during the pandemic to subscription models will be central to future growth within the industry,” Papps said.