The aggregate Entertainment & Media (E&M) global spending is forecast to hit US $1.9 trillion in 2015, according to the latest Global Entertainment & Media Outlook 2011-2015 from PricewaterhouseCooopers (PwC).
PwC claims that the golden age of the empowered consumer has arrived as the demand for digital experiences is increasing each day.
The world is recovering from a global economic meltdown and consumer migration to digital has accelerated due to worldwide device revolution.
PwC attributes the recovery of overall E&M spending to improved economic conditions and notes that few nations such as China and India were not significantly impacted by the global recession.
These countries experienced significantly higher growth rates in E&M as compared to those still burdened with high government debt or political unease.
Growth in Singapore
Findings from the report indicate that overall global advertising will increase to US$578 billion in 2015. PwC expects Singapore advertising revenue to grow at a 4.8 percent compound rate to 2015.
Online advertising has been identified as the fastest growing component, according to the report that forecasts Internet access spending to reach US$408 billion in 2015.
E&M spending in Singapore is expected to grow at an annual compound growth rate of 5.5 percent.
“Singapore will continue to enjoy a rising share of digital revenues in E&M in both advertising and consumer spending. Internet advertising’s growth of 17.2 percent in Singapore will far exceed the global average at 13 percent. Digital consumer spending will also outpace most countries and see an increase in overall share in spending from 11 percent in 2010 to 19 percent in 2015,” said Greg Unsworth, Singapore Technology, InfoComm, Entertainment and Media leader of PwC LLP (Singapore).
“The high broadband and mobile Internet penetration [rates] may have accelerated the way for digitisation in Singapore. However, it is the device revolution with the rise and availability of digital technology and content, particularly through social networking, that has created a new normal in the industry as consumers are empowered like never before,” he said.
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