COVID-led acceleration and changing viewing habits key to success, says PWC report
Australia’s entertainment and media revenue is set to contract by 4.46% to $57.4 billion in 2020, according to the PWC’s Australian Entertainment & Media Outlook 2020-2024.
The Outlook, now in its 19th year, indicates advertising revenue is set to fall to $14.9 billion in 2020, equating to a compounded annual reduction of 11.31%.
PWC Australia partner and Outlook editor, Justin Papps, said much of the drop could be attributed to the pandemic-driven changes in consumption; although, the industry’s fundamental growth trajectory remains largely positive, as companies accelerate their transformations.