CALL IT A TALE OF TWO INDUSTRIES.
For the vast global television sector, this is the best of times and the worst of times. This is a golden age of television. Cinema-quality programs such as Game of Thrones draw massive audiences. Events such as the 2018 FIFA World Cup, broadcast in real time to a global viewership of 1.1 billion, prove the medium’s unique power to bring together truly massive live audiences. People are watching more television than ever, and advertising revenues continue to grow. According to PwC’s Global Entertainment & Media Outlook, global television advertising rose 2 percent in 2018 off a very large base (US$164 billion), and will rise at a 1.5 percent compound annual growth rate (CAGR) through 2023 (see chart, next page). There is a global arms race surrounding original programming. To keep up with Amazon and Netflix, which is expected to spend $15 billion on content in 2019, Sky announced that it would double its annual investment in original shows to £1 billion (US$1.2 billion) as part of its drive to become the “leading force in European content development and production.”
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