In recent years, the global entertainment and media (E&M) industry had experienced steady growth amid a series of disruptions. Between 2015 and 2019, overall spending on E&M grew at a 5.8 percent compound annual growth rate (CAGR), according to the new PwC Global Entertainment & Media Outlook. With each passing year, consumers, especially those in emerging markets, spent more, propelling impressive investment in burgeoning new segments such as virtual reality, podcasts, and esports. At the same time, ongoing structural shifts spurred digital platforms and distribution models to garner a larger share of overall revenues.
Then came 2020.
A uniquely disruptive phenomenon, COVID-19 hit the E&M industry particularly hard. As the global economy shrinks for the first time since 2009, the Outlook forecasts that the US$2.1 trillion global industry will contract in 2020 by 5.6 percent. The Outlook offers reason for hope, however. Spending is anticipated to bounce back smartly in 2021, and the industry will post a 2.8 percent CAGR through 2024, roughly equivalent to the long-term trend (see chart, next page). But it’s likely to be a K-shaped recovery, in which some sectors rise and others fall. As consumers and businesses adapt in parallel, the industry is being reshaped before our eyes.
この記事は strategy+business の Winter 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は strategy+business の Winter 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Transforming information into insight
Focus on six organizational elements to build a world-class data and insights capability.
THE URGENT NEED FOR SOPHISTICATED LEADERSHIP
The pandemic has highlighted a series of paradoxes inherent to the work of leaders. What comes next will depend on how well leaders face up to them.
The road to successful change is lined with trade-offs
Rather than trying to convince people your change initiative is the right one, invite them to talk openly about what it might take to implement it: the good, the bad, and the frustrating.
Sustaining productivity virtually
Maintaining productivity levels among remote employees is an enduring challenge. Here are five ways to help businesses and employees thrive while people work at home.
FORWARD TO normal
Entertainment and media companies are building business models that are resilient to the enduring changes in consumer behavior ushered in by COVID-19.
How leaders can promote racial justice in the workplace
Embrace four principles to turn today’s diversity, equity, and inclusion initiatives into sustained progress.
CREATING THE OFFICE OF THE FUTURE
In a remodeled world, it is vital for companies to reinvent ways of working.
Consumer companies must take leaps, not steps
As shoppers show how quickly they can adapt to external shocks, retailers will need to radically reconfigure their business models.
Businesses can fast-track innovation to help during a crisis
“Unrealistic” timelines can actually work. Here’s how.
Agility and experience management work better together
Many companies achieve early wins with separate transformational efforts, then stall. But if combined and enhanced using “return on experience,” or ROX, measures, these two programs can unlock each other’s potential.