Brits spend more on entertainment and media than anyone else in Europe, and will splash nearly £100 billion on E&M by 2026.
PwC’s new Global Entertainment & Media (E&M) Outlook 2022-2026 says the UK market will grow by four percent a year over the next four years – the second fastest growth rate in Western Europe.
It states that internet advertising will make up over a third of total E&M revenue by 2026, and that the virtual and augmented reality segment will grow at a rate of 17 per cent a year.
Mobile will play a key role in the UK's ascent. The report reveals that the percentage of UK consumers using mobile internet access will overtake fixed broadband access next year. By the end of the forecast period, it will account for 53% of total internet access revenue.
The UK also has the highest levels of ecommerce and online shopping. As a result, internet advertising revenue is forecast to grow to £26bn this year, with mobile internet advertising accounting for two thirds of the total.
Mary Shelton Rose, partner and UK Technology, Media and Telecoms Leader at PwC, said: “The UK entertainment and media market is forecast to emerge from the past few years of uncertainty to greater clarity about the underlying forces driving sustainable growth.”
“A vision of what the dynamic E&M landscape will look like in 2026 is coming into focus - an industry that is more digital, more mobile, and more dependent on advertising in all its forms.”