Global entertainment and media had a strong year outpacing global economic growth. Revenues were USD 2.3 trillion last year, virtual reality grew 36% and esport will become a USD 324 billion business, consultancy PwC says in an outlook for 2022 – 2026. The company predicts that in the not-too-distant future the metaverse could become a stunningly realistic world where individuals access immersive virtual experiences, through a VR headset or other connecting device.
“Following a pandemic-related 2.3% decline in 2020, E&M revenue rose a strong 10.4% in 2021, from USD 2.12 trillion to USD 2.34 trillion. With the industry becoming more digital, more mobile and more youth-oriented, virtual reality (VR) and gaming are powerful growth drivers, while digital advertising permeates all of the industry.”
“We are seeing the emergence of a global E&M consumer base for the coming years that is younger, more digital and more into streaming and gaming than the current consumer population. This is shaping the future of the industry”, says Werner Ballhaus, Global Entertainment & Media Industry Leader, PwC Germany.