A new report from the accounting firm predicts that cinema revenue is 'on target to reach pre-pandemic levels by 2025, when it's forecast to be worth $46.5 billion' — even with lower admissions.
talked to PwC principal CJ Bangah about key big-picture takeaways, some of the more surprising forecasts for cinema and what’s next for advertising and streaming.
We are forecasting that global advertising revenue is going to become the first category to reach a trillion dollars in annual revenue by 2027 globally. So advertising is the lifeblood of this industry and it is absolutely the growth engine of this industry. You are seeing video game companies embrace advertising for the first time in a meaningful way, because of slowdowns in subscription spend. You are seeing cinema embrace advertising. It’s become an effective revenue stream for them as well.
The legacy knowledge about how media budgets were allocated was: if I want to grow OTT, I have to take it from linear television. I would argue that is flawed. Today, data suggests 27-plus people can get involved in approving a purchasing decision. And we have a generation of consumers that doesn’t place the same value on historically strong brands. They follow their favorite person on a short-form video, social media application. It’s very different dynamics from what we are used to.
We have been talking about bundling for years in our Entertainment & Media Outlook. We talked about bundling as the new way to differentiate. We are starting to see the telcos, because they all sold off their media business, offering now to either augment or give away for free a subscription to an entertainment platform. They don’t own the entertainment or media asset, but they are saying, “hey, we’ll pay for your subscription to one of these providers.
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