Commissioned by PriceWaterhouseCoopers, this weeks reading focused on the five key trends shaping the Entertainment and Media or “E & M” industries. Through thorough research and analysis, the report suggests that the E & M landscape is a ‘multi-shifting’ and continually growing component of society. Most remarkably, in countries such as Venezuela and Nigeria. Where it has begun to grow more rapidly than their GDP. This information is crucial for advertising and media agencies to understand, as it gives rise to the possibilities of potential new markets.
In ‘A world of differences’, the report identifies five key shifts.
The first shift being; demography. As the report pertains that more youthful populations have higher rates of growth in E & M. Through statistical evidence, the report highlights that the ten youngest markets are spending money on E & M at three times the rate of older markets. Therefore emphasising the potential and somewhat neglected markets of Pakistan and the middle east. “where around 70 percent of the population is under 35”. It is therefore also important to note that E & M growth and spending is influenced more by the age of a country’s population than by its overall wealth and GDP.
(Personally, I found this piece of data very intriguing and vital in understanding the current media climate. Pakistan would never spring to mind when envisaging potential media consumers.)
The second shift being competition. Interestingly the report highlights that ‘content is being redefined by forces of globalization and localization simultaneously.’ This coexistence, seems to depart from the somewhat generalised viewpoint; that globalisation is inevitable. This oversimplification, ignores both our need and our ability to ‘Think global and act local’.
The third being consumption. Where consumers now have the ability to choose and ‘curate their own media diet’. This is prevalent in highly successful software such as Spotify and Netflix. Being a paid subscriber to both of these services, I can see the remarkable benefits of a pay-as-you-go and low-cost membership plan.
Fourth geography, . I found it very interesting to note that this year “China, the U.K., and Denmark ‘— will become the first to reach the tipping point at which total digital advertising revenues surpass their non-digital equivalent. “. From a media practitioners perspective this information is extremely important
and the final shift being business models. With the report suggesting companies create more dynamic work environments that reflect the ideals of the brand. This can be seen in the offices of AirBnb and Google.