pwc: M&E industry takes $120 Billion hit in 2020

In its Global Entertainment & Media Outlook 2020–2024 report, PwC predicts that the global M&E industry will contract by 5.6% in 2020. It’s the sharpest fall in global M&E revenue in the 21-years PwC has been conducting this research and represents a $120 Billion hole in the industry’s finances, For context, in 2009, the last year the global economy shrank, the drop in spending was only 3%.

Balancing this news, PwC says it believes industry growth is still strong, and despite the challenges of 2020, 2021 spending will grow by 6.4% and over the five years the report covers, the compound annual growth rate (CAGR) will be 2.8%.

Driven to a great extent by the pandemic lockdown, OTT delivery revenues will nearly double in size from $46.4 Billion in 2019 to $86.8 Billion in 2024 and global data consumption is predicted to grow from 1.9 quadrillion MB in 2019 to 4.9 quadrillion MB in 2024. Consumption increased by 33.8% in 2020.