Perspectives from the Global Entertainment& Media Outlook 2021–2025

Power shifts:
Altering the
dynamics of the
E&M industry

About this report
Once again, we’re delighted to welcome you to our special report on the annual
Global Entertainment & Media Outlook. Now in its 22nd year, the Outlook is thepremier source of information and insight into the evolution of this dynamic, diverseand fast-changing sector. Although the past year has witnessed some of themost dramatic shifts in the history of the global entertainment and media (E&M)
ecosystem, our two-step approach has remained consistent. First, we collect andanalyse a deep trove of proprietary industry data and forecasts. Then, we apply
our collective expertise in order to generate new perspectives and insights.

The process begins with our comprehensive five-year
forecasts of consumer and advertising spending for 14
segments across 53 territories. As in previous years, ourglobal team of experts has extracted the key themes anddevelopments embedded in this raw data and layered intheir own observations and experiences, creating a uniquebody of intelligence that companies across the industry
can use as the basis for action and strategy anywhere andeverywhere in the world.
This year, not surprisingly, the twin forces induced by
COVID-19—economic disruption and powerful shifts
in consumer behaviour—challenge our underlying
assumptions and frame our insights. In 2020, the pandemic
triggered the sharpest contraction in overall E&M revenues
in the history of this research. And it accelerated changes
in consumer behaviour to pull forward digital disruption
and industry tipping points by several years. In 2021, thosetipping points morphed and coalesced into power shiftsthat are rapidly reshaping the industry.
These shifts occur virtually wherever you look in the
E&M ecosystem. The common driving force is changes
in customer behaviour—propelled by deep-seatedmegatrends, newly acquired habits and the disruption of
the pandemic. Whether it’s box-office revenues shifting tostreaming platforms, creators of user-generated content
tapping into vast new audiences, regulators taking on Big
Tech or studios losing ground to star individual producers
who ink massive deals with streaming platforms, theinternal dynamics of the industry continue to shift.
And yet the volatility masks a certain stability. However
asymmetric the pandemic’s impacts on the segments, theforecast for revenues at an industry level remains robust.
The pandemic-induced contraction of 2020 is giving way

to a strong rebound this year and a return to continued
growth above global GDP over the coming five years.
The central role that the ever-expanding array of media
experiences plays in consumers’ lives is set not just toendure but to strengthen over time.
For all of us on the PwC industry team, writing this reportis one of the highlights of our year. The reason? It brings
us a unique annual opportunity to share, compare anddevelop new insights and forge stronger connections
across segments and territories. Each year, the feedback
shows that the report helps you do the same. If you’d liketo learn more about how our findings and thinking can help
your business, contact your local PwC team (see page 24)
or reach out to either of us. As ever, we look forward tohearing from you.

Werner Ballhaus
Global Entertainment &Media Industry Leader
Partner, PwC Germany
werner.ballhaus@pwc.com

Wilson Chow
Global Technology, Mediaand Telecommunications(TMT) Leader
Partner, PwC China
wilson.wy.chow@cn.pwc.com

Contents

1.
2.
3.
4.
5.
6.
7.
8.
9.

Introduction: Power shifts 2021

02

Macro shifts: Powered by disruption

03

Sector shifts: Access booms, ads hold firm,
consumer spending recovers

06

Generational shifts: Creators and youth will be served

09

Business model shifts: The streaming wars

11

Location shifts: Meeting consumers where they are

14

Portfolio shifts: Return of the megadeal

17

Regulatory shifts: The pushback on platforms

19

Conclusion: The future on fast-forward

21

Methodology and definitions

22

Use and permissions

23

Global Entertainment & Media Outlook territory contacts

24

Contributors

26

1

Introduction:
Power shifts 2021

For entertainment and media
companies around the world,
the past 18 months have been aperiod of remarkable uncertainty
and challenge. The well-known
forces that were changing ourworld—digitisation, globalisation,
disruption, shifting consumer habitsand demographics—were amplified
by a powerful new one, the firstglobal pandemic in a century.
Navigating a world of asymmetries
Amid the sobering reality that the world will continue tostruggle to bring COVID-19 under control, what had been awidely shared global experience is now diverging between
different territories and industries. A global recession, thefirst since 2009 and only the second since 1944, is being
followed by a rapid but highly asymmetrical snapback,fuelled by scientific innovation and forceful government
policies. The vast US$2tn entertainment and media (E&M)
industry contains some sectors that were among the mostheavily affected by shutdowns and others that were among
the chief beneficiaries of shifts in behaviour.
Accordingly, 2020 was a year of immense and dramatic
power shifts in the vast, interconnected E&M industry,
which garners a growing share of the world’s attention andwallet with each passing year.
Altering the dynamics as a new equation emerges
The shifts are grounded in changes in consumer behaviour
that appeared as a result of the pandemic, some of which
will endure and accelerate. Overlaid on these shifts,
continuing advances in technology and in the delivery
and distribution of content are creating new tensions
and altering the complex dynamics and relationships
between consumers and providers, between creators andproducers, between producers and distributors, between

02

advertisers and publishers, between governments andcompanies, between the giant global platforms andeverybody else.
These power shifts are impelling changes in industry
business models and in the relative strength of participants,
altering the way that profits are created and providing
the impetus for transactions small and large. As a newequation emerges for creating value, sustaining outcomes
and building trust, a deep understanding of the data,
trends, technologies and behaviours is needed to shedlight on the path forward.
Common threads
There are some common threads amid these power shifts.
First, it’s vital to meet consumers where they are now andwhere they will be in the future. Increasingly, that means
online, on mobile devices, at home, and at the time andplace of their own choosing. Second, because we live in anage of near-constant discontinuities, we can’t assume thatexisting trends will continue indefinitely into the future. The
music industry, which many analysts believed had beenleft behind by the digital era, is enjoying a renaissance,
spurred by strong growth in digital streaming and a strong
rebound in live performances. Internet advertising, thought
to be entering a period of slower growth, has been buoyedby the rapid global adoption of e-commerce. And although
the largest platforms have enjoyed a spectacular run ofgrowth off ever-larger bases, the forces of regulation
appear to be awakening.
These disjunctions and shifts, which create risk andopen up new vistas, are precisely what makes theseindustries so fascinating to follow. And they make it evenmore important to understand, at a granular level, just
how these dynamics are playing out in different territories
and sectors.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

2

Macro shifts:
Powered by disruption

The most obvious—and mostglobal—of the drivers of change
in E&M is the migration to digitalconsumption. As consumers stayedhome and in-person venues shut
down, the use of in-home digital
services soared. Movie theatre boxoffice revenues fell 71% in 2020, evenas Netflix attracted a record 37mn

net additional subscribers, pushingits subscriber rolls past 200mn.
Historically, rising digitisation was achallenge, as analogue dollars were
frequently replaced by digital dimes.
But in 2020, consumers’ embrace of
all things digital helped offset sharp
revenue losses across the broader
global E&M sector.

A rapid return to growth

Industry revenues are projected to bounce back strongly.
Global E&M revenues (US$tn)

E&M year-on-year growth (%)
5.0% CAGR
2020–2025

3.5

103.5% CAGR
2019–2025

3.0

8
6

2.5

4

2.0

2
1.5
0
1.0

–2

0.5

0

–4

1.8

1.9

2.0

2.1

2.0

2.2

2.3

2.4

2.5

2.6

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

–6

Note: 2020 is the latest available data. 2021–2025 values are forecasts.
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

Perspectives from the Global Entertainment & Media Outlook 2021–2025

03

The rebound gathers pace
The 3.8% decline in global E&M revenue, from US$2.1tn
in 2019 to US$2.0tn in 2020, represents the mostsignificant year-on-year drop in the history of the Global
Entertainment & Media Outlook. And it has left somescars. According to PwC’s 24th Annual Global CEO
Survey, released in 2021, only 34% of E&M CEOs werevery confident in their organisation’s prospects for revenue
growth over the next 12 months, slightly lower than the
global average of 36%. However, they may have reason
to be more confident than that. We expect industry
revenues to rise 6.5% in 2021, as more territories emerge
from lockdown, and a further 6.7% in 2022. From 2020 to2025, we project a healthy five-year CAGR of 5.0%, taking
revenues to US$2.6tn in 2025 (see chart on page 3).
Typically, E&M industries perform better than the economy
as a whole. The global economy shrank 5.1% in 2020. In
March, the International Monetary Fund (IMF) projected
global growth of 6% in 2021 and 4.4% in 2022.

Growth is the global E&M baseline
Over the coming five years, growth in E&M revenues willbe the norm across all 53 territories we cover. No country’s
combined consumer and advertising revenue will rise atless than a 3.0% five-year CAGR to 2025, with Japan thelowest at 3.1% (see chart on page 5). By contrast, in the2019 version of this analysis, 26 countries dipped below
a 3.0% five-year CAGR, including almost all of Western
Europe. India, where consumer and advertising revenue fell
just 0.2% in 2020, has the highest growth forecast to 2025,
at a 10.4% CAGR. Despite the challenges it faces with
COVID-19, India—which should surpass China in 2022 tobecome the world’s most populous country—has immense
potential for expansion (for more, see the PwC report Fullpotential revival and growth: Charting India’s medium-term
journey). Other outliers include Saudi Arabia, whose market
has been strengthened greatly by the lifting of a 35-year
ban on cinemas in 2018, and Nigeria, where booming video
games and TV subscription revenue will push the five-year
CAGR to more than 10%.
Multiple tensions emerge
Just as COVID-19 had an asymmetrical impact on theworld, so, too, will the recovery be asymmetrical. The IMF
estimates that income inequality increased more sharply
in 2020 than in previous global crises, and in April 2021, it
warned that the global recovery was uneven and fragile.
Due in part to the varying speed of vaccine rollouts and thereturn to lockdown in some countries throughout the year,
notably in India, there are wide differences in growth rates
across territories.

04

Perspectives from the Global Entertainment & Media Outlook 2021–2025

Global expansion

Solid growth is the norm in almost every territory.
Projected 2025 global E&M revenues
excluding access (US$bn)
700

United States (US$624bn)

300

China (US$274bn)

200

Global benchmark:
4% CAGR
150

Japan
100

Germany

United Kingdom

France50

BrazilGreeceIreland1
0

2

MexicoSouth Africa

6

4

India

Kenya
Indonesia
8

Nigeria
Saudi Arabia
10

12

CAGR, 2020–2025 (%)
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

As the world strains to return to a sense of normalcy,
there are tensions between protecting populations andmaintaining people’s economic and psychological wellbeing—including the freedom to enjoy collective E&M
experiences. The drive to return to enjoying live music andcinema is real. Over the Chinese New Year in February 2021,
strong demand and limited supply caused cinema ticket
prices to leap in some first-tier cities, helping push boxoffice revenue to a record for a single week of more than 6bn
yuan (US$929.63mn). Godzilla vs. Kong, which debuted in
March 2021, has been a bona fide blockbuster, garnering
US$438mn in box-office revenues—$99mn in the US and$339mn internationally as of June. But audiences’ urge
to return to theatres will be tempered by residual fear of
public gatherings. Meanwhile, some consumers will findthemselves flush with cash after long periods of restrictions on
their activities and working from home, though unemployment
will persist in service industries that are struggling to recover,such as tourism and hospitality. Within territories, high- andmiddle/lower-income earners face starkly varying prospects.

Despite all these tensions, we can say with certainty
that a significant proportion of the habits accrued overthose restricted periods will endure. Many of the shifts thatwere already in play—the move towards digital products
and online sales, the relentless rise of streaming, thegrowing influence of gaming and user-generated content—
gained momentum and are poised to barrel forward. The
resulting power shifts will transform the industry in theyears to come.

Perspectives from the Global Entertainment & Media Outlook 2021–202505

3

Sector shifts:
Access booms, ads hold firm,
consumer spending recovers

One of the signal impacts of thepandemic was that more people
spent more time at home and moretime online. The rapid move to digitalcontent services during the pandemic
was part of a wider migration (seechart below). People streamed shows
and read e-books instead of going
to movie theatres and bookstores,
pedaled along with Peloton instructors
instead of going to SoulCycle studios,and formed digital communities on
the audio app Clubhouse insteadof attending debates. This shift
fuelled e-commerce, which in turn

attracted more advertising—even
if consumer activity overall was
muted. Cross-currents were evident
in the three main sectors into which
E&M spending is divided: access,consumer spending and advertising.
As internet access and data becamea lifeline and a form of utility, access
was the only one of the threemain sectors that rose in 2020, up
US$14bn, or 2.1%, and accounting
for 34.1% of all spending. Consumer
spending shrank 5.5%, making
up 37.1% of total spending, andadvertising was stable, at 28.7%.

Consuming passions

Steady growth in spending is fuelled by digital formats.
Global consumer revenues by segment (US$tn)
1.0

3.9% CAGR
2020–2025

2.3% CAGR
2019–2025

0.8

Virtual reality
OTT video
CinemaMusic and radio

0.6

Books
Video games

0.4

Newspapers andconsumer magazines

0.2

B2B

0

2016

2017

2018

2019

2020

2021

2022

Note: 2020 is the latest available data. 2021–2025 values are forecasts.
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

06

Perspectives from the Global Entertainment & Media Outlook 2021–2025

2023

2024

2025

Traditional TV andhome video

A connected world

The steady growth of wired and wireless infrastructure is spurring powerful demand for data.
Global smartphone connections, billions
Global fixed broadband households, billions

Data consumption,
year-on-year growth (%)

6

50

5

40

4

30

3
20

2

10

1
0

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

0

Note: 2020 is the latest available data. 2021–2025 values are forecasts.
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

Connectivity comes to the fore
The shift towards online consumption spurred significant
growth in businesses and products surrounding
connectivity (see chart above). In total, 1.1bn households
worldwide had fixed broadband in 2020, up 3.4% from2019, with penetration reaching two-thirds for the firsttime. More than three-quarters of those connections areclassified as high-speed—that is, 30Mbps and above.
In 2020, there were 4.6bn smartphone connections,up 6.5% from 2019—that’s one for every 1.3 people on
the planet—and the figure is projected to rise at a 4.0%
CAGR through 2025.
The combination of more devices, higher speeds andmore activity fuelled remarkable growth in total data
consumption, which rose 30% during the year and is
projected to continue rising at a 26.9% CAGR through2025. Revenue associated with all this data is projected
to increase at a lower rate—underlining the fact that
consumers are getting a lot more without having to pay a
lot more. Indeed, the concept of a widespread premium
going to consumers is a fundamental characteristic of
our age.

Shoppers move online
One of the activities that people are carrying out on
all these connected devices is shopping—acquiring
goods and an expanding range of services, including
entertainment and media. This holds true both inestablished markets and developing ones. In Brazil, as tensof millions of people began purchasing via the internet for
the first time, e-commerce revenues grew 41% in 2020.
And the March 2021 edition of PwC’s Global Consumer
Insights Pulse Survey found that 29% of the 8,700
consumers surveyed in 22 territories expected to spend
more on home entertainment—movies, video games,
music and books—over the coming six months, against
just 20% who thought they would be spending less.

Perspectives from the Global Entertainment & Media Outlook 2021–202507

Internet ads follow attention and commerceMarketers are rushing to meet consumers where they spend more of their time.
Global advertising revenues by segment (US$tn)
1.0

6.5% CAGR
2020–2025

3.9% CAGR
2019–2025

Cinema0.8

Video games
Out-of-homeadvertising

0.6

Music, radio, podcasts
B2B

0.4

Newspapers andconsumer magazines
Internet

0.2

TV
0

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Note: 2020 is the latest available data. 2021–2025 values are forecasts.
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

Spending on E&M was subdued
However, with the economy contracting and shifts incompetition and technology often exerting downward
pressure on pricing for content and services, the growth
in revenues from consumer spending was muted. In 2020,
consumer spending on E&M fell 5.5%. By 2025, the total
is projected to rise to US$914.9bn, representing a 3.9%
CAGR from 2021, as the stagnation of legacy sectors
such as newspapers and magazines is more than offset
by rapid revenue growth from booming areas that cater
particularly to younger consumers, such as video games
and esports (CAGR of 5.7% to 2025) and OTT video (CAGR
of 10.0% to 2025). That said, traditional TV and home
video will continue to account for the largest share of total
consumer revenue—even as that segment declines at
1.2% compounded annually through 2025.

08

As more goods and services are sold online, advertising
aimed at encouraging and influencing decisions migrates
to these platforms. Internet advertising spending rose
by US$28bn in 2020 to reach US$336bn, a 9% increase.
Although slower than the 16% recorded in 2019, this still
represents impressive growth off a continually risingbase. With internet advertising set for a CAGR of 7.7%
from 2020 to 2025, even as traditional components suchas television stagnate or decline, overall advertising
revenues are expected to rise from US$582.5bn in 2020
to US$797.8bn in 2025 (see chart above). Between 2020
and 2025, advertising’s share of overall E&M spending
will increase by more than two percentage points. But inadvertising, as in content, the rising tide of revenues will
be distributed to different players and participants thanin the past.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

4

Generational shifts:
Creators and youth will be served

2020 was a humbling year for somemembers of the E&M establishment.
Quibi, the venture-backed shortform content start-up helmed by
Hollywood veterans, found thatits highly produced shows madewith established stars flopped.
A mere 10.4mn viewers tuned into the Academy Awards; that’s afraction of the 80mn followers that
20-year-old influencer Addison Rae
has on TikTok. The reality is thatyounger consumers simply havelittle awareness of—or interest in—traditional media. On the flip side, theplatforms that are targeted towards
young people or that facilitate
lightly produced authentic content
boomed. This dichotomy was fuelledby twin ongoing power shifts: fromolder to younger consumers, who
set the trends and increasingly
dominate the conversation, andfrom producers to creators, who
increasingly benefit from reward
mechanisms for attracting eyeballs.

The sounds of commerceLive performances and digital streaming are powering a musical renaissance.

Global music revenues (US$bn)
Live music

Physical recorded music

Annual growth by category (%)
Music ringtones

Digital download

DigitalDigital streaming

Live

Physical
100

70

80

60

60

50

40
20

40

0

30

–20
–40

20

–60

10
0

–80

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

–100

Note: 2020 is the latest available data. 2021–2025 values are forecasts.
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

Perspectives from the Global Entertainment & Media Outlook 2021–2025

09Creators are flocking to TikTok and Roblox
Nothing exemplifies this shift like the rise of ByteDance’s
global short-form and self-generated video platform TikTokand its Chinese incarnation, Douyin. As of late 2020, TikTokand Douyin had built up—in just four years—a combined
global base of more than 1.29bn monthly active users in
141 countries. That’s nearly one of every six people on
Earth. In July 2020, at a TikTok Live event at Billboard LiveTokyo and Billboard Live Yokohama, more than 285,000
viewers logged in to the live stream to watch performances
by Japanese pop artists including Novelbright and milet.
Not surprisingly, commerce and ads are following all thisattention. TikTok has a creator marketplace that helps
brands in 40 countries find partners, and its Creator Fundenables people whose self-generated content makes
waves on the platform to earn money from their posts.
Young creators are also at the core of the businessmodel of Roblox, a gaming platform that enables users
to build their own games and play games developed byothers. Roblox, which is most popular among children,
went public in a blockbuster IPO in March 2021 andboasts a market capitalisation of about US$55bn. In
April, the company reported that 43mn active users
spent a collective 3.2bn hours on the platform during
the month—about 2.5 hours a day.
Taking back control
Across the board, creators are striving to claw backcontrol, agency and, increasingly, revenues from
employers, publishers and distributors. Substack, thenewsletter platform company whose slogan is “Takeback your mind,” has emerged as the portal of choice for
hundreds of independent writers—many of whom haveleft struggling newspapers and digital media operations
and are now eager to sell subscription newsletters totheir fans and audiences. Unionisation is another sign ofcreators asserting themselves. This trend, which has been
underway in digital media for some years, gained added
impetus from the pandemic. In Hollywood, a standoff
between the Writers Guild of America and the Associationof Talent Agents resulted in a new code of conduct foragents, aimed at ending the “packaging” or bundling oftalent by agents for TV or film production.
Musicians are seeking a bigger payback
Against the odds, and despite widespread predictionsof doom, music has been one of the standout E&M
performers in recent years, as streaming has finally gained
critical mass (see chart on page 9). Revenues from live
music slumped by 74.4% in 2020 and are expected toreturn to 2019 levels only in 2023. But between 202010

and 2025, the music sector as a whole is expected to
grow at a 12.8% CAGR, fuelled by rapid growth in bothlive performances and digital streaming, which will be a
US$29.3bn business in 2025.
The rapid growth in streaming has powered corresponding
increases in the value of large catalogues of music andtheir associated rights. That’s good news for formerly
embattled creators who aim to monetise their portfolios
of work. Taylor Swift, after a long-running dispute withthe company that owned rights to her master recordings,
began re-recording and reissuing her previously recorded
hit songs to regain ownership. Other major transactions
included Paul Simon selling his catalogue to Sony for
US$250mn, Stevie Nicks selling a majority stake for
US$80mn to independent operator Primary Wave, and Bob
Dylan selling his 600+ song catalogue to Universal for areported US$300mn.

Non-fungible tokens

Non-fungible tokens (NFTs) represent a
notable innovation in the ability of creators to
go directly to customers. NFTs are irreplicableblockchain-based tokens that effectively
assign ownership, in some form, for a specificdigital item. A robust market for NFTs has
sprung up among collectors and speculators.
Key milestones in the market’s development
included the sale of a digital collage artworkby the artist Beeple for US$69mn and the saleof the first-ever tweet (by Twitter founder Jack
Dorsey) for US$3mn. The NBA’s Top Shot
Licensed Digital Collectibles NFTs launched
in June 2020 and had traded over US$550mn
for video “Moments” by May 2021. And
although musicians may have missed out onlive performances and the merchandise sales
that go with them, Grimes sold thousands of
NFTs at US$7,500 each for two short videos—
the digital equivalent of signed, limited-edition
prints. The Kings of Leon launched an album
in March 2021 as an NFT that included alimited edition vinyl disc, along with MP3 files
and a GIF of the artwork.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

5

Business model shifts:
The streaming wars

Changes in consumer behaviour
have driven powerful shifts in
E&M business models. Foremost
among these shifts is the way
the streaming boom of 2020 has
set the industry on a new growthtrajectory. Streaming video-ondemand (SVOD) revenues willgrow at a 10.6% CAGR through2025, by which point SVOD will be
a US$81.3bn industry (see charton page 12). But there is likely alimit to the number of streaming
subscriptions a household is willingto buy—and people can cancel their
OTT services with relative ease.
Also, the expanding array of global streaming services now
available in territories worldwide is supplemented in mostcases by a slew of local providers. In Brazil, local provider
Globoplay expanded rapidly in 2020 and now has morethan 20mn subscribers, at a highly affordable cost of about
US$7 per month. India’s subscription OTT providers spana vast range of price points, from US$4 a year to US$120
a year. Many regional, local language–based players are
gaining market share, including the South Indian platform
Aha, which offers Telugu-language content for as little as a
US$6 annual subscription and has grown rapidly since its
launch in March 2020.

Experience and retention
The intensity of the competition among the big players—
Amazon, Discovery, Disney, Netflix—is at an all-timehigh. The stacking of multiple OTT services has triggeredmuch debate in the industry over the maximum number ofsubscriptions that a consumer may be willing to take on.
It’s an issue that has important implications for strategy(see “Streaming energy,” strategy+business, 12 May 2021).
In fact, we may be moving into a new phase of streaming
growth—one that is more measured, more focused on
improving the experience of customers, and more intent on
retaining and creating value from the immense subscriberbases that have materialised. At the heart of it lies anarms race for content. A common strategy for achieving
both goals—a better experience and higher retention—iscommissioning large amounts of material that is recorded
and viewed at customers’ convenience. This content isincreasingly being produced locally and in local languages
by both global and domestic players. Amazon and Netflix
are estimated to have spent US$6bn and US$15bn,
respectively, on new content in 2019.
The imperative to build up large libraries of content has
spurred the revival of megadeals, including the blockbuster
AT&T/Discovery transaction for HBO and Warner Bros.,and Amazon’s proposed purchase of MGM (see thesection on deals on page 17). Creators and producers, inturn, have gained options through their ability to tap into
the rising distribution power and large content budgets ofthe streaming platforms, both global and local. Partly as aresult, in several markets around the world, mid-tier films
are now more likely to skip the theatre release window andgo straight to OTT distribution platforms.

Perspectives from the Global Entertainment & Media Outlook 2021–202511

Logging on to growth

Consumers will continue to devote more spending to streaming subscriptions.
Global OTT revenues (US$bn)

Absolute annual revenue growth (US$bn)

Subscription video on demand (SVOD)

SVOD
TVOD

Transactional video on demand (TVOD)
90

12

80
10
70
8

60
50

6
40
4

30
20

2
10
0

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

0

Note: 2020 is the latest available data. 2021–2025 values are forecasts.
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

In many markets, a further knock-on effect from pandemicrelated theatre closures and lockdowns has been a revenue
shift from the box office towards streaming platforms.
During the pandemic, about 1,000 of India’s 8,000 movie
screens closed (some were even reported to have been
converted into Amazon warehouses), creating opportunities
for and boosting the value of local content. In April 2021,
Netflix bought Indian actor Kartik Aaryan’s new movie,
Dhamaka, for 1.35bn rupees (about US$18mn), and will
release it exclusively on the platform in the summer of2021. This was the highest price paid to date for an Indianfeature film by an OTT platform.
The pandemic has also impacted the choice of production
locations. Because of Australia’s ability to maintainbubbles safe from COVID-19, major producers and film
stars flocked to the country to make movies, attracting
global attention. Locally produced films did well; themystery thriller The Dry, starring Eric Bana, became the13th highest–grossing Australian-made movie.

12Live events attract the streaming giants
A proven way to get scale in content is by securing rights
to live sporting events, one of the few categories of content
able to command attention at the time chosen by those
doing the scheduling. Events such as the Super Bowl
(96.4mn viewers in 2021—albeit the lowest viewershipsince 2007) and the FIFA World Cup (3.6bn viewers, morethan half of the global population aged four and over, tuned
in during the last tournament in 2018) retain their power
to draw massive real-time audiences. Streaming players
are jumping in with both feet. In Europe, Amazon boughtrights to air Champions League matches in Germany,and Viaplay, the Nordic and Baltic streaming service, has
acquired rights to Formula One auto racing. In April 2021,
streaming platform fuboTV bought exclusive live streamingrights to the Qatar World Cup 2022 qualifying matches of
the South American Football Confederation.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

Meanwhile, DAZN’s distinctive strategy, which thecompany expanded to 200 countries in December 2020,
involves offering streamed sports video on demand for a
subscription cost well below most pay-per-view services.
After initially focusing on boxing, including signing up Saul
“Canelo” Alvarez on a US$365mn contract, DAZN has
expanded into other sports, such as Italy’s Serie A footballand Ultimate Fighting Championship. The South Africa–
based media company Multichoice, in addition to securing
rights to English football and US basketball, has ventured
into the sports betting space, viewing it as complementary
to its pay-TV business.
Expansion strategies
For the major streaming players, global expansion remains
a top priority. Almost two-thirds of Netflix subscribers areoutside the US and China. In India, Disney+ is generatinga major boost to its subscriber base through its ownershipof Hotstar. Meanwhile, TikTok’s spectacular success in
expanding globally from China is a route that other Chinesedigital media giants may look to follow as they mature,especially given rising antitrust enforcement that may limit
their capacity to grow at home.
As companies focus on boosting the amount of revenue
they can get from each subscriber, they are findingthat merchandising, licensing and a focus on adjacentexperiences can be powerful levers. Around the world,
sports gaming and gambling are rising in prominence,and E&M companies are getting in on the action. A tie-up
between Penn National Gaming and Barstool Sports
is supporting Penn National’s evolution from regional
gaming operator to provider of online gaming, sports
betting and content.

From universes to the metaverse
When entertainment companies create ‘universes’ ofcontent, they leave room for growth and sustained
engagement. Disney has long excelled at strategicallybuilding out universes. Avengers: Endgame, launched in
2019, became the highest-grossing box-office hit ever, with
US$2.8bn in revenues. The successful launch of Disney+
was made possible in part by new installations of theStar Wars (The Mandalorian) and Marvel (WandaVision)
universes. WandaVision literally broke the internet when
the release of its seventh episode on 19 February 2021
caused Disney+ to crash owing to viewing volume. Other
streaming companies are following suit by expanding theirown universes. At HBO, where Game of Thrones ended its
remarkable run in the spring of 2020, a prequel—House of
the Dragon—is under development.
If universes are providing proprietary advantages now, thelonger-term future may lie in the metaverse—a more open,
multi-brand environment built around consumers. The
metaverse enables intellectual property owned by manydifferent E&M companies to coexist on a single online
platform: DC Comics’ Batman can interact with Disney’s
Captain America while Travis Scott performs. Fortnite
developer Epic Games is among the front-runners in the
metaverse concept. In May 2020, Minecraft staged afestival on its platform that attracted an in-game audienceof 5,000 and was broadcast on YouTube and gamesstreaming service Twitch, where it picked up 134,000
views. There are major opportunities to sell music andmerchandise through games platforms: it’s all about
meeting consumers where they are, rather than having
them come and find you.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

13

6

Location shifts:
Meeting consumers where they are

One of the clearest trends isthat players are realising they
may be better served by figuring
out how to meet consumers attheir convenience. People prefer
the ease and convenience ofself-directed podcast listening
to adhering to radio stations’schedules. As a result, audio
content providers are diversifying
their offerings to become more of adestination where consumers will
linger and browse. For example,
although podcast platforms inmany territories tend to specialise inparticular topics—comedy, politics
and so on—the leading providers in
the mature Chinese market, such as
Ximalaya and Nasdaq-listed Lizhi,
aggregate many different subjects
and types of podcasts into a single
offering. Clubhouse and Spotify
use live and recorded podcasts
to re-create a personalised radiotype experience.

14

Gaming: Gateway to the young
If companies want to find younger consumers where they
are already spending their time, that means focusing on
gaming. Gaming was one of the bright spots for E&M
during the pandemic. Total games revenues, which roseby almost 10% in 2020, are expected to grow at a 4.4%
CAGR through 2025 (see chart on page 15). Traditional
gaming got a fillip from the launch of next-generation
consoles from Microsoft and Sony in late 2020. More
broadly, gaming is a global language and a global market,
with strong communities of creators and players all over
the world. China’s games producers have been expanding
overseas in search of new markets, including setting up
new headquarters in other Asia Pacific centres. The March
2021 IPO of Indian gaming and sports start-up Nazara
Technologies was heavily oversubscribed.
Most of the growth will be in digital. Facebook Gaming andAmazon’s Twitch have recently been active in acquiring
premium games-related video content, including media
rights to esports competitions and exclusivity deals withprominent games streamers. Google plans to integrate its
cloud-gaming unit Stadia with YouTube, which will makegames seamlessly playable by viewers of game-related
content and live streams.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

Games on

Video games are gaining mindshare and market share.
Global revenues from console, PC and social games (US$bn)
200

Console games
PC games

150

Social/casual gaming

100

50

0

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Note: 2020 is the latest available data. 2021–2025 values are forecasts.
Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

VR continues to surge
Virtual reality (VR) was the fastest-growing segment
covered by the Outlook in 2020, with revenue of US$1.8bn,
up 31.7% from 2019, albeit off a very low base. VR will
also be the fastest-rising E&M segment over the forecast
period, with revenues rising at a 30.3% CAGR to US$6.9bn
in 2025 (see chart on page 16). In 2020, sales of headsets
increased along with engagement with existing ones.
According to Steam’s PC user survey data, the release of
the much-anticipated Half Life: Alyx caused a spike in thenumber of Steam users with VR headsets. The sector got
a further boost with the launch of a competitively priced(US$299) Oculus Quest 2 headset at the end of 2020.

PVOD brings new movies into homes
In the filmed content realm, movies in 2020 turned to aform of transactional video on demand (TVOD): premium
video on demand (PVOD). When Disney’s live-action
Mulan launched on Disney+ for US$29.99 in September
2020, at a time when movie theatres in many parts of
the world were closed, the film was watched by 1.1mn
households on its opening weekend and made US$35.5mn
from streaming alone. Broadcaster video on demand(BVOD) has become a major focus for linear TV networks
in Australia. News Corp’s Australian pay-TV provider Foxtel
launched a new streaming service called Binge in May
2020, offering many of the same shows already available
through Foxtel, but at a significantly lower price.

Perspectives from the Global Entertainment & Media Outlook 2021–202515

Digital formats lead the way

Sectors that meet digital and mobile consumers where they are find rapid growth.
Projected global growth by segment, CAGR, 2020–2025 (%)
Virtual reality

30

Cinema29

Data consumption

27

Out-of-home advertising

11

OTT video

10Music, radio, podcasts

9

Internet advertising

8

B2B

7

Video games and esports

6

Internet access5

TV advertising4

Consumer books

1

Newspapers andconsumer magazines–1

Traditional TV and home video–1

Source: PwC’s Global Entertainment & Media Outlook 2021–2025, Omdia

Don’t write off the blockbuster

On Christmas Day 2020, WarnerMedia
released Wonder Woman 1984 simultaneously
on HBO Max and in movie theatres. It
then announced it will launch all its 2021
movies in the same way. This strategy hascaused worries among A-list talent, who
are concerned about the impacts on theirresiduals, which used to be based on box
office. But we shouldn’t be too quick to write
off the commercial viability of the expensive,large-scale, spectacular films that benefit mostfrom the communal, big-screen experience.
Animation, the production of which is lessaffected by anti-pandemic measures, hascontinued to exert especially strong drawing

16

power at the box office. Demon Slayer, which
debuted in October 2020, grossed US$95mn
in ten days, the fastest a Japanese film
had ever reached that milestone. In China,
the comedy Hi Mom, released in February
2021, has already garnered US$850mn inbox-office revenues. In India, longer, morelavish big-budget movies starring major
Bollywood actors still aim for theatricalrelease. Elsewhere, examples in 2021 of
the enduring appeal of blockbusters at thebox office have included the strong US andglobal performance of Godzilla vs. Kong overthe Easter period. No Time to Die, the 25th
installment of the James Bond series, is slated
to launch in theatres in October 2021.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

7

Portfolio shifts:
Return of the megadeal

In an increasingly virtual world,
E&M companies continue to regard
deals as a valuable way to reshape
their businesses and maintain or
gain market leadership. Companies
are engaging in transactions to
tap into new audiences with new
habits, and to access the depth ofcontent needed to meet consumers
where they are. In 2020, even as
much of the world shut down, thecapital markets were remarkably
busy, with lots of money flowing into
IPOs, venture capital and special
purpose acquisition companies(SPACs), including from individual
investors on Robinhood. With
deal momentum still growing,
the prospects for E&M merger
and acquisition activity in 2021
and beyond are bright. In a major
shift of mindset, incumbents areoften actively seeking acquisitions
despite heightened regulatory andgeopolitical scrutiny.

Old vs. new
One trend in deals has been the unwinding of the lastround of megadeals, between distributors such as
telecommunications and cable companies on the one
hand and content providers on the other. In May 2021,
Verizon agreed to sell the 1990s-vintage advertising-driven
platforms AOL and Yahoo to Apollo Global Managementfor US$5bn while retaining a 10% stake. That was quickly
topped by a true megadeal: the transaction between
AT&T and cable firm Discovery to spin off AT&T’s vast
Warner Bros. assets into a new company. The US$43bn
combination was motivated by a need for both parties
to gain more scale in the content wars and to find new
partners to fund the roll-out of streaming platforms like
HBO Max. Hard on the heels of this huge deal came asmaller—but still large—transaction that pushes against
the unwinding narrative. Amazon, seeking to add toits already large library of content, announced it was
acquiring MGM, owner of the enduring James Bondfranchise, for US$8.5bn.

Perspectives from the Global Entertainment & Media Outlook 2021–202517

Recent E&M megadeals
Date

Value of transaction

Deal

September 2020

$500mnProSiebenSat.1 and General Atlantic’s Parship Group acquires
dating company The Meet Group (transaction complete)November 2020

$2bn

Penguin Random House agrees to acquire Simon & Schuster
publisher from ViacomCBS (transaction under review)

December 2020

$1.2bnSony Pictures agrees to acquire anime video-streaming service
Crunchyroll from AT&T (transaction under review)

February 2021

$1.1bn

RTL Group agrees to sell adtech unit SpotX to Magnite

March 2021

$7.5bnMicrosoft acquires video game company Bethesda(transaction closed)

May 2021$5bn

Verizon agrees to sell Verizon Media unit (Yahoo/AOL) to Apollo

May 2021$8.5bnAmazon agrees to acquire film studio MGM

May 2021$43bn

AT&T spins off and merges Warner Bros. with Discovery

Source: PwC analysis

Buyers seek scale and capabilities
In the books segment, where growth is muted but
the need for blockbusters and scale is imperative if
companies are to compete with the market dominanceof Amazon, Penguin Random House in November 2020
agreed to buy Simon & Schuster from ViacomCBS for
US$2bn. In other sectors, firms are using deals to buy
capabilities such as infrastructure or infill technologies.
In February 2021, the global dating products provider
Match Group agreed to pay US$1.7bn for the South
Korea–based social discovery and video technology
company Hyperconnect. Hyperconnect’s technology offers
instant translation of voice and text, a major addition to
Match’s offer to users. Meanwhile, seeking to build digitalaudiences among younger users, German publisher Axel
Springer agreed in October 2020 to acquire a majority
stake in newsletter publisher Morning Brew, in a deal
that valued the start-up at US$75mn.

18Venture capital zeroes in
A further trend in E&M deals is an expanding wave oflarge venture capital transactions, especially in areas
centred on digital growth. In April 2021, Clubhouse, thestart-up audio app that has attracted 10mn users, closed
a venture round that valued the company at US$4bn.
Master Class, which offers courses taught by well-known
practitioners in a range of fields, including director SpikeLee and Vogue editor Anna Wintour, raised a funding roundat a US$2.5bn valuation. Another driver of deals is the
emergence of SPACs as a new force in the M&A market,
with many of the current crop of SPACs playing out in the
E&M sector. In June, the digital media company BuzzFeed
agreed to be acquired by a SPAC, 890 5th Avenue
Partners, and investor Bill Ackman’s SPAC, Pershing
Square Tontine Holdings, agreed to purchase 10% of
Universal Music Group for US$4bn.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

8Regulatory shifts:
The pushback on platforms

The past year has represented
a watershed in global media
regulation, with the emergenceof a more aggressive pushback
against the big digital platforms
on a range of fronts. During
the pandemic, power shifted to
Amazon, Apple, Facebook, Google
and Netflix as e-commerce, digitaladvertising and time online boomed.
But their success and increasing
size have inspired a series ofreactions and counterreactions
around the world. The pressure tocreate a more level playing field on
which local and offline-oriented
businesses can compete with thegiants has intensified. And withthe more active antitrust regime in
Washington, widespread hostility
to the big platforms across thepolitical spectrum and risingconsumer expectations, it’s clearthat the operating environment
for Big Tech is set to get a lot
more challenging.

Big tech vs. governments
In Australia in February 2021, when the Government
proposed new media laws requiring social networks to pay
for third-party news content, Facebook briefly blocked local
news access for its users in the country. The confrontation
ended when Facebook and Google struck deals with news
groups such as News Corp for their content. Meanwhile,
China’s moves to curb the power of the country’s domestic
content giants have included a US$2.8bn fine levied on
Alibaba in April 2021 for a previously common practiceunder which merchants had to pick one of two platforms
as their exclusive distribution channel, known locallyas “choose one of two,” that had been targeted in antimonopoly guidelines released in December 2020. One
effect could be to make China’s incumbent giants morecautious about further acquisitions, which could open up
opportunities for smaller players to scale up. In India, theGovernment banned TikTok in June 2020 and made theban permanent in January 2021. It was one of 59 Chinese
messaging and gaming apps, including WeChat, that theGovernment banned, citing national security issues amid
fears that the apps were secretly collecting informationfrom people’s phones. In the two days after the TikTok ban
was announced, Indian video-sharing social media app
Roposo attracted 22mn new users.
The EU maintains its tough stanceTraditionally, the European Union has led the way globallyin seeking to limit the power of the big platforms, on the
grounds of protecting market competition and ensuringtransparency in the use of citizens’ data. In December
2020, the EU published its proposed Digital Markets
Act to regulate “gatekeeper platforms.” The European
Commission already has two fresh cases in progressagainst Apple relating to App Store restrictions and Apple
Pay integration with iOS. Legal moves in the EU are now
being mirrored in the US at a federal and state level. The
landscape is further complicated by ongoing skirmishes
between the tech giants themselves. For example, Apple
has accused Google of exaggerating the scale of analleged breach of iPhone security.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

19

There are also rising expectations about what platforms
should be doing in terms of content moderation. A
public debate is underway over the role of platforms as
regulators of free speech. India proposed a set of rules
for social media companies in February 2021 that would
require rapid takedown of offensive, divisive or seditious
content, together with the breaking of encryption to trace
the message originator. The decision by Twitter andFacebook to ban Donald Trump after the events at the US
Capitol in January 2021 was perceived in some quarters
as being inspired by the platforms’ alleged desire to stifle
conservative voices. German Chancellor Angela Merkel
criticised Twitter’s banning of Trump as breaching the“fundamental right to free speech,” adding that the US
should follow Germany in restricting online incitement
rather than leaving platforms to play this role.

20

Consumers’ desire for social justice
There’s another powerful force acting as a spur toregulation: consumers’ growing societal awareness,
manifesting itself in rising demand for values andconcepts such as social justice, content moderation, safe
digital spaces, and diversity and inclusion. Across theworld, consumers have rising expectations surrounding
environmental, social and governance (ESG) issues and,especially, concerns over online harassment and data
privacy. The PwC/IAB Outlook: 2021 digital ad ecosystem
report found that 76% of consumers globally think sharing
their personal information with companies is “a necessaryevil,” and 36% are less comfortable sharing theirinformation now than they were a year ago.
The changing context
To date, it doesn’t seem as if the growing regulatory energy
is inhibiting the ability of E&M companies to engage with
consumers, move into new markets or undertake significant
transactions. But on the margins, it may begin to change
behaviour and open up opportunities for smaller players.
Companies, however, need to realise that the context inwhich they are operating is changing rapidly. They can’t
assume that the regulatory frameworks that allowed themto gain scale and thrive will remain in place forever. As they
construct future strategies, it’s vital that players incorporate
regulatory risk and change into their plans.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

9Conclusion:
The future on fast-forward

As we look ahead to 2022, theoutlook for E&M, althoughchallenging, remains essentially
positive. The powerful shift to digital
behaviours will provide a strong
boost to global growth in theseindustries for the next several years.
And as companies race to meet
consumers where they are with anever-expanding range of products,
services and experiences, the E&M
industries will grow more pervasive,
more immersive and more diverse.

But in many instances, the growth—and hence therewards—will be asymmetrical. Just as the economic
and health recoveries from COVID-19 will not be equallydistributed around the globe, there will be a significant
unevenness in the prospects for individual E&M sectors
and for companies that focus on particular geographic
markets. Even in the areas that offer the most compelling
topline growth, such as video streaming, the basis ofcompetition is likely to change dramatically over the
coming years. And all the while, the social, political andregulatory contexts in which all companies operate willcontinue to evolve in unpredictable ways.
All of which means that sitting still, relying on the strategies
that created value and locked up market share in the past,
will not be the most effective posture going forward. The
world is beginning to emerge from the painful sharedexperience of the pandemic. Amid destabilising power
shifts, those who lean in to the changes, probe the dataand seek deep insights from their customers, co-workers
and collaborators will maintain their balance—and be wellplaced to reap their fair share of future growth.

Perspectives from the Global Entertainment & Media Outlook 2021–2025

21

Methodology and definitions

Historical data collection
All the forecasts have been built by starting with thecollection of historical data from a variety of sources. A
baseline of accurate and comprehensive historic datais collected in the first instance from publicly available
information, including from trade associations andgovernment agencies. When this data is used directly,
these sources are cited accordingly. In addition to this,interviews with relevant associations, regulators andleading players have been conducted to gather insights
and estimates not available in the public domain. When
this information is collected, it is used as part of thecalculations, and the sources are proprietary.

Definitions
Do you want access to consumer and advertising spending
data at the click of a button? The Global Entertainment& Media Outlook is a comprehensive source of global
analyses and five-year forecasts of consumer andadvertising spending for 14 segments across 53 territories:• Books• Business-to-business• Cinema• Data consumption• Internet access• Internet advertising• Music, radio and podcasts

Forecasting methods
All forecasts are prepared as part of a collaborative,
integrated process involving both quantitative andqualitative analysis. The forecasts are the result of arigorous process of scoping, market mapping, datacollection, statistical modelling and validation. All data,
charts and graphs (unless stated otherwise) in thispublication are taken from the Global Entertainment &Media Outlook 2021–2025.

22• Newspapers and consumer magazines• OTT video• Out-of-home advertising• Traditional TV and home video• TV advertising• Video games and esports• Virtual reality

Perspectives from the Global Entertainment & Media Outlook 2021–2025

Use and permissions

Use of data in this publication
Material in this publication is drawn from data in the
Global Entertainment & Media Outlook 2021–2025, a
comprehensive source of consumer and advertising spend
data available via subscription at www.pwc.com/outlook.
PwC continually seeks to update the online Outlook data;
therefore, please note that data in this publication may
not be aligned with the data found online. The Global
Entertainment & Media Outlook 2021–2025 is the most upto-date source of consumer and advertising spending data.
This document is provided by PwC for general guidance
only and does not constitute the provision of legal
advice, accounting services, investment advice orprofessional consulting of any kind. The information
provided herein should not be used as a substitute for
consultation with professional tax, accounting, legal orother competent advisers. Before making any decisionor taking any action, you should consult a professional
adviser who has been provided with all pertinent facts
relevant to your particular situation.

Permission to cite
No part of this publication may be excerpted, reproduced,
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the prior written permission of PwC.
Requests should be submitted in writing to Shruti Kumar
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Without limiting the foregoing, excerpts from the publication
may be used only for background market illustration,
should not be the sole source of 2021–2025 information,and must not form the majority of sourced information.
Please cite the Outlook as follows: “PwC Global
Entertainment & Media Outlook 2021–2025,
www.pwc.com/outlook” in your article.

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Outlook content must not be excerpted, used or presented
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Perspectives from the Global Entertainment & Media Outlook 2021–2025

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Global Entertainment & Media Outlook territory contacts

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Perspectives from the Global Entertainment & Media Outlook 2021–2025

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Perspectives from the Global Entertainment & Media Outlook 2021–2025

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Contributors

Werner Ballhaus
CJ Bangah
Rajib Basu
Dan Bunyan
Yoshihisa Chiyoda
Wilson Chow
James DePonte
Ennèl van Eeden
Daniel Gross
Raman Kalra
Robert Kramer
Rick Marsland
Justin Papps
Ricardo Queiroz
Karim Sarkis
Bart Spiegel
Charles Stuart
Subianto Subianto
Marc Suidan
Cecilia Yau
Many other professionals from the PwC entertainment andmedia practice, across the network, reviewed and added
local expertise to this publication.

26

Perspectives from the Global Entertainment & Media Outlook 2021–2025

www.pwc.com/outlook© 2021 PwC. All rights reserved. PwC refers to the
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What’s the outlook forentertainment and media?
The relentless rise of streaming. Disruptive creators.
Consumers in control. Resurgent regulation.
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global industry.
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