Spending will increase at a 6.3 percent compound annual growth rate in the global entertainment and media industry to $1.7 trillion in 2008, according to PricewaterhouseCoopers. The projection is included in the recently released PricewaterhouseCoopers report Global Entertainment and Media Outlook: 2004-2008.
US spending is expected to grow at 5.4% over the same period. This is the first time PricewaterhouseCoopers has projected global to outpace US spending over an extended period.
After three years of sluggish growth, 2003 global spending increased to 4.2% in 2003. In 2004, it is expected to increase by 5.7%.
New distribution channels such as broadband Internet access and wireless communications are significant drivers of the anticipated growth. Arriving digital technology in television and audio will also push growth. New technology and new distribution channels will create increased demand for content.
Among Asian countries, Indian film industry is the most potential industry. Till now, the movie producers made money only by making movies. Movie tickets are also cheaper than USA. Now, the India movie makers are turning toward merchandising and product endorsing which is already a big business in Hollywood.