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Digital’s Growing Influence on the Entertainment Industry’s Unstoppable Rise

November 21, 2018 • EMERGING TRENDS, CULTURE & LIFESTYLE, Digital Transformation

Whether you’re settling down to watch your favourite TV show, listening to a new album or heading online to check the news and gossip on your latest stars, it is safe to say that the world of entertainment has become a fundamental part of our daily lives.

With this in mind, it is unsurprising to hear that the industry as a whole is in rude financial health at the moment. According to the latest figures from global consultancy organization PwC, per https://www.pwc.com/, the total revenues generated worldwide by the entertainment and media industry stood at $1.9 trillion in 2017. Incredibly, this sum is only expected to grow further across the coming years, with forecasts indicating that revenues will reach $2.4 trillion by 2022.

 

Going digital

But what are the key factors which are set to drive this truly impressive level of growth? According to PwC, a specific area which is playing a major role is the digital world, with funds generated from such services expected to account for more than 50 per cent of entertainment’s total revenues this year. Such findings perhaps reflect the huge emphasis that so many of us place on online services these days.

For example, music services such as Spotify and Deezer have become a core part of how many of us listen to our favourite singers and groups, while streaming platforms like Netflix and Amazon’s Prime Video have evolved to the point where they are showcasing existing TV and movies while also producing their own content. Then there is also the gradual shift being seen in the casino world, with many people choosing to play on casino sites rather than visit the traditional offline alternatives. Such decisions are perhaps understandable when sites like https://www.mrgreen.com/ offer a range of gaming options and sports betting under a single domain, including live casino games in which a real-life dealer hosts proceedings via a video link.

 

The rise of eSports

While PwC predicts that all categories of gaming revenue are set to grow across the next few years, one area expected to enjoy a particularly strong performance is the ever-evolving world of eSports. Revenues from competitive gaming stood at $620 million in 2017, yet they are predicted to reach an incredible $1.6 billion by 2022.

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