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Global entertainment and media industry outlook 2020-2024 – China Abstract From PWC

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The following is the Global entertainment and media industry outlook 2020-2024 – China Abstract From PWC recommended by recordtrend.com. And this article belongs to the classification: PWC, research report, Network entertainment.

In the next five years, the total revenue of China’s entertainment and media industry is expected to grow at a CAGR of 5.2%, higher than the global average of 5.1%. Digital continues to grow. Although digital revenue will decline in 2020, it is expected to grow by 5.4% by 2024. Throughout the market segments, the growth of digital driven sectors is the strongest, among which the growth rate of virtual reality (VR), Ott, video games and E-sports will lead the Chinese market.

Because of the transformation from traditional mode to digital mode, COVID-19 has promoted the demand for family entertainment, and has created a new mode of live video broadcast, which has realized the integration of e-commerce and entertainment platform. It has been well received by the market and has excellent profitability. 5g technology will further optimize the video experience, bring the rise of live video, and further stimulate the sustained and rapid development of China’s entertainment and media industry.

In terms of total Ott video revenue in 2019, China’s revenue will reach US $7.7 billion, which is the second largest market in the world after the United States. As the market matures, Ott has defeated IPTV and DVB and become the most popular entertainment in the living room. Over 240 million smart TV devices have been installed nationwide. Ott has grown rapidly and is regarded as the fastest growing platform by most advertisers. As China officially issues 5g commercial license in 2019, Ott is likely to benefit from technologies and related services such as 4K, artificial intelligence (AI) and Internet of things (IOT).

In the next few years, it is expected that Ott’s revenue structure will become more diversified and organic. China’s Ott video market will become increasingly mature, with a compound annual growth rate of 12.2%. It is expected that the revenue will reach about US $16.1 billion by 2024.

In recent years, the viewing habits of Chinese audiences have changed significantly, from free broadcasting to high-end paid services. In addition to advertising and value-added services, high-end paid services have been seen as the leading force of revenue growth.

In June 2019, one of the market leaders broke through the number of 100 million users and achieved $520 million in membership service revenue in the third quarter, accounting for half of the total market revenue. In contrast, due to China’s severe macroeconomic environment and intensified competition for insert ads, the advertising revenue of major players in Ott video market either stagnates or declines. And the number of national subscription video on demand (SVOD) users is the largest in the world.

It is expected that China’s revenue from subscription to VOD will exceed the box office revenue for the first time in 2020. As various platforms provide users with more quality services and bundled member services, China’s VOD market will maintain rapid growth.

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