PwC Releases U.S. Edition Of Global Entertainment And Media Outlook 2016-2020
June 23, 2016 at 3:58 AM (PT)
The new 2016-2020 “Entertainment & Media Outlook” has been released by PwC (PRICEWATERHOUSECOOPERS), and it finds Digital streaming services will continue to challenge traditional radio broadcasters.
PwC writes, "Overall radio is growing modestly (2.1%), despite the impact of digital competition in both music content and on-air talent broadcasting, while in-car listening is under threat from new interactive dashboard technologies. Traditional radio broadcasters have responded either by strengthening their main differentiator – on-air personalities – or launching their own online radio platforms. But the music streamers are fighting back, by expanding their own digital offerings into radio broadcasting territory."
As the purchase of physical music continues to decline, in-person physical experiences surge, finds PwC. According to the U.S. entertainment and media outlook: 2016-2020, the music industry will continue to shift and evolve over the next five years.
"While the music industry’s first stage of digital transition saw downloads overtake physical formats in terms of retail sales and revenue, the current stage has consumers moving away from ownership towards access," noted PwC. "Subscription music services will soon be the primary form of paid content in revenue terms. Music also continues to benefit from an industry-wide shift in consumer spending towards experiences. Live music will continue its strong growth trajectory as fans increasingly show that they value (and will pay a premium for) real-life, physical entertainment."