PWC Releases Entertainment/Media Outlook
June 18, 2008 at 12:36 PM (PT)
PRICEWATERHOUSECOOPERS has released a new Entertainment and Media Outlook for 2008-2012. The report says global spending on recorded music will fall from $33.4 billion worldwide in 2007 to $32.5 billion by 2012, a .6% annual decline.
Digital formats are expected to explode, with global spending on digital music formats predicted to reach $18.8 billion by 2010, from $7.3 billion in 2007. That more than a 20% annual gain. Regionally, ASIA is expected to contribute $7.5 billion to the 2012 digital total, the U.S. $5 billion, LATIN AMERICA $1 billion and almost $5 billion for the rest of the world.
The report says digital revenues will overtake physical revenues in ASIA by 2009, LATIN AMERICA by 2010, the U.S. and CANADA by 2012 and 2010 for the rest of the world.