Singapore – Over the next five years digital technologies will progressively increase their impact across all segments of entertainment and media (E&M) as digital transformation continues to expand and escalate. The uncertain economic background has done nothing to slow the pace of change, which has been far quicker than predicted 12 months ago. It is clear that the consumer is firmly in the driving seat of these changes, according to the latest Global Entertainment & Media Outlook 2010-2014, from PricewaterhouseCoopers (PwC). Following a year of decline in 2009, the global E&M market, as a whole, will grow by 5 percent compounded annually for the entire forecast period to 2014 reaching US$1.7 trillion, up from US$1.3 trillion in 2009. Asia Pacific is growing at 6.4 per cent compound annual rate (CAR) through to 2014 to US$475 billion, with Singapore growing at a rate of 5.1 percent CAR. Advertising revenues have been particularly hit by the turbulent markets and while there are signs of a rebound, this is still fragile in nature. In some markets, spend is unlikely to return to former levels. In Singapore, total advertising will grow from US$776 million in 2010 by a 6.4 per cent CAR over the full five year period to US$1041 million in 2014. The television and online segments show the some of the fastest growth at 7.6 per cent CAR and 15.6 per cent respectively. Advances in technology and products will see increasingly converged, multi-functional and interoperable mobile devices come of age as a consumption platform by the end of 2011. Using the Internet is now one of the great unifying experiences of the current era for consumers everywhere—and their expectation of Internet-style interactivity and access to content will continue to expand across media consumption in every segment. This trend is initially at its clearest in television. Equally, people are already consuming magazines and newspapers on Internet-enabled tablets, and streaming personalised music services in preference to buying physical CDs or even digital downloads. Ongoing fragmentation means that media offerings will need greater consumer engagement and quality to get themselves heard – and paid. Consumers are more willing to pay for content when accompanied by convenience and flexibility in usage, personalisation, and/or a differentiated experience that cannot be created elsewhere. Local relevance will also become important once again as an aspect of convenience and relevance.
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