The UK’s multi-billion entertainment and media industry is set to grow in the coming years, making it one of the largest markets in Europe.
In 2017 the number of jobs in the UK creative industries reached 2 million expanding faster than the rest of the economy.
The entertainment and media (E&M) sector will be worth £76 billion by 2021, up from £68bn this year, overall, the market will grow by £8bn over the next four years, making the UK the second largest market in Europe, the Middle East and Africa (EMEA), after Germany.
Other findings include: the UK will account for a third of all western European internet advertising spend; the UK is now Europe’s largest video games market and podcast listeners in the UK are to grow 29 per cent year-on-year to reach 27 million by 2022.
The UK’s entertainment and media sector is forecast to grow at a healthy rate over the next four years with some of the largest and fastest growing markets in digital and technology, reflecting its location as a place for innovation.
Looking at the biggest revenue generators, consumer spending on internet access will bring in the most revenue over the forecast period rising from £13bn this year to £16bn by 2022.
It is expected that advertising revenue will account for a quarter of total E&M revenue by 2022, with digital spend continuing to dominate growth. Internet advertising spend will grow to £14.3bn by 2022.