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Entertainment, media income to grow 12% annually, report says
By Ding Yining |
June 12, 2012, Tuesday
|
Online Edition
Online Edition
CHINA'S entertainment and media income will grow an average of 12 percent annually in the next five years to reach US$192.5 billion yuan by 2016, an industry report showed.
China last year surpassed Germany and became the world's third largest market with US$109 billion in income, behind the US and Japan, according to PwC's annual Global Entertainment and Media Outlook report, which was released today.
"The booming entertainment and media sector in the next few years will be pushed by China's economic expansion, government support as well as an injection of industry funds hoping to cash in on increasing consumer spending," said Pan Zhenyu, a PwC China partner specializing in the entertainment and media industry.
PwC's figure combined consumer spending and advertising expenditure.
China is expected to record the fastest pace of growth among leading countries.
Internet advertising will be the biggest growing sector with an annual compound growth rate of 32.1 percent, followed by the movie industry's 22.1 percent.
China last year surpassed Germany and became the world's third largest market with US$109 billion in income, behind the US and Japan, according to PwC's annual Global Entertainment and Media Outlook report, which was released today.
"The booming entertainment and media sector in the next few years will be pushed by China's economic expansion, government support as well as an injection of industry funds hoping to cash in on increasing consumer spending," said Pan Zhenyu, a PwC China partner specializing in the entertainment and media industry.
PwC's figure combined consumer spending and advertising expenditure.
China is expected to record the fastest pace of growth among leading countries.
Internet advertising will be the biggest growing sector with an annual compound growth rate of 32.1 percent, followed by the movie industry's 22.1 percent.
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