Findings from PricewaterhouseCoopers LLP (PwC)’s latest Global Entertainment and Media Outlook report are bright. According to their study, Canadian entertainment and media revenues will rise at a compound annual growth rate (CAGR) of 3.5 per cent over the next four years.
Although the number denotes a slowdown from last year’s 5.0 per cent growth in industry revenues, the study finds internet advertising, mobile technology adoption and Over-the-Top (OTT) streaming to produce the most sustainable growth.
It’s due, in no small part, to millennials.
Countries with a greater under-35 population experience faster growth in entertainment and media spending, indicating the demographic’s influence.
“Millennials want the best content delivered to them in the easiest way possible whether it be on their phone, computer, or streaming service. Media companies need to be agile and tailor their offerings to meet the rapidly evolving demands,” says Anita McOuat, Partner, Entertainment and Media, PwC Canada.
Fast-paced innovation is essential for company survival in a changing industry. Millennials, a demographic noted for their ability to multitask with and adopt new technology, will be the key players of this change.
By demanding increased speed and flexibility, millennials are calling for innovation.
“While media companies still need to produce appealing and innovative content, they also need to focus on how millennials will interact with it, creating data that can be used to shape the creation of yet more content,” says McOuat.
The report anticipates that combining technology with industry assets will allow media companies to thrive.
“Canadians now have access to multiple OTT or TV on demand services, each with their own exclusive content, and the same can be said of the various music streaming services. It can be difficult to get all your favourite content in one place,” adds McOuat. “There is an opportunity for technology firms to create a one-stop-shop by aggregating all content, making it easier and more flexible for Canadians.”
The millennial challenge is a clear, albeit difficult, one. The key to survival will be adaption and acceleration.Those who fail run the risk of extinction.
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