BRIC countries set for media boom
Growth in the big emerging markets seen as triple that of developed nations
Media and entertainment businesses in the biggest emerging markets will expand at more than three times the pace to be seen in developed countries in the next five years, according to a study by PricewaterhouseCoopers.
The media and entertainment industry in the BRIC nations - Brazil, Russia, India and China - along with Indonesia and Argentina, will increase by a compound annual rate of 11.6 per cent until 2017, the accounting firm said.
Developed markets, including the US and Japan will expand 3.7 per cent, it said.
Greg Unsworth, media and telecommunications industry leader at PwC, said: "Developing countries with a growing middle class will have more people with discretionary spend directed into media consumption."
The report, which surveys 13 major industry segments in 50 countries, tracks an industry where spending is estimated to reach US$2.2 trillion by 2017, up from US$1.6 trillion last year. The United States will remain the world's biggest media and entertainment market, at US$632 billion by 2017, with a growth rate of 4.8 per cent, PwC said.
The media and entertainment industry on the mainland is forecast to expand 12 per cent annually, while India's industry will grow 13.5 per cent, it said.