BRIC is an acronym grouping Brazil, Russia, India and China, and was coined by Goldman Sachs’ Jim O’Neill in 2001. South Africa has in recent years pushed for the acronym to be modified to BRICS, to include South Africa.
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.
"As the infrastructure improves, so will mobile and broadband subscriber numbers and revenue," Unsworth said. His report predicts that about half of all mobile-internet users will come from BRIC countries by 2017.
For developed markets, growth would be propelled by mobile advertising and internet spending as more movies, television and newspaper content is distributed online or through smartphones, Unsworth said.
The digital media, fuelled by the increased ownership of phones and other electronic devices, is expected to account for 46 per cent of worldwide media spending by 2017, up from 37.2 per cent now, the report said.