With rapid improvement in the technology and improved online connectivity across the country, the United Kingdom’s entertainment and media sector is expected to register healthy growth in the upcoming years.
Reports and UK data from the Entertainment and Media Outlook annual report forecast point to the fact that the entertainment and media sector will register a growth as high as £8 billion by 2022. People are trying out everything from online gaming to online casinos.
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What’s Different Now?
Companies are looking at digital delivery and combining their efforts with data analytics and artificial intelligence to make the experience unique.
The development means that the dynamics of the market will change, which will lead to the growth of an ever-expanding group of competitors and specialists who employ the best resources and strive to engage the best technology. This, many companies believe, will help to secure a more significant market share with increasingly demanding customers.
A Look at What’s Creating the Growth
So, what is driving the increase in the entertainment and media sector in the United Kingdom? For one, there is increased popularity in the United Kingdom with new ventures and newer opportunities..
The United Kingdom has become one of Europe’s largest videos and online gaming market. The variety of options in the online gaming sector adds to its popularity.
And it’s not just the online gaming market that is witnessing a change. Reports point out to the fact that the number of podcast listeners in the United Kingdom has grown. There is a further estimated increase in the listeners to 27 million in 2022- an addition as high as 29%.
The internet advertising industry has also witnessed tremendous growth, and some believe the United Kingdom will soon account for a third of all the Western European internet advertising expenditure. The media companies also revisit their business from time to time to add to the technology and build trust to gain profit and survive.
The Other Trends
Virtual reality is also among the fastest growing segment of the entertainment, and is predicted to be of £1.2 billion worth by 2022.
The increasing growth in the entertainment and media sector is not only a positive indication that can and is probably boosting up United Kingdom’s economy but also offers a lot of opportunities to the population of the country to make money by taking it up a business. Additionally, you just cannot ignore the recreational benefits!