JOHANNESBURG, SOUTH AFRICA: Increased Internet access will generate more consumer spend than any other media product or service in the next five years in the South African entertainment and media industry, according to a report issued by PwC.
South Africa’s entertainment and media market is expected to grow by 10.2 percent CAGR from 2014-2018 to a value of R190.4 billion. By far, the largest segment will be the Internet. Combined revenues from Internet access and Internet advertising will account for an estimated R71.6 billion in 2018, accounting for 37.6 percent of total revenues, according to PwC’s South African Entertainment and Media Outlook: 2014-2018.
Vicki Myburgh, Entertainment & Media Industries leader for PwC South Africa, says: “Growth in the South African entertainment and media industry is largely being driven by the Internet and by consumers’ love of new technology, in particular mobile technology, such as smartphones and tablets, as well as applications powered by data analytics and cloud services. Technology is increasingly being driven by consumers’ needs and expectations.”