Value of the entertainment & media market in the UK 2023-2028
Between 2024 and 2028, the entertainment and media market in the United Kingdom is expected to grow at a four percent compound annual growth rate (CAGR) and reach 121 billion British pounds.
Shifting consumer habits shape the industry’s future
The entertainment and media sector is a dynamic and fast-paced ecosystem that is constantly adapting to the ever-evolving needs and demands of consumers. As such, the industry contains some of the sectors most heavily affected by the coronavirus (COVID-19) pandemic, alongside others that were among its primary beneficiaries. For example, SVOD revenue in the UK jumped by approximately 27 percent amid national lockdowns during the first year of the pandemic, while UK box office revenues simultaneously plummeted by 76 percent. And even though some traditional media formats are already experiencing an uplift in demand and revenues, recovery is not equally as swift across the UK’s entire media and entertainment landscape.
Media and entertainment is on a global upward path
The continuous growth of the UK market is in line with overarching global industry trends. In 2023, the global entertainment and media market was valued at 2.8 trillion U.S. dollars, and according to the latest projections, this figure will reach 3.4 trillion by 2028. A more in-depth look at the future of the E&M industry reveals that virtual reality, cinema, and data consumption were expected to see the highest growth rates among all media and entertainment segments in the next few years, whereas traditional media such as newspapers are set to experience negative growth.
