Value of the entertainment and media market in Australia from 2008 to 2017
In 2017, the Australian entertainment and media market was forecasted to be worth 35.74 billion Australian dollars. The market is diverse, and includes segments such as advertising, radio, music, internet entertainment, newspapers, subscription television and free-to-air television. The compound annual growth rate (CAGR) of the entertainment and media market in the country between 2017 and 2021 was forecasted to reach 2.1 percent.
Growth of digital advertising
Internet advertising spending was forecasted to grow to ten percent of the overall advertising spend in the country – the largest share of any other platform. Online video advertising has been identified as a growing trend in this industry, supplemented by the growing online population and number of screens per person across the country. The digitization of out-of-home advertising assets has also led to growth in this sector.
News consumption trends
When it comes to consumption of news, most consumers in the country used television and online sources. Print media, in contrast, was used by just 30 percent of the population. The value of the newspaper market was expected to continue decreasing across the country over the next five years. However, digital newspaper circulation spending was forecasted to increase in the same period, indicating Australians appetite for news was not declining, but rather becoming more diversified across many platforms.
Growth of digital advertising
Internet advertising spending was forecasted to grow to ten percent of the overall advertising spend in the country – the largest share of any other platform. Online video advertising has been identified as a growing trend in this industry, supplemented by the growing online population and number of screens per person across the country. The digitization of out-of-home advertising assets has also led to growth in this sector.
News consumption trends
When it comes to consumption of news, most consumers in the country used television and online sources. Print media, in contrast, was used by just 30 percent of the population. The value of the newspaper market was expected to continue decreasing across the country over the next five years. However, digital newspaper circulation spending was forecasted to increase in the same period, indicating Australians appetite for news was not declining, but rather becoming more diversified across many platforms.
