Karaoke Culture and the Evolution of Personality Politics
Chapter 2: The Growth of the Media and Entertainment Industry: The Move to Centre Stage
2. The growth of the media and entertainment industry: the move to centre stage However one perceives its eﬀects, there is no ignoring the mass communications media in the modern world. Worldwide, technological innovations have given a huge boost to the media and entertainment industry. In 2006, analysts suggested that the global entertainment and media industry had entered a solid growth phase and was set to increase at a 6.6 per cent compound annual growth rate (CAGR) to $1.8 trillion in 2010, with new revenue streams growing rapidly, the growth of physical formats slowing, while the availability of licensed digital distribution looks likely to provide consumers with alternatives to piracy (PriceWaterhouseCoopers 2006). Digital technologies, chieﬂy broadband Internet and mobile, are becoming established as increasingly lucrative distribution channels, changing the way consumers acquire entertainment and media content. Global spending via online and wireless channels reached $19 billion in 2005, and was predicted to increase to $67 billion by 2010. Across the board, the entertainment and media industry has been shifting from the physical distribution to the digital distribution of content. As this shift continued, it created both more growth and more revenue opportunities. Asia Paciﬁc was set to remain the fastest-growing region for the industry, reﬂecting both the underlying economic growth and local developments and initiatives. The growth was led by double-digit increases in Internet, TV distribution, casino and other regulated gaming and video games. As part of these developments, the People’s Republic of China was predicted...
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