Global entertainment and media revenue set to decline 5.6% in 2020 as consumption shifts accelerate, says PwC report

NEW YORK — In case anyone needs more proof the entertainment and media industry has been hit hard by the Covid-19 pandemic, New York-based PwC’s Global Entertainment & Media Outlook 2020-2024 report says 2020 will see the sharpest fall in global E&M revenue in the 21-year history of PwC’s research, with a decline of 5.6% from 2019, or more than US$120 billion. By comparison, in 2009, the last year the global economy shrank, total global E&M spending fell by only 3%, says PwC in its news release announcing availability of the report. However, according to PwC’s forecast, the industry’s fundamental...