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London (pte030/28.06.2005/13:21) - Media and entertainment spending grew 8 per cent to US$1.3 trillion (eur 1.07 trillion) worldwide last year, the highest growth since 2000. Now the fastest growing medium in the world, the Internet saw a 36 per cent rise in advertising and access revenues by 21 per cent. This was the result of users switching from dial-up to broadband services.
PricewaterhouseCoopers http://www.pwcglobal.com predicts that the value of the worldwide entertainment and media industry will surge to $1.8 trillion due to broadband Internet growth by 2009. According to PwC's report, Global Entertainment and Media Outlook: 2005-2009, legal online distribution of games, videos and movies is also tipped to rise, outdoing piracy figures.
More consumers and WWW users will turn to broadband and purchase online. Because of this Internet advertising will continue to grow at double-digit rates. Meanwhile, advertising in traditional media will only increase by 4 per cent to 6 per cent.
Newspapers and radio revenues, though growing, will grow more slowly comapred to new media - at 4.3 per cent and 4.7 per cent respectively.
PwC's UK entertainment and media expert, Robert Boyle, said: "If you get the right product to the right people at the right price legally, they will pay for it."
PwC forecasts that consumer spending on Internet access, subscription TV and video games will increase, while filmed entertainment will decline as the DVD market reaches saturation.
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