China News Service, Shanghai, October 22 (Reporter Jiang Yu) PricewaterhouseCoopers released the "Global Entertainment and Media Industry Outlook 2020-2024" report in Shanghai on the 22nd. It is expected that China's film revenue in 2020 will drop by 78.1% year-on-year to approximately At US$2.26 billion, the number of movie viewers will drop from 1.8 billion in 2019 to 400 million.
However, from 2020 to 2024, Chinese film revenue will rebound rapidly at a compound annual growth rate of 37.8%.
According to the report, the new crown epidemic has not killed China's film industry. In order to meet consumer demand for home entertainment, distributors have changed their film distribution models, such as direct distribution on OTT (online video) streaming media platforms.
PwC China Entertainment and Media Industry Partner Jiang Xiaoping said: "We expect that the change in the film distribution model will affect the future strategic focus and profit model of the Chinese film industry."
The report predicts that the compound annual growth rate of China's OTT video market from 2020 to 2024 will reach 12.2%, and revenue will reach approximately US$16.1 billion by 2024; the compound annual growth rate of Chinese video games from 2020 to 2024 will be 5.4% , And revenue will reach 38.5 billion U.S. dollars by 2024.
The report points out that China’s e-sports revenue has surpassed the United States and South Korea in 2019 to become the world’s largest e-sports market. In 2020, China’s e-sports revenue will further rise to approximately US$410 million, with a compound annual growth rate from 2020 to 2024. It was 13.1%.
Internet advertising is the largest advertising segment in China.
The report predicts that China’s Internet advertising revenue will reach US$66.3 billion in 2020, with a compound annual growth rate of 7.7% from 2020 to 2024.
The report predicts that the total revenue of China's entertainment and media industry in 2020 will be approximately US$331 billion, a year-on-year decline of 2.8%.
Lin Xiaofan, partner in the entertainment and media industry of PwC China, said: "The new crown epidemic has accelerated the transition of consumer behavior from a traditional model to a digital model, and it has also prompted entertainment and media companies to develop new business models to cater to changes in consumer behavior." Finish)