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Global advertising revenue to hit US$1 trillion in 2026 as streaming services look to consolidation and live sports to drive growth: PwC Global Entertainment & Media Outlook 2024-28

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Global entertainment & media (E&M) industry revenues rose 5% to US$2.8 trillion in 2023 and projected to hit $3.4 trillion in 2028Advertising revenues projected to top $1 trillion in 2026, with revenues in 2028 to represent double the revenues of 2020Streaming service usage and uptake continues to rise, but market players look to consolidation, live sports, password-sharing crackdowns and ad-based revenue to drive growth as industry competition intensifiesGaming remains among the fastest growing E&M sectors globally: largely driven by Asia-Pacific, revenue expected to top $300 billion in 2028. In-person events such as global cinema projected to return to pre-pandemic levels as live-music buoyed by global toursGlobal E&M industry looks to Generative AI to drive new revenue streams and transform business modelsLONDON, July 16, 2024 /PRNewswire/ — Despite economic headwinds, technological disruption and increased geographic and industry competition, the global entertainment & media (E&M) industry has continued to grow in 2023, with total revenues rising 5% in 2023 to US$2.8 trillion – outpacing overall economic growth cited by the IMF[1] – according to PwC’s Global Entertainment & Media Outlook 2024-28, published today.

 
The outlook, which covers 11 revenue segments across 53 countries and territories, finds that global E&M revenues are projected to hit $3.4 trillion in 2028, growing at a 3.9% compound annual growth rate (CAGR).
Most notably, advertising revenue is set to hit $1 trillion in 2026 and is projected to account for more than half (55%) of total E&M industry revenue growth over the next five years.[2]
The outlook also finds that streaming services, traditionally dependent on subscription models, face increased competition and challenges in consumer use and uptake, and are looking to consolidation, live sports (including mega-events like the Summer Olympics), a crack-down on password sharing, and ad-based models to drive growth.
Looking across the globe, the US remains the world’s largest consumer spending and advertising market (4.3% CAGR to 2028), representing more than one-third of global spending in 2023.[3] However, other large markets including China (7.1%) and India (8.3%), and less mature markets such as Indonesia (8.5%) and Nigeria (10.1%), are growing more quickly.
Werner Ballhaus, Global Entertainment & Media Leader, PwC Germany, said:
“As the global entertainment & media industry continues to grow, market players face both risks and opportunities. Shifts in consumer preferences, and uncertainty around the continued impact of digital transformation and new and emerging technology such as Generative AI, are inspiring a wave of business model reinvention. If market players are to gain their share of the growing revenue pools we identify, they will have to reimagine how their company creates, delivers, and captures value, leveraging the growth of advertising while also harnessing the powerful opportunity presented by AI. As consumers increasingly consume content online, companies will also need to diversify their product-offerings and continue to connect with consumers on the platforms where they spend more of their time.”
Global advertising revenue to hit $1 trillion in 2026
Global advertising revenue is expected to grow at a 6.7% compound annual growth rate (CAGR) through 2028, ahead of the other two broad E&M segments analysed: connectivity (2.9%) and consumer (2.2%). All the while, total advertising revenue is to hit $1 trillion in 2026 (while 2028 revenues will hit double the revenues of 2020). Advertising is projected to account for 55% of the total E&M industry’s growth over the coming five years based on the three broad E&M segments analysed.
Internet advertising is the largest and one of the fastest-growing components of the advertising industry. It grew 10.1% in 2023, adding $52.5 billion in new revenues, and is projected to rise at a 9.5% CAGR through 2028, when it will account for 77.1% of total ad spending.
Streaming services look to new models to drive growth
Streaming service usage and consumer uptake is rising, albeit at a lower rate than in recent years, as service-providers face increased competition and challenges in getting consumers to pay more for digital goods and services. Global subscriptions to over-the-top (OTT) video services will rise to 2.1 billion in 2028 from 1.6 billion in 2023 – representing a 5% CAGR. Global average revenue per OTT video subscription is barely expected to grow, rising from $65.21 in 2023 to $67.66 in 2028.
This plateauing effect is pushing leading streamers to reshape their business models and find new revenues beyond subscriptions, including the introduction of ad-based variants (reduced subscription fees with ad-filled content), cracking down on password-sharing, introduction of live sports, and industry consolidation. In developed markets, this consolidation is taking the form of bundling subscription service providers. By 2028, advertising will account for about 28% of OTT global streaming revenues, up from 20% in 2023.
Gaming industry stands out as live-events and global cinema rebound
Global gaming, which includes e-sports (competitive gaming with professional tournaments and live spectators), continued its streak as one of the fastest-growing large sectors in the E&M universe, with total revenue hitting $227.6 billion in 2023, up 4.6%.[4] Revenue is on track to top $300 billion in 2027, almost double its level in 2019. Asia-Pacific remains the largest regional market for gaming, representing 48.1% of the segment’s global total, rising to 54.4% – or $181.8 billion – in 2028.
Elsewhere within E&M, in-person, real-life, tech-enabled experiences such as live music and cinema remain key growth industries, with movie box office and music ticket sales representing 38.6% of 2023’s net increase in consumer spending worldwide. Driven by large events such as musician world tours, live music revenues rose 26% and accounted for more than half of the overall music market.
Aided by a number of blockbuster releases in 2023, cinema saw a 30.4% year-on-year increase in spending at the box office. Global cinema revenues are poised to surpass their pre-pandemic, 2019 levels in 2026.
Wilson Chow, Global Technology, Media and Telecommunications (TMT) Industry Leader, PwC China, concluded:
“The global entertainment & media industry has always thrived on technological disruption. To capitalise on the many growth opportunities, it must leverage the power of new and emerging technologies such as Generative AI, re-shape business and creative models, and leverage the technology for advertising. So far, many of the applications of Gen AI in the E&M industry have focused on speed and efficiency. As we look ahead, the industry will have to focus on how Gen AI can lead to greater value creation through experimenting, iterating, and scaling new solutions and processes.”
Notes to Editors:
About the Outlook
PwC’s Global Entertainment & Media Outlook 2024-28, now in its 25th year, provides in-depth analysis of global entertainment & media (E&M) consumer and advertising spending. The Outlook includes five-year historical and five-year forecast data and commentary for 11 industry segments across 53 countries and territories. Segments are business-to-business; cinema; connectivity service; internet advertising; music, radio and podcasts; newspapers, consumer magazines and books; out-of-home (OOH) advertising; over-the-top (OTT) video; traditional TV; video games and esports; virtual reality (VR) and augmented reality (AR). In addition, the Outlook tracks data consumption and important developments in technologies such as AI, Metaverse and NFTs. The full Outlook can be accessed at www.pwc.com/outlook.
About PwC
© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
1. International Monetary Fund, World Economic Outlook, April 2024, https://mediacenter.imf.org/news/imf—world-economic-outlook-april-2024/s/b5844e32-a21c-4a48-8665-00b667aeb68c.2. The outlook analysed three broad E&M categories including: advertising, connectivity, and consumer. The definitions of each are explored in the outlook.3. Excluding connectivity revenues.4. For a full breakdown of E&M sector growth, please consult the full report on pwc.com.
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Common global marketing standards vital to boost trust in an age of disruptions, says ICC

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PARIS and NEW YORK, Sept. 19, 2024 /PRNewswire/ — The world’s largest business association – the International Chamber of Commerce (ICC) – has issued a call for advertisers and marketers to step up as champions of robust ethical standards in the face of multiple industry disruptions and potential challenges to industry self-regulation.

The call comes as ICC today releases a major update of its Advertising and Marketing Communications Code – the 11th edition of the code that has been the global backbone of advertising self-regulation for more than 85 years.
With a range of factors disrupting and reshaping the advertising market – from the rise of artificial intelligence in marketing communications to the growth of influencer marketing and increasing importance of climate issues – the global business body has pointed to the imperative for all participants in the industry to advocate for the widespread adoption of core standards to build trust among consumers and policymakers alike. 
ICC Secretary General John W.H. Denton AO said: “When we first issued the ICC Code in 1937 the world was a lot simpler. There was no TV, let alone the Internet. But what’s incredible is that the principles remain the same. Legal, decent, honest and truthful – the four foundations of the ICC Code – are as relevant in today’s fast paced media and marketing landscape as they were back then.”
“At a time of significant global disruptions – and with some policymakers reaching instinctively for the statute book in response to perceived challenges – robust global advertising standards matter more than ever.” 
This first comprehensive update of the ICC Code in a decade – informed by over a year of consultations with industry experts – tackles a range of contemporary challenges such as sustainability, AI and influencer marketing. It also incorporates clarified provisions in a range of areas, including marketing aimed at children and teens. 
Key new features include:
New guidelines on the use of algorithms and AI in preparing and delivering marketing communications Encouraging advertisers to be mindful of diversity and the importance of avoiding objectification stereotypes Clear provisions on influencer marketing and the responsibility of influencers and content creators Updated standards for green claimsClarified rules regarding children, teens and minors. Media Contact :
Randa EL TAHAWYPR & Communications [email protected] M: +33 6 45 12 82 62
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Pudu Robotics Unveils their PUDU D7 Semi-Humanoid Robot, Showcasing Breakthrough Capabilities and Strategic Vision for Humanoid Robotics

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SHENZHEN, China, Sept. 19, 2024 /PRNewswire/ — Pudu Robotics, a global leader in service robotics, has unveiled its latest innovation, the PUDU D7, the company’s first general embodied intelligent semi-humanoid robot. This robot represents a significant advancement in the company’s mission to develop cutting-edge solutions that address persistent operational challenges faced by businesses worldwide. With full commercialization anticipated in 2025, the PUDU D7 reinforces Pudu Robotics’ position at the forefront of the service robotics industry.

Understanding Semi-Humanoid Robots
In May of this year, Pudu Robotics introduced the “semi-humanoid robot” concept as part of its long-term strategic vision for the service robotics industry. Pudu Robotics focuses on developing three distinct categories of robots: specialized robots designed for specific tasks, semi-humanoid robots built for adaptable and versatile applications, and fully humanoid robots for complex human interactions.
Each type of robot addresses different needs within the service robotics sector, enhancing operational efficiency and customer experience. This forward-thinking strategy opens the door to a future where robots can seamlessly perform a wide range of tasks across various environments, offering exciting possibilities for advancing humanoid robotics.
The PUDU D7, as a semi-humanoid robot, integrates advanced mobility and dexterity by combining a human-like upper body with robotic arms and a fully omnidirectional chassis. This design allows it to handle complex tasks in diverse environments, ranging from service-oriented spaces to industrial settings, marking a significant step towards adaptable robotic solutions for multiple industries.
PUDU D7’s Core Specifications and Innovative AI
Developed by Pudu X-Lab, Pudu Robotics’ R&D arm, the PUDU D7 stands 165 cm tall and weighs 45 kilograms. The robot’s bionic arm extends to 65 cm and operates with 30 degrees of freedom, expanding to 50 degrees with a dexterous hand attachment. These capabilities enable the PUDU D7 to excel in elevator operation, item transport, and sorting tasks.
The PUDU D7 is powered by a battery exceeding 1 kWh, enabling it to operate continuously for over 8 hours. It features 360-degree omnidirectional movement, a maximum speed of 2 m/s, and maintains stability on slopes up to 10 degrees. Additionally, its bionic arms can lift 10 kilograms, with the end-point precision of the arm reaching 0.1 millimeters.
Pudu Robotics has equipped the PUDU D7 with a multi-layered intelligence system designed to merge data-driven embodied intelligence with advanced AI model strategies. By employing a hierarchical control system, often described as “high-level planning” and “low-level planning,” the PUDU D7 is able to intelligently manage both abstract, strategic tasks and real-time, sensory-based actions. This layered approach enables the semi-humanoid robot to not only understand and respond to complex service scenarios but also continuously learn and refine its operations over time.
With its adaptability and embodied intelligence the PUDU D7 is poised to deliver seamless, end-to-end task execution across multiple industries, driving the large-scale commercialization of semi-humanoid service robots.
Statement
“We are excited to introduce the PUDU D7, which highlights our commitment to continuous technological and product innovation. Featuring advanced mobility, versatile operational capabilities, and embodied intelligence, this semi-humanoid robot marks a significant milestone in our pursuit of a diverse range of robotic solutions,” said Felix Zhang, Founder and CEO of Pudu Robotics. “By advancing a comprehensive ecosystem of specialized robots, semi-humanoid robots, and humanoid robots, we aim to shape the future of the service robotics industry and deliver exceptional value across various applications.”
Pudu Robotics’ Focus on Practical Solutions and Future-Ready Humanoid Robotics
Pudu Robotics continues to prioritize real-world customer needs while laying the groundwork for the future of service robotics. The PUDU D7 embodies this mission, offering advanced solutions that streamline repetitive tasks, enabling businesses to focus on more strategic operations. Pudu’s commitment to data security is paramount, with anonymized data collection practices and ISO/IEC certifications ensuring customer trust and compliance.
Pudu Robotics endeavors to continue investing in humanoid and semi-humanoid robotics by further developing dexterous robotic systems like the PUDU D7. By advancing these technologies, Pudu aims to create versatile robots that excel across multiple industries. The company’s innovations in semi-humanoid and humanoid robotics will not only enhance its existing product range. Still, Pudu Robotics will also pioneer new possibilities for intelligent automation, cementing its leadership in the global robotics market.
About Pudu Robotics
Pudu Robotics, a global leader in the service robotics sector, is dedicated to enhancing human productivity and living standards through innovative robot technology. With a focus on R&D, manufacturing, and sales of service robots, Pudu Robotics holds nearly a thousand authorized patents worldwide, encompassing a wide range of core technologies.
The company’s robots have been widely adopted in various industries, including dining, retail, hospitality, healthcare, entertainment, education and manufacturing. To date, Pudu Robotics has successfully shipped over 80,000 units to a variety of markets, with a presence in more than 60 countries and regions worldwide. For more information on business developments and updates, follow PUDU on LinkedIn, Facebook, YouTube, Twitter and Instagram.
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Infosys and Posti Extend Strategic Collaboration

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To help Posti enhance customer experience and operational efficiency with an AI-first strategy leveraging Infosys Topaz
BENGALURU, India, Sept. 19, 2024 /PRNewswire/ — Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced it is extending its strategic collaboration with Posti, the leading delivery and logistics services provider in Finland, Sweden, and the Baltics. As part of the engagement, Infosys will help Posti enhance customer experience and operational efficiency while continuing to innovate, scale, and grow its IT operations.

Infosys will adopt an AI-driven approach powered by Infosys Topaz, an AI-first offering using generative AI technologies, to empower Posti with operational efficiencies and service quality. Additionally, Infosys Cobalt will leverage its Live Enterprise Application Management Platform (LEAP), a cloud-enabled platform, to provide NextGen Application Management Services for enterprises to accelerate their cloud journey to help drive business productivity.
In the last five years through the collaboration, Infosys has helped Posti improve the resilience of IT systems, reduce outages and disruptions, and improve Posti’s ability to prevent and respond to cyber threats. Infosys has helped Posti modernize the front-end consumer-facing applications and replace legacy systems and processes.
Petteri Naulapää, CIO & SVP, ICT and Digitalization, Posti Group, said, “We are pleased to announce the renewal of our collaboration with Infosys for another seven years. By harnessing the power of AI through Infosys Topaz and cloud capabilities through Infosys Cobalt, we aim to create a more efficient and customer centric organization. The collaboration with Infosys will accelerate our digital transformation journey and help us deliver exceptional services, optimize our operations, and strengthen our position as a leading delivery and logistics provider.”
Karmesh Vaswani, EVP and Global Head Retail, Consumer Goods & Logistics, Infosys, said, “Building on our growing presence in the Nordics and proven expertise in AI-powered transformation, Infosys is thrilled to announce the renewal of our strategic collaboration with Posti. This extension demonstrates our unwavering commitment to delivering next-generation services and solutions specifically tailored to address the unique challenges faced by our clients in the Nordics. By leveraging cutting-edge Gen AI alongside our comprehensive digital suite, we aim to propel Posti’s competitiveness even further within Finland, Sweden, and the Baltics. This next phase of our work will empower Posti to not only become a leader in the logistics and e-commerce sector, but a true digital frontrunner in the Nordics.”
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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