The global media and entertainment market will reach $5.7 trillion, from its current size of $1.7 trillion, according to media futurists Future Exploration Network in their Future of Media Report 2008, released this week. This is almost four times its current size, in 16 years.
"There will be massive growth in the media, entertainment, and related industries," says Ross Dawson, Chairman of Future Exploration Network. "Ultimately this is driven by soaring demand for media in all its forms. In developed countries such as the US people are consuming media from multiple sources wherever they go. This will mean average media consumption will be 13 hours a day by 2020, and not long after that will be equivalent to all our waking hours. Advertisers will spend ever more to cut through this massive media overload."
"Even with this extraordinary pace of growth, many media organizations are struggling. Television, radio, print, and Internet are all being fragmented into smaller markets as new competitors enter the market. New media channels, including mobile and outdoor are further fragmenting our attention," says Dawson.