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Entertainment and media sector to see robust growth in China By FAN FEIFEI | China Daily | Updated: 2021-08-03 08:50 Share CLOSE A visitor checks out a video game with virtual reality equipment during an expo in Guangzhou, Guangdong province. SHI LEI/FOR CHINA DAILY PwC: Total revenue from industry to lead world, reach $358.6b this year Total revenue of China s entertainment and media industry is estimated to be around $358.6 billion this year and should reach some $436.8 billion in 2025, with the compound annual growth rate reaching 5.1 percent, higher than the global rate of 4.6 percent, according to a new report from global accounting firm PwC. ....
Affected by the pandemic, Hong Kong entertainment and media (E&M) revenues fell by 11.1% year on year in 2020, from US$8.81bn to US$7.83bn due to COVID-19 disruption, said a recent PwC’s Global Entertainment & Media Outlook 2021 – 2025. However, Hong Kong E&M revenue will see a year-on-year rise of 7.65% from 2020 (US$7.8bn) to US$8.4bn in 2021 as the pandemic effects subside. Over the next five years, total E&M growth in Hong Kong is projected at a compound annual growth rate (CAGR) of 4.38% to reach US$10bn in 2025. Hong Kong E&M revenue took one of the biggest hits when compared to the rest of the markets across Asia Pacific and Mainland China. Mainland China’s maturity in digital platforms has aided in it being the first country to exceed pre-pandemic revenues (2020), said the study. Meanwhile, total E&M revenue in Asia Pacific is well spread, showing a similar trend to the global trajectory with year-on-year rise US$778bn in 2021. ....