Swiss media and entertainment industry growing more slowly
Published: Thursday, Sep 19th 2024, 09:50
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The Swiss media and entertainment industry is growing at a slow pace. In 2023, sales still increased by 1.7% to CHF 21.4 billion. In the previous year, growth had still amounted to 3.6%. According to experts, growth is likely to slow down further in the future.
By 2028, the market for (entertainment) media, which includes internet offerings, music and radio, newspapers and magazines, online media, television, video games and virtual reality, will only see average annual growth of 1.1%. This is the conclusion reached by PwC in its latest survey.
On the one hand, experts blame inflation and the higher cost of living for this slowdown. On the other hand, the so-called "post-Covid effect" is easing.
However, the pessimistic forecast does not apply equally to all sub-segments of the industry. Cinema, for example, has recovered from the coronavirus pandemic and grew by a good quarter in 2023. In addition, the high level of streaming has boosted sales of video, music and radio.
On the other hand, newspapers, books and consumer magazines were among the biggest losers. Linear television is also likely to experience a decline.
According to the report, virtual reality (VR) and artificial intelligence (AR) achieved the strongest growth in 2023, with an increase of 36.4% to CHF 161 million. And the authors are also forecasting a significant increase for the coming years. Bogdan Sutter, Director Strategy and Digital Change Expert at PwC Switzerland, is quoted in the press release as saying that sales will almost double by 2028.
©Keystone/SDA
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