Media and Entertainment
The entertainment sector continued to grow last year despite ongoing consumer pressures. Turnover in television programme production, sound recording, music publishing, creative arts & entertainment services has grown in recent years. However the outlook for media and entertainment is likely to be weaker going forward, particularly if households curb discretionary purchases in the light of rising inflation.
Traditional media – particularly print media – continues to suffer drastically given the structural shift towards digital channels. Traditional print media companies are struggling with the transition to online business models, with digital advertising revenue often struggling to offset the revenue loss caused by declining newspaper circulation and reduced print advertising revenue.