Video games are set to be the fastest growing segment of a growing Australian media and entertainment market over the next five years, according to a new report from PricewaterhouseCoopers.
StartupSmart reports that the PwC analysts predict an average annual growth rate of 9.5 percent in the Australian video game market through 2015, when that market will represent AU$2.5 billion ($2.73 billion) in annual revenues.
That growth is ahead of a predicted global annual growth rate of 8.2 percent for the video game market, and includes a 10.7 percent increase for the Australian game market this year, to AU$1.8 billion in revenue.
The gaming sector's predicted growth leads all subcategories in a media and entertainment sector that PWC expects to grow at 4.1 percent annually to AU$37.2 billion ($1.97 billion) in spending in 2015.
By that point, gaming will account for 11.4 percent of all consumer spending on media and entertainment in Australia, up from 8.8 percent today, the report says.
Tablet computer sales will also be a growth driver, with 3 million Australians buying over 5 million of the devices by 2015. PwC predicts tablets will be the dominant device for downloading news, films, music, TV and games in the country by that time, according to
an AdNews article on PwC's report.
"We are in a golden age for consumers as entertainment and media organizations look to find new models to meet the needs of empowered consumers who are increasingly time poor but digital-savvy," PWC head of technology, information, communications and entertainment David Wiadrowski said.
