Entertainment and media (E&M) spending in Thailand is expected to reach US$11.5 billion by 2020, growing at a compound annual growth rate (CAGR) of 5% over the next five years, according to PwC's global entertainment and media outlook for 2016-20.
Globally, E&M spending will rise at a CAGR of 4.4% in nominal terms over the coming five years, from $1.72 trillion in 2015 to $2.14 trillion in 2020.
This growth rate represents a slowdown from last year's 5.5% growth in industry revenue, and will lag behind overall global economic growth during those five years.
Despite economic uncertainty in many markets, the global internet advertising market is the fastest-growing segment.
By 2020, PwC's forecast for total global spending on internet advertising will reach $260 billion, at a CAGR of 11.1%.
The world's second rapid-growing segment is internet access, with a CAGR of 6.8%, expected to reach $635 billion in the next five years as broadband -- both fixed and mobile -- becomes an essential utility in emerging as well as developed markets.
Nattaporn Phan-Udom, a partner at PwC Thailand, said that the "live experience" remains a key differentiator in the digital world, and will play a major role in creating revenue for the E&M industry as a whole.
"With smartphones, consumers led by the younger demographic, can directly enjoy live experiences any time and anywhere -- whether it be watching a show, a live concert on TV or tuning into football tournaments," Ms Nattaporn said.
"As advances in digital technology continue to promote growth in the E&M industry, we expect companies and industry players to become more engaged and resonate with these consumers at both global and local levels," she added.
Revenue across the E&M industry is steadily shifting from the publishing business to video and internet businesses.
Over the next five years, global magazine (at a CAGR of -0.13%) and newspaper publishing (at a CAGR of -1.5%) will see the lowest revenue growth.
In Thailand, the magazine (CAGR of -0.6%) and newspaper (CARG of -0.5%) segments are expected to contract, in line with global trends, according to PwC.
Thai and global trends are in tandem in this area too, with total internet advertising revenue in Thailand reaching $32 million in 2015, up from 2011 when revenue stood at $14 million.
Thailand's internet advertising market continues to show great potential for future growth. Household fixed-line broadband penetration currently stands at 28%.
Internet advertising is expected to grow at a CAGR of 22.5% ($89 million) over the next five years, ranking second in growth in Asean behind Indonesia, which is forecast to hit $3.29 billion in 2020 (a CARG of 35.2%).
Key changes that serve as a serious call to action for both E&M industry incumbents and new entrants seeking growth opportunities in markets worldwide include demography, consumption, competition, geography and business models.
Young people consume more media and they are now the primary drivers of global growth through 2020, according to the PwC outlook report.