Australian advertising spend is forecast to reach $23 billion by 2023, driven by the continuing growth of online advertising, according to PwC.
The findings from PwC’s 18th annual Australian Entertainment & Media Outlook predict the sector will grow from $15.8 billion in 2018 at a steady compound annual growth rate of 7.8% over the next five years.
PwC forecasts the media and entertainment sector will grow by 4.% over the next five years, up from 3% in 2018.
Internet advertising is expected to grow its share of the market from 46.2% in 2018 to reach 57.7% in 2023. Subscription TV will also increase its share to 9.7% in 2023 up from 7.7% in 2018 and out-of-home is expected to remain stable at 6.7%.
However, the rest of the market will experience declines as free-to-air TV drops from 20.2% in 2018 to 13.9% in 2023 and newspapers fall to 4.2% from 10.3% in 2018.
The annual Australian Entertainment & Media Outlook report analyses trends and consumer and advertising spend across 12 segments including music, internet, books, filmed entertainment and interactive games.