UK home entertainment market to top $6bn by 2025 – Media Play News

Daniel Craig in his fifth and final James Bond film, No time to die

Eric Grunwedel

British Association for Screen Entertainment (BASE) and DEGI: The Digital Entertainment Group International (formerly DEG Europe) on 23 September predict that the UK home entertainment market will grow to £5.5bn ($6bn) of consumer spending over the next three years (2025) , which includes 2.4 pounds ($2.8 billion) spent on film sales operations.

The UK home entertainment sector was worth £3.3 billion ($3.6 billion) in 2020 and £3.7 billion ($4 billion) in 2021.

In a new report, Home Entertainment Development Report 2020-2025BASE and DEGI say the revenue growth reflects 114% growth in line with pre-pandemic forecasts and underlines optimism in the category, demonstrating the potential of multiple entertainment formats, distribution channels and access to more than 75,000 transaction titles.

“The evolution of home entertainment is in full swing…where transactional formats expand to include premium VOD, SVOD embraces AVOD, joined by FAST, all of which offer consumer choice and take a share of growing consumer engagement,” Liz Bales, CEO director of BASE and DEGI. , the statement said.

Citing additional information from Ampere Analysis, Futuresource Consulting, Kantar, British Screen Forum, Digital Entertainment Group and The Digital Entertainment & Retail Association, Official Charts Company, Intellectual Property Office and Amy Jo Smith, President/CEO of DEG: The Digital Entertainment Group, among other sources, the report states that as consumers recover from the pandemic, so too will the release of new movies and subsequent consumer spending in the retail and rental channels.

“The U.S. market continues to be the starting point for much of the change occurring in home entertainment markets around the world, and DEG members now span the globe,” Smith wrote in the report. “As we expand our global reach, it is even more important to work more closely with DEG International to align messaging and provide communications support for members in different regions and territories.”

Craig Armer, director of strategic analysis (entertainment) at Kantar, found that 35.1% of UK consumers visited a cinema at least once in the 52 weeks to 26 June 2022, compared to 46.2% for the same period in 2019. , which equates to a 24% drop. This downward trend then affected the home entertainment market with a 40% drop to 5.1 million UK consumers renting or buying movies, down from nine million home entertainment consumers in 2019.

“Wait for it [trend] to recover over the next few years as the flow of new content becomes more consistent, potentially drawing up to two million buyers back into home entertainment,” Armer wrote.

At the same time, the dearth of new releases continues to increase the number of VOD transactions for catalog titles.

“VOD is the largest source of catalog consumers, with 3.6 million more renters compared to the pre-pandemic period,” Armer wrote.

The analyst added that packaged media, especially DVD, remains a cost-effective distribution channel for consumers. In particular, the retail price of a new movie on DVD has remained virtually unchanged over the past nine years. Indeed, James Bond fans are buying the 2013 edition Skyfall a 2021 release will also be available on DVD for £9.99 (US$10.90). No time to die at the same price.

“Maintaining a strong visible presence of discs in physical retail and a continued commitment to digital adoption will ensure that the industry can weather the challenging economic circumstances as it recovers from the disruption of the past few years,” Armer wrote.

https://www.mediaplaynews.com/base-degi-u-k-home-entertainment-market-to-top-6-billion-by-2025/ UK home entertainment market to top $6bn by 2025 – Media Play News

Back to top button