A “dizzying rise” of video games will contribute to SA seeing a strong compound annual growth rate of 7.6% for consumer revenue over five years‚ moving from R93.9bn in 2017 to R135.7bn in 2022.
This is according to PwC’s “entertainment and media outlook: 2018-2022: An African perspective” report‚ released on Wednesday.
Video games will surpass books‚ magazines and B2B to become the third-highest contributing consumer segment‚ the report predicts.
Music is also “up for a healthy future” after several years of depressed growth‚ the report states‚ with the streaming revolution having had positive implications for TV and video.
Honing in on the video games market‚ the report states: “App-based social/casual revenue has exploded – in 2013 it accounted for 17% of total video games revenue‚ and 46% in 2017‚ with the forecast for 2022 being 70%. This has been driven by the increasing proliferation of smartphones‚ providing an accessible and affordable route into the gaming market for millions of consumers.”