According to the latest reports, the UK is going to become the biggest entertainment market in Europe. The UK market, which is set to be worth £32 billion, is on track to grow to £44 billion in 2028. This would mean a CAGR rate of over 8%.
According to the latest information, the fact that the country is being so proactive in embracing 5G is having a huge impact on the latest numbers. People can access the entertainment they want on the go, and it’s also resulting in higher subscriber numbers overall.
It’s not just streaming that’s influencing the UK’s success though. Gaming is having a huge impact too.
Gaming to Grow Substantially
eSports revenue is said to grow from £7.4bn to £8.4bn by 2028, with casual gaming also on the rise.
Data like this includes those who play video games, as well as casino games. Slingo in particular is very popular with gamers in the UK. People who play Slingo online often find themselves playing numerous titles, including Slingo Cosmic Clusters and Slingo Stampede.
With so many game variants combined with several no-deposit bonus offers, new people are continually being brought into the fold, spurring growth for the sector. With the UK casino market currently worth £15.1 billion, it’s a driving factor behind the UK’s rise to the biggest entertainment market in Europe.
Smartphone gaming has also had a big part to play. The increasing coverage of 5G mobile internet across the country is helping to ensure steady growth, and it’s also having a knock-on impact across other sectors.
Streaming is a prime example. By 2028, advertising is going to account for over one-third of streaming revenue.
Households often have more than one subscription too, so it’s no surprise why the advertisement revenue of streaming is so high. Mobile streaming services often show advertisements to users too, with convenient apps that make it easy to access content on the go.
The UK is now the Third-Biggest Market in the World
The UK’s market for OTT is now the third-largest in the world. It comes after both the US and China.
Prices for several major platforms have rocketed, including for those who watch Netflix. Even though there have been several challenges associated with this, it’s not hard to see that the market has still flourished.
Operators are trying to leverage their content rights, alongside original productions in an attempt to encourage more sign-ups. Streaming services have also expanded into sports. The English Premier League, for example, is currently spread across three different streaming platforms.
With the option of having an ad-supported tier to try and cut costs for households, changes like this have helped to propel the market to new heights, ensuring that people always have access to the content they need, at an affordable price.
Even though the UK is unlikely to overtake China and the US in terms of entertainment market revenue, growth like this is huge for the country, and helps to showcase that even under economic pressure, the market is still able to thrive.