This week, PwC published their 14th edition of The Australian Entertainment and Media Outook 2015 – 2019. The study forecasts advertising spends to increase by 4.8% from 12.9 billions in 2014 to $16.4 billions and internet advertising set to account for more than 50% of the total Australian advertising market by 2019.
Innovation through disruption is a key focus for the success and growth of the industry where start-ups have potential to contribute $109 billion or 4% of GDP to the economy by 2033*. Despite innovation being pretty poor in Australia due to multiple hurdles from the lack of investment in R&D to universities not delivering enough quality research, the study gives a voice to some significant entrepreneurs and investors who are trying to inspire that change in the economy.
‘While technology underpins nearly all disruptive start-ups, innovation goes beyond technology and can be applied to service, relationships, content, distribution, business models and funding.’
In the feature on the emergence and usage of mobile in the society, PwC describes how much technology has influenced business models from brands urging them to shift to consumer-centric solutions, as well as publishing and advertising landscape being shaken by agile ad-tech players, revealing how data is becoming a competitive advantage to survive on this market.
*‘The start-up economy: How to support tech start-ups and accelerate Australian innovation’, PwC, April 2013
Source & copyright: PwC