Poland’s media and entertainment industry expected to reach $10 billion in 2021, says new report
A new report from PwC says that the Polish media and entertainment industry will grow by $877 million in 2021 to reach a value of nearly $10 billion.
The report, 'Development prospects for the entertainment industry and media in Poland 2021-2025', highlights how each sector of the industry was affected by the pandemic and how they are recovering.
The video gaming market in Poland is expected to grow by over $50 million this year and a further $200 million in the following four years.
In recent years Poland has emerged as one of the leading video game producers from CD Projekt Red’s ‘Cyberpunk 2077’ to the raft of PC simulator games and popular mobile and casual games produced by companies such as Huuuge and Ten Square Games.
Marcin Sidelnik, PwC partner, leader of the TMT (Telecommunications, Media and Technology) sector, wrote: “This year should bring a rebound after declines caused by the pandemic.
“Our analysis shows that the revenues of the media and entertainment sector will exceed those recorded in 2019 and will be close to $10 billion.
“As in the rest of the world, OTT (over-the-top) services are developing dynamically in Poland - the interest in video content is constantly growing, which is why new players are constantly appearing on the market. Within one year, the value of OTT itself in Poland increased by $75 million.”
Although the cinema market which was hit hard by lockdowns is seeing signs of recovery, the segment still isn’t expected to reach pre-pandemic levels until 2024.
The emergence of streaming service popularity in the pandemic may remain and this could cause long term damage to the cinema industry.
Sidelnik, added: “Due to the pandemic, the consumption of content via electronic channels has increased significantly and some recipients have changed their habits permanently.
“COVID-19 drove the development of streaming services and e-book sales, while the development of e-commerce translated into the advertising market.”
Despite the growth of streaming services, the traditional television and video market is also expected to see growth as is the television advertising market.
There is one sector that seems to be in terminal decline, the print media and magazine industry is expected to continue a steady decline after experiencing a dead cat bounce this year.
The trend for consumers to engage via online portals affects not only the magazine and newspaper industry but also traditional book sales while e-book and subscription reading services will grow.