Reports Critical Developments

Entertainment and the recession How it will be impacted and how it should respond

Report by Mark Mulligan
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20,000 foot view:  The world is facing a period of change and disruption that is unprecedented in modern times. With so many interconnected dynamics across consumer spending, economic cycles, the climate, and even geo-politics, consumer behaviours and spending will undoubtedly be impacted. This means that entertainment companies will be impacted also. But entertainment has the opportunity to play a unique role in these troubled times. It will require innovation and strategic agility, but done right, it could even see some forms of entertainment being – whisper it quietly – recession proof.

Key insights 

  • The ad            is slowing: leading digital-ad company            grew by            between            2020 and            but it was down sharply                       2022 and only up by            (QoQ) in            2022
  • Major music            and leading digital service providers            saw music streaming revenue follow            broadly similar decline in growth                       2021 and            2022, with            2022            less than a third of                       2021 rate
  • Video subscription            is also slowing, with Netflix’s            (YoY) quarterly subscription video on            (SVOD) revenue growth going from                       2021 to            in            2022, while            SVOD growth went from            to           
  • The entertainment            will be reshaped by multiple            including attention inflation, the splintering            culture, scenes and identity, lean            the creator economy, post-peak growth,            rediscovery
  • MIDiA’s C.R.E.A.T.E.            manifesto presents a framework forinnovation            growth in the coming new            for digital entertainment

Companies and brands mentioned in this report: Alphabet, Amazon, Disney, Meta, NetEase Cloud Music, Netflix, Snap, Sony Music Group, Spotify, Tencent Music Entertainment, Twitter, Universal Music Group, Warner Music Group

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