Digital Streaming Services Fuel Growth
- UK’s retail entertainment market reached an all-time high of £7.24bn in 2017
- Digital streaming services drove the growth mainly
- Combined sales grew by 8.8% across music, video, and games
- Physical formats like vinyl albums and console games also saw growth
- Growth rate of entertainment sector was four times that of UK economy in 2017
- ERA’s data shows digital services captured 71.9% of sales value in 2017
The UK’s retail entertainment market reached an all-time high of £7.24bn in 2017, driven by digital streaming services such as Spotify, Netflix, Amazon, Sky, and Google. The Entertainment Retailers Association (ERA) reported a combined sales growth of 8.8% across music, video, and games compared to the previous year. This marks the fifth consecutive year of growth in the segment, with physical formats like vinyl albums and console games also experiencing growth. Digital services captured 71.9% of sales value in 2017. The entertainment sector’s growth rate was four times that of the UK economy, which grew by 1.9% during the same period according to the Office National Statistics (ONS). Kim Bayley, ERA’s CEO, believes physical formats will continue to exist alongside digital platforms due to their unique offerings and gift-giving potential.
Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about the growth of the UK’s retail entertainment market in 2017, citing data from the Entertainment Retailers Association (ERA) and the Office National Statistics (ONS). It also includes relevant quotes from the ERA’s chief executive, Kim Bayley. The article presents facts and figures without any significant digressions or personal opinions.
Noise Level: 3
Noise Justification: The article provides relevant and accurate information about the growth of the UK’s retail entertainment market, highlighting the role of digital streaming services in driving this growth and the continued popularity of physical formats like vinyl albums and console games. It also includes a quote from an expert in the field. However, it could benefit from more analysis or discussion on potential future trends or implications of these findings.
Financial Relevance: Yes
Financial Markets Impacted: The growth in digital streaming services impacts companies like Spotify, Netflix, Amazon, Sky, and Apple.
Financial Rating Justification: The article discusses the growth of the UK’s retail entertainment market, which includes companies such as Spotify, Netflix, Amazon, Sky, and Apple. This growth has an impact on their financial performance and can affect their stock prices.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
www.retailsector.co.uk