LOS ANGELES, June 11 (UPI) -- A new report sees the global entertainment and media industry reaching $1.4 trillion in 2007, despite a weak economy, and defense spending increases.
The study by PricewaterhouseCoopers says the industry will overcome softness in the world economy, increased military and security spending, the prolonged lead-up to conflict followed by war in Iraq and the severe acute respiratory syndrome outbreak.
It says global entertainment and media industry spending will surpass $1.1 trillion in 2003, rising by 3.7 percent from its 2002 level.
Continuing this advance, the company forecasts global entertainment and media spending will reach a record $1.4 trillion in 2007, for a 4.8 percent compound annual growth rate (CAGR) over the next five years.
These predictions were published Wednesday in the latest edition of the annual PricewaterhouseCoopers Entertainment and Media Outlook: 2003-2007, North America (with Global Overview).
