Thanks to my colleague Janet Forsyth for this post which gives an update on the media sector picking up on some research done by consultancy firm McKinsey & Co. Not only does it give a useful update on where this sector might be headed in the next few years but useful material for including in your applications and interviews for roles in this sector – Rebecca
Many students explore and are successful in careers in media including advertising and marketing. In their December 2015 insight on global media spend, global management consultancy firm McKinsey & Co examines the figures for 2014, and their projections for 2020 – vital information for identifying growth and contraction areas in media opportunities, and to inform your applications and interviews in these areas.
They report and predict:
‘Digital advertising was the fastest-growing category in 2014, with a 16.1 percent increase in spending, followed by video games at 14.3 percent and broadband at 9.2 percent. Both digital advertising and broadband are entirely digital, and digital components fueled the growth of spending on video games. At the other end of the growth spectrum, expenditures for traditional nondigital media, such as consumer magazines and newspapers, continued to decline.
We expect that digital advertising, video games, and broadband will continue to be the fastest-growing segments over the next five years, with projected compound annual increases of 12.7 percent, 8.1 percent, and 7.8 percent, respectively, to 2019. Spending on cinema will expand at a projected 5.4 percent compound annual growth rate, followed by TV advertising at 5.0 percent. While today’s stronger segments will continue to be strong over the next five years, they will probably grow more slowly. We also expect expenditures on the slower-growing or declining segments of 2014 to grow more quickly or to decline more slowly over the next five years.’