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The UK Entertainment Market 2017-2022

The UK Entertainment Market 2017-2022

  • July 2017
  • 88 pages
  • ID: 5102582
  • Format: PDF
  • GlobalData
Up to $3455 off Until May 31st 2020

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The UK Entertainment Market 2017-2022

Summary
UK retail entertainment market, which excludes streaming services, is forecast to decline by 33.3% over the next five years. All subcategories within the market are expected to decline by double digits between 2017 and 2022. Download music will fare the worst over this period, declining by 40.3% to just £95.0m in 2022.

Spend among younger consumers is declining - the proportion of total retail entertainment spend from 16-24 year-olds decreased 1.8 ppts from 13.9% in 2016 to 12.1% in 2017. While more mature millennials have grown up using CDs and streaming services, younger consumers have only ever known the latter, resulting in fewer young consumers purchasing physical music.

Penetration has dropped over the past 12 months as the number of consumers purchasing entertainment products has declined from 44.2% in 2016 to 36.5% in 2017. This comes as streaming services gain further popularity. Almost a third of consumers (31.9%) believe that subscription services such as Spotify are the future of buying and accessing music. In addition, 32.6% of consumers believe that subscription services such as Netflix are the future of buying and accessing video. This is up on average by 11.5ppts on 2014, as the ease of accessing these services reduces the appeal of owning music.

57.2% of consumers stated they enjoy shopping for entertainment goods, higher than, for example, consumers who enjoy clothes shopping at 44.0%. Retailers have been successful in offering well-merchandised and relevant assortment s, with 67.1% of consumers stating they find shopping for entertainment easy.

Amazon continues to dominate the entertainment industry, its market share growing by 8.8 ppts between 2012 and 2017. Its market-leading online delivery proposition faces little competition from other retailers, with the likes of Sainsbury’s and Asda offering very limited assortments and the same delivery restrictions when purchasing entertainment goods as they do buying groceries.

The report "The UK Entertainment Market 2017-2022" providing a detailed analysis of the entertainment market, forecast to 2022. The report provides quantitative and qualitative analysis of the UK market, evaluating major trends, consumer attitudes and an in-depth analysis of key market players.

Specifically, this report enables the following -
- Identifying the factors that are driving the entertainment sector.
- Exploring what people buy and spend in the entertainment sector.
- Looking at the retailers consumers use in the entertainment sector.
- Understanding how consumers shop in the entertainment sector.

Companies mentioned in this report: B&M, Poundland, Urban Outfitters, Amazon, Apple, Spotify, Sainsbury’s, HMV, Tesco, Primark, Morrisons, iTunes, Netflix.

Scope
- Video is the largest category within the retail entertainment market, contributing around 60% of the total revenue. This is primarily made up of physical video formats; DVDs and Blu-rays. The download market peaked in 2015 and has been in decline ever since. The success of the video market relies on the popularity of new releases, however in the last year a number of titles performed poorly in the cinema, leading to weak DVD and Blu-ray sales.
- Discounter’s share of the entertainment market is forecast to grow over the next five years. This is in part due to an anticipated fall in real income, meaning consumers will have less money to spend on discretionary purchases such as entertainment goods and will therefore be inclined to trade down, buying cheaper, older releases from discounters. Retailers such as B&M and Poundland stock a broad range of DVDs and CDs in most stores.
- Consumers are increasingly content with streaming music rather than owning it - over a quarter of consumers surveyed felt there was no point in ‘owning’ music anymore. Furthermore almost a third stated they felt subscription services (such as Spotify) are the future of buying music. Though the market decline is slowing, consumers continue to shy away from purchasing physical music as using subscription services becomes the norm with more retailers investing in this service.

Reasons to buy
- Utilise our five year forecasts to 2022 for individual product categories to refocus your strategy on key areas of high growth.
- Review our analysis on key market issues and use our strategies to better compete in the current climate of economic uncertainty.
- Compare our analysis on major entertainment retailers; enhance your understanding of their strengths and weaknesses and retailers’ market share growth prospects.
- Recognise which consumers to target and how to attract them by utilising our shopper penetration data and understanding what influences their retailer selection and spending motivations.
- Realise the strength of the online entertainment market, reviewing retailers who are growing online market share and using their tactics to develop your own online strategy.

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