Hong Kong lagging behind in digital revolution: PwC
Updated: 2009-06-17 07:19
By Joey Kwok(HK Edition)
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HONG KONG: The pace of digital development in the Hong Kong media and entertainment industry is lagging behind the global average because traditional media, such as television, still has a major influence in the city, according to international accounting firm PricewaterhouseCoopers (PwC).
Digital technologies will become increasingly widespread across all segments of the global entertainment and media industry in the coming five years, but Hong Kong is still falling behind in the digital migration,PwC said yesterday.
"However, it also shows that Hong Kong has a bigger room for developing the digital media," Cecilia Yau, PwC's senior manager of entertainment and media practice, said at a press conference in Hong Kong yesterday.
Yau noted that more Hong Kong consumers are "looking for the best value in the choice of how and when to consume entertainment", while the media are also turning to new and emerging platforms.
She expects the city's end-user spending through digital or mobile platforms will increase to 40 percent in 2013 from 35 percent in 2008.
In 2008, digital technologies accounted for 31 percent share of revenue in the global entertainment and media industry, compared with 25 percent in Hong Kong and 39 percent on the mainland.
PwC's global entertainment and media industry leader Marcel Fenez said traditional media industries may need to adopt a flexible mode of work to keep pace with the digital migration.
"Companies which grasp the opportunities to appear in this fast changing marketplace and are agile enough to adapt their business models will be able to take full advantage of the potential and new revenue models as they emerge," Fenez said.
The accounting firm also expects advertising spend online will increase at a compound rate of 7 percent in 2013, taking market share from both television and print.
(HK Edition 06/17/2009 page4)