Streaming platforms and TV driving economic growth in the UK – Finder.com stated that 9 out of 10 households in the UK used streaming platforms in 2022. Furthermore, 58% of most households in the United Kingdom have at least one streaming platform they’re subscribed to.
Another report by PwC stated that entertainment is fast evolving and TV and streaming platforms have emerged as powerful drivers of economic growth in the UK. Britons are forecasted to spend £4.2bn on streaming services like Netflix and Disney+ within two years. Also, the Broadcasters’ Audience Research Board, claims that 56% of UK households subscribe to one or more broadcast TV services.
TV and streaming platforms are one of the major drivers of economic growth in the UK with an estimated yearly inflow running into billions of pounds. Read on as we discuss more about the role of TV and streaming platforms in enhancing the UK’s economic growth.
The Power of TV and Streaming in the UK Economy
Television and streaming platforms hold immense potential to shape economic trends and impact the financial landscape in the UK. They are one of the most advanced media markets globally.
The UK has a diverse range of TV channels and streaming services that cater to different audiences. This is due to uninterrupted access to the internet, causing massive growth of streaming platforms. Ultimately making it easier for many households to access content at all times.
Progressively this is contributing to a significant boost in the consumption of TV shows and movies; hence, driving economic growth through revenues from TV subscriptions. This was estimated by The Guardian to be £4.9 billion in 2019.
Furthermore, apart from TV shows and streaming content, many TV networks and streaming platforms create news sessions, where they discuss economic developments and events. This keeps viewers informed about the trends and announcements displayed on the economic calendar weekly. The economic calendar shows updates on economic events, as well as news concerning the stock and financial market.
Advertising and Revenue Generation
TV and streaming platforms play a significant role in advertising and revenue generation. The report published by The Media Leader shows that the total advertising revenue in the UK is expected to reach £35.7 billion in 2023. Therefore, highlighting that television and streaming service advertisements are part of the primary source of revenue for content creators.
Businesses and brands invest considerably in advertising through these platforms to reach a larger audience. According to Statista’s analysis of the last decade, the UK currently has 7,661 digital advertising companies in 2023, a 6.1% rise from 2022.
Consequently, streaming services have gained massive popularity. It is predicted that UK households will spend £4.2 billion on services like Netflix and Disney+ by 2025. The revenue generated from advertising contributes massively to the United Kingdom’s economic growth through job creation and investment opportunities.
Television and streaming platforms have come a long way from being mere sources of entertainment. In the UK, they have immensely contributed to economic growth. Lets look at their influence on the financial landscape. From advertising revenue generation, job creation, and tech advancements, TV and streaming platforms have proven themselves to be key players in shaping the UK economy.
News Source: Seenit