PWC Reports Modest Media Gains

MODEST MEDIA GAINS: A new study from accounting firm PriceWaterhouse-Coopers finds the media and entertainment industry in the U.S. grew 3.1% last year, the second straight increase, with online advertising the biggest factor. This year, U.S. media revenue will climb 5.6% to $489.9 billion on advertising for U.S. elections and the London Summer Olympics. Double-digit percentage gains in Internet spending will propel the industry as radio, television, movies, publishing and newspapers embrace digital distribution models. PWC also predicts the U.S. music market will rise to $19.8 billion in 2016, a 5.5% increase from the $15.2 billion last year, thanks to the rise in digital downloads and streaming subscription services. The report also stated this year will mark the first time digital distribution revenue will outstrip physical sales in the record biz. (6/12a)