OutlookThe Australian Entertainment & Media Outlook

2021 2025

Power shifts Contents 03 10 21 23 Executive summary Special feature: Internet access Filmed entertainment Getting beneath the numbers: understanding content consumption in a post-COVID world 26 30 34 38 Free-to-air TV Interactive games Internet advertising Consumer magazines & esports 41 45 50 54 Consumer books Newspapers Music Out-of-home 57 61 65 67 Radio Subscription TV Current and forecast Market definitions market share data 68 70 References Key contacts and contributors Outlook 2021 Outlook

2 3 Outlook 2021 “ranged” approach remains appropriate for the a with forecasting approaching normal”, “new the of apart lockdowns sporadic 2022, and until re-open anticipated, unlikely international borders to with the vaccine rollout than taking longer originally However, reporting. to normal areturn be would year’s edition this that we envisaged time, At the and consumer confidence. business of return the and to JobKeeper, end the of impact the contagion, to manage lockdowns of use including the timing of the vaccine roll out, ongoing industry, the of control the outside largely factors outcomes, based on Australia’s progress against potential of arange with audience our provided approach This forecast. asingle than – rather recovery negative and gradual apositive, on based – forecasts of arange COVID-19, we introduced of aresult as uncertainty Given memory. recent in industry media and entertainment the within change of period rapid and concentrated most the of impact immediate the at looked that report a special was 2020, November in published 19th edition, Our Media Outlook. Entertainment and of edition 20th toWelcome the shifts Power PwC’s annual Australian

means for content creators and advertisers. and creators content for means this of all what –and planned and spontaneous –routine, consumption of types the into looks also report special This things. new to try it stretch to are they willing how determine and appetite content people’s shape that key factors four are distinctly experience, personal we found that there a While content. specific to consume desire and capacity their as we define which appetites, content consumers’ at look we Specifically, play.or read to, watch, listen people what influence that key factors the understand to better conducted we that study research a from findings includes feature special our year’s report, this Finally, in distorted. not is reporting we are which from base the that ensures and we analyse 12 the of sectors each for projection realistic amore to provide us for allows CAGR extended This 2020-2025. of range year five usual the than 2019-2025, of rather years six the account into (CAGR), Rate we have taken Growth Annual aCompound via market the of view forward quantified the providing when Crucially, narrowed. has forecasts potential three the between gap the cases, most in –although being time the for market 4 Outlook 2021 the industry as a whole. awhole. as industry the thatshifts are rapidly reshaping the segments, and power into have coalesced points tipping these 2021, In years. by several points, tipping industry thus and disruption, digital forward have pulled acceleration to changes in consumer behaviour that COVID-19 by the induced determined largely being is sector media and entertainment the of future The power shifts. The pandemic fall out and the resulting audience and advertising revenue. growing (BVOD) Demand on Video Broadcast increasing both subscribersand and users (SVOD) services Demand on Video Streaming year, with calendar the throughout well did services streaming category, consumer the In home. screens and devices while spending more time at to their retreated people as consumers with mind of top ways to stay for looked advertisers as 2020, in billion to A$9.3 billion A$9.0 from percent 3.3 of increase an saw which Advertising, Internet was pandemic the of back the off fewwinners the of One sector. media and entertainment the from lifted been COVID-19 of means shadow by no the had year,although calendar 2021the of quarter first the into going strong was Momentum lockdown. of out emerged country the as December and November in surge year, alate until calendar the of much for by to come hard was revenue the TV), (Free-to-air audience or news) (digital readers in increase an saw sectors some as even that such was disruption A$1.3from to billion A$772 million. percent -39.0 falling (OOH) Out-of-Home and billion, to A$1.3 billion A$2.2 from a-41.0 fall with percent Entertainment Filmed were sectors hit hardest The A$42.5 billion. consumer spend dropped by -1.9 percent to to and A$15.4 billion, percent by -8.0 contracted Overall, total Australian advertising spend others. than harder hit were sectors some that clear was it market, whole the impacted contraction the While report. this of history the in revenues media and entertainment Australian in contraction sharpest the triggered pandemic the 2020, In 2020. of end the at up wash The

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5 Outlook 2021 industry in the years to come. years the in industry the transform will disruption by digital driven shifts power resulting The trajectories. growth their to continue poised are and momentum gained – content user-generated and gaming of influence growing the and streaming, of rise relentless the sales, online and products digital move towards –the play in already were that shifts the of Many accrued over those restricted periods will endure. habits the of proportion play,and asignificant work we live, how in changes these of all Despite pandemic. global the of disruption digital reshaped education. Barely a sector escaped the students many for learning to online transition rapid the and travel, air business-related most omnipresent use of replaced video meeting services now the year. the of addition, In much for storefronts shut stores mortar and bricks as shopping online in growth corresponding sector, with media and entertainment to the limited not was Disruption it. for pay can they provided service, canconsumers access an ad-free or personalised that is expectation the where aworld in model, business their to rethink key of players number non-advertising platforms, supported forcing a of prevalence and use increased the was disruption One of the most profound impacts of the digital overall. increased advertising internet home, the in spent time more of aresult as increased audiences whose some including sectors, media and entertainment many by for to come hard was growth revenue While sector. esports and gaming the of growth sustained the and BVOD usage, increased SVOD players, the of depth catalogue and breadth sector availability, by increased contrasted was this 2020, in percent -67.4 fell revenues office box cinema While soared. services digital of use closed, venues in-person consumption. As stayed consumers home and consumers’ ongoing migration to digital is to transformation rise giving and segments all across change driving shift power overarching The disruption digital powered by sustained Macro shifts:

purposes or to sell to other organisations. to other to sell or purposes own their for data the use and behaviour their track could apps which to decide users allowed that settings privacy increased had that devices its for system operating new its 2021, launched Apple in to consumers, shift power to the adding Further customers. new retain and attract to seeking brands for critical more been never has increativity execution and sound planning channel that means services supported advertising on time large segments of the population are spending less that fact the with coupled message, advertising an of opt-out or skip past, to scroll consumer a for ability the arole, plays certainly channels programmatic and digital through targeting While achieve their reach. required to order in strategies creative and media their to rebalance had they as consumers, their of front in to get seeking brands and advertisers for challenge a presented this turn, In time. over message aconsistent delivering of complexity to the added channels and platforms media competing of range the and attention, consumers’ of share their for competition significant had all home, of out and audiences at scale, including television, newspapers to reach buy advertisers that platforms traditional The pandemic. the during than true or apparent more been this has never –and money and time their – resources finite largely two their spend they howof control in firmly is play, consumer and the to listen read, watch, they what in choice for Spoilt consumerthe power moves to shifts: Control and with whom. shared is information what decide will who ones the reinforcing are the increasingly fact that consumers and platforms, some for achallenge creating data, out of apps monitoring and commercialising their to opt choosing are consumers many that are signs

1 Early Early 6 Outlook 2021 of whom are increasingly setting the trends and latter the consumers, to younger older from shift the forces: by twin fueled is dichotomy This boomed. content, authentic lightly-produced distribute pitchedplatforms toward young people, or that the flipside, the On media. –traditional in interest –or of awareness have little simply consumers younger many that is reality The demographics. core the for increasing is platforms these on spent time phenomenon, anew not is this While media landscape. the of rest the have on can it impact the and connection to one aone of power the demonstrates audiences some for repertoire content regular their of apart as UGC in growth the unregulated, degree large to a and Unfiltered, base. audience large a reaches still that video budget low form, short use to able is therefore and not does platforms these on (UGC) content generated user the regulations, and standards specific with to conform needs often very and values production higher has (PGC) content generated professionally While channels. media online rather than video platforms solely traditional multiple across content watching time their to spend generations of and consumers viewers who choose content, content creators are speaking to journalism, comedy, and how-to art performance Spanning content genres including activist others. on spent not time is platforms these on spent time that is fact critical the varied, is content the While them. follow that fans the and creators between subscribers creates unique and direct relationships or followers of numbers large Amassing audiences. their and creators content between gap the close TikTok, as Twitchsuch YouTube and to continued The democratisation of content through platforms seat driver’s the in originators and creators content putting Creative shifts:

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3 6 4 5 8 Outlook 2021 content on Thursday 18 February 2021. 18 February Thursday on content to news access users’ removing temporarily of step Google and Facebook”. specifically platforms, digital and businesses media news Australian between imbalances power mandatory code of conduct to “address bargaining a to ACCC develop the asked Government Australian the 2020, 20 April On consumers. by –Australian felt –and documented most the by far was code bargaining media news The for the foreseeable future. continue will ecosystem, media digital to the relation with sector, specifically media the of scrutiny the that doubt no is there findings, their toyet report are hearings and inquiries these of anumber While • • • and mediaentertainment sector: to the related directly hearings of number a held Senate, the through Parliament, Federal the regulator, the from programs to these addition In Google Search works”, Search Google way the break “would code the that stating Google with challenge, public avery after only came this platforms, digital the and organisations news major the between reached eventually were agreements independent While players. all for work would the approach and how proposed understand it to sought they as countries other by many closely watched were implications its and code The 2021. 25 February on Parliament of houses by both passed was which legislation final its developed and recommendations these The Government Federal stakeholders. considered by forward put views the on based Government the consultation, the ACCC made recommendations to Inquiry intoInquiry press freedom No.1)Measures 2021 Bill Broadcasting Legislation Amendment (2021 diversity Media 7 11 10 and Facebook taking the Following a period of aperiod Following 8 9 slew of local BVOD providers. local of slew by a supplemented –is Britbox and Disney+, Binge as such entrants recent more the – including Australia in available now services streaming local and global of array expanding The ease. relative with services OTT their cancel can people – and subscriptions a household is willing to subscribe to streaming of number to the alimit likely is there But market. this in billion A$3.3 estimated a US$81.3 globally, industry billion be SVOD will point 2025, by which through scenario forecast midpoint the on CAGR based 20.4 percent a at grow will (SVOD) revenues Demand on Video Streaming trajectory. growth to anew industry the elevated has which 2020, of boom streaming the is reconfiguration rapid this of example A primary relevance to the consumer. contemporary lacked model the where ones old replaced and to experiment, prepared those for streams revenue new have created and adaptations those of alot forward COVID-19 time. and brought budget attention, consumers’ of nature finite the and digitisation control, consumer of dynamics new the of aresult as it underpins that model business the and offering their adapt and to refine had has sector media and entertainment the of part every Almost the industry. reconfiguring and created, are profits are altering changing, the wayparticipants of strength relative the and models business customerofferings, engagement strategies, service and product shifts, these of aresult As soon. time any to abate unlikely is 12-18 past that the in something is industry months entertainment and with the media engagement increased their areas, related and influence market privacy, on fairness, regulator the of focus ongoing the and inquiries these of nature the Given

12 and an

The stacking of multiple OTT services has triggered and evolve their strategies through customer much debate in the industry over the maximum consultation, the application of data and insights number of subscriptions that a consumer may be and a test and learn approach come out on top. willing to take. It’s an issue that brings important One thing’s for sure: the central role the ever- implications for strategy. Experimentation in areas expanding array of media experiences plays in such as simultaneous release of blockbusters on consumers’ lives is not just set to endure, but platforms and in cinema, premium pay per view deepen over time. How consumers choose to content, AVOD, and live sport continue to show that allocate their precious time, money and data across the streaming platforms are not to be underestimated the array of entertainment and media options will in their pursuit of subscribers and revenue. ultimately determine who succeeds and grows, and Business model evolution also occurred outside the who fails to adapt fast enough to make the most of streaming providers with news media continuing on the opportunities in a market where power is its digitalisation strategy. Ongoing development of constantly shifting. “news as experience” across multiple platforms continues with the launch of services such as NewsCorp’s “News Premium” digital service on news.com.au that promises subscribers fewer ads, member-only content and an enhanced reader experience.

However variable the impacts on segments, the outlook for revenues at an industry level remains robust. Amid all of this, the volatility masks a certain stability. The powerful shift to digital consumption, which is spurring four concurrent and distinct power shifts, will provide a strong boost to global growth in these industries for the next several years. And as companies race to meet consumers where they are with an ever-expanding range of products, services, and experiences, the entertainment and media industries will grow more pervasive, more immersive, and more diverse. In some instances, there will be a significant asymmetry regarding the prospects for individual entertainment and media sectors. Even in the areas that offer the most compelling topline growth, like video streaming, competition is likely to change dramatically over the coming years. And all the while, the social, political, and regulatory context in which all companies operate continues to evolve. As we emerge from the pandemic, industry players who take stock of the shifting environment, Outlook 2021 Outlook

9 10 Outlook 2021 in apost-COVID world content consumption understanding numbers: the Getting beneath shapes away forward. shapes industry media and entertainment the as conversation inform help we will believe and asked, continually we are that ofquestions anumber to address wanted year, This we COVID pandemic. ofthe depths the from away or forward entertainment live and streaming into dive adeep oftrust, importance the models, of business blurring is it –whether sector media and entertainment the across impact an having is believe wethat area aspecific looks at report this year Each 11 Outlook 2021 The research led to three main findings. main to three led research The report). the of appendix the in contained is research methodologychoices. (The and approach –subconscious that ultimately drive consumption decision-making – some deliberate and some of layers revealed content of type way to aspecific their finds someone how as simple seemingly as complexity of the responses received. Something by the challenged was enquiry this of simplicity the that survey, was quantitative abespoke and interviews qualitative of aseries across undertaken approach, research our in clear became What • • • were: year this explored areas The and consumption? thinks about content production, distribution way it the to adjust need industry the Does normal? new the that is and pandemic the of aresult as changed has behaviour consumption content What consume and why? people content the influence factors What

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platforms. boredom when in between activities between in when boredom with others by sharing content or an an or content by sharing others with my own thinking or life experience life or thinking my own mental health through use of that that 13 Outlook 2021 children and other household members. household other and children by influenced ago, new something giving audiences to new attributed –largely pandemic the during example, experienced a spike in consumption for gaming, Interactive adult. the of appetite content the broaden may and connection family of point another provides content interactive and gaming media, social of workings the explain teen or tween a having parenting”, “reverse the of beneficiaries the are adults all not While options. access and content of forms to new them by introducing appetite can help of broaden the elasticity an adult’s content also but content, for afilter only not are Children manage the longer lockdowns continued. to difficult more became this however pandemic, around children was heightened during the consumption conscious of level their that noted respondents Research present. are children when ofheightened sensitivity what is age appropriate have a caregivers and parents as underestimated be not can content appropriate ‘filtering’ in play adults that role Equally, the experience. ashared through together people to bring ability car, an the in has podcasts or radio to the listening or television to air free on viewing appointment is it whether Content, household. same the in always not and groups, friendship close or families within plays it role the by influenced strongly be can content to specific People’s connection Family connectivity in value.increased time quiet as over took calls disrupt not or work their on focus quiet to enable distraction to reduce need the home, from working regularly more those for normal”, “new more the into progressed has time As lockdowns. of height the at day the across traditionally peak periods of and breakfast drive from spread audiences its saw radio terrestrial example, For week. working typical the across growth in consumers’ desire for background noise initial was there periods, extended for home at work to forced people many aCOVID-19 with In context, speakers accelerated has further this trend. smart of advent the and growth, overall its with line in increased has home the in streaming Music nature of “content companions” has also grown. and number the available, have become options more As programs. specific watching actively not were members household when even homes at background the in on kept often is television linear as just home, the around working and gardening other activities such as driving,undertaking while companion of role the played long has Radio phenomenon. anew not is tasks other undertake they while acompanion as content using People Companionship listen to or play. to or listen read, to like watch, they what and person the of knowledge their on based is appetite content their elastic how just of sense have agood likely most and made, being is referral the to whom person the provider from comes a belief that they understand referral the in trust The content. for referral of form powerful most the remains friend or member family atrusted from referral mouth of word Undoubtedly mouth of word and referral Personal appetite: influence directly that referral of types main three are There introduced. are platforms and genres content, new key waythe that is it that is elasticity and appetite over influence an such has this why reason The to content. referred are they way which in the is appetite content The third factor that determines a consumer’s content through referral specific Finding 3: Factor residents. for information essential were rates infection COVID-19 local during when particularly to hometown”, “my way to connect meaningful more a for look and media social through seeing are they increasingly as people important look beyond what becomes This live. they which in places and people to the connection of sense individual’s to an add –all stories local or information news, be it whether – content local of availability The consumption. in role asignificant play also can level state or city atown, either at content of nature “localised” The initiatives. 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14 Outlook 2021 shared experiences and discussions. in included be could people more the consumed, was that content popular the of more the that in currency” “social of atype became consumed content the effect, In conversation. inclusive and informed have an could people which upon experiences fewshared the of one became played to or listened read, watched, content common where calls, conference to video limited often were interactions as 2020 in accentuated was importance its but phenomenon, anew necessarily not is This sync during lockdowns. in amovie by watching to socialise friends new wayfor a introduced also Party) Netflix interactions. Apps such as Teleparty (formerly social and conversations in included to be order in content the to watch compelled felt People feeds. demographics, including through social media across points talking became Netflix on The Gambit Queens and King Tiger as such content as of 2020 confinement the during lives people’s most of part abig became recommendations content of sharing the workplace, the in talk cooler” “water the of absence the In content. similar consuming were people more many that meant COVID-19 as lockdowns particularly years, recent inclusiveness has gained more prominence in social of aform as referral of importance The currency social and inclusiveness Social

content or genre. or content of type to in” aspecific “locked to be looking necessarily not are and appetite their to expand especially for younger people, who are often looking does, user the as quickly evolve as not may engine, referral or AI, The platform. given the of AI the to thanks content of category or genre specific a in stuck effectively were they that realised they respondents noted an “epiphany moment” when may aselections person make and many research the narrowing of risk the run did it appetite, content usual the within was that content to find consumers for decision the made this that asense was there While service”. astreaming with staying for reason personalized content recommendations would be a easy, that said (31%) respondents survey of one-third “Nearly US, PwC at colleagues to our According next. watch to or to listen what of unsure were they if content to find people for easier it made definitely platforms video and audio across services streaming main the of engines recommendation the and (AI) intelligence artificial of role The apoint to work… the do algorithm the Letting 15 Outlook 2021 stay within their normal repertoire of content. of repertoire normal their within stay generally will they and program, new or aseries as such content of piece anew to start were they likely less the available, had they time less The stage. ‘motivation’ and stage ‘activity’ the at selection the considered more the available, had aperson time more the that suggest research the from indications is done process selection subconsciously. Initial content this of much that to note important is It process: selection content the of examples Three follows: as the most common decision-making was process Albeit the sequence was not always consistent, had available. they time much how and was person the where importantly, more and by demographic, varied behaviour the leads component which determining but met, be can appetites content waysof that anumber are There research. the within challenge amultidimensional was time’ of period right the for device, right the on place, right the in time, right the at content, right the to access ability The is accessed content the why and where How, when, 4: Factor walking thedog Where amI? On thetrain At homeon the couch Outdoors Location Location Location Location Mobile phone Mobile phone Connected tv devices can I Device Device Device Device What use? 30-45 minutes Time available Time available Time available Time available A coupleof 20 minutes hours after How much time doI dinner have?

Do Iwantto listen, read, watch or Activity Activity Activity Activity Watch Watch Listen play? Read appropriate and positive way. positive and appropriate an in motivations relevant the into connect to how or used, being device the fitting experience of quality content, of breadth audio), or video (from long-form to ‘snackable’ highlights as content length and format variable of availability the with it be process, the of parts specific at made choice the influence to how knowing is owners and creators content for here key The Me +partner Solo orsocial Solo orsocial Solo orsocial Solo orsocial with others? myself or Am Iby Social: Solo Solo Relax & relieve Escape and motivation? What ismy Rebalance Motivation Motivation Motivation Motivation boredom reward Love IslandUK Point ofchoice Point ofchoice meditation on Point ofchoice Point ofchoice Selection of phone app Instagram Facebook On 9Now Walking content Tik Tok 16 Outlook 2021 news from a trusted news provider. news atrusted from news for to pay prepared were people more the channels, social and digital free multiple across to be appeared news the partisan and fragmented more the that in this of example agood is subscriptions news digital in growth The else. something for money that using of cost opportunity the and them to importance the repertoire, their within fits content specific the that motivation the on based is stay to theOnce delivers, experience their preparedness platform. apaid on only exists want they something if many for barriers the overcomes trial Free they want. content the play or listen read, to watch, them for way the is it that fact the just not cost, the justify to needs experience The to consume. want they content the just than more to offer needs service paid the of proposition value to occur, the this For platform. adifferent on content same that for to pay convincing additional need free for content of form aspecific have accessed who people played; content free that role the was interest Of content. specific to access order in information) profile (user data or (advertising) time (subscription), exchange takes place – be it monetary to content consumption. that They an understand related exchange value the of aware very are People content accessing when value for search The

opportunities work together.opportunities content appetite, content range and consumption way the the regarding gained is understanding play, and aclearer listen read, watch, of dynamics By overlaying the across these consumption types optimised. dynamically more to be need plans that such changing be may consumption media of predictability the that in advertisers spontaneous consumption presents a challenge to to weighting the multi-screening, or spans attention shorter of afunction Whether spontaneously. consume people that content of type and amount the was research, our in surprising was What • • • main consumption types: three are there that We found play. and to, listen consumption what across watch, people read, of types different the at looked also research The content consumption of types three The platform over a whole weekend. weekend. awhole over platform SVOD BVOD or on aseries watching binge or newspaper, weekend the reading platform, streaming on film release anew watching gallery, or exhibition an visiting theatre, or cinema to the going event, asporting attending example, For interruption. little with and purpose primary the as often content, specific of consumption the for aside set is more or minutes 30 least at where type, consumption Planned appointment. an for waiting while magazine of a pages through flicking or media, YouTube, on social content through scrolling concentration. For example, short-form video low requiring and time filling usually consideration goes into the content selection, Spontaneous morning. the in bed of out getting before news digital on up catching or bed, in abook car, the in reading work from and way to the on radio to the listening breakfast, eating while news TV the on putting example, For to it. acompanion rather but activity primary the be not may consumption media The reasons. similar for and place same the day, of time in same way, the at often habitual Routine – where content is consumed in a in consumed is content –where – the most conscious and considered – where little thought or or thought little – where

17 Outlook 2021 Read Watch (excluding socialmedia,newsandstreaming) Video contentonsocialmediaapps/websites while mostlymovingorinteractingatavenue Content onscheduledfree toairtelevision Content onsocialmedia(excludingnews) Live streamed usercreated videocontent Content onscheduledsubscriptionTV Live paid-forsportingorculturalevent Live paid-forsportingorculturalevent On demand(notlive)streamed user Other videocontentontheinternet Content atthecinemaordrive-in Content browsed ontheinternet esports content(asaspectator) Content onstreaming platforms while mostlyseatedatavenue Content onBVODcatch-up Content onphysicalmedia created videocontent Physical newspapers Physical catalogues Physical magazines Digital newspapers Digital catalogues Digital magazines Physical books eBooks 9% 12% 13% 13% 16% 17% 18% 18% 19% 22% 22% 23% 21% 25% 25% 28% 28% 27% 31% 33% 38% 25% 47% 58% 37% 33% 44% 41% 57% 64% 46% 57% 62% 55% 60% 66% 54% 48% 46% 44% 62% 62% 58% 42% 37% 66% 29% 50% 51% 44% 38% 29% 26% 24% 25% 16% 24% 23% 23% 23% 23% 20% 20% 18% 16% 15% 13% 13% 10% Planned Spontaneous Routine Planned Spontaneous Routine Legend Legend 18 Outlook 2021 Play Listen Video gamesonaconsoleattachedtoTVormonitor Participated inesporteventsasacompetitor Video gamesonamobilegamingdevice Video gamesonamobilegamingdevice Video gamesonadesktopcomputer Video gamesonalaptopcomputer Digital mediaonyourowndevices Streaming on demandmusic Meditation/breathing apps Games onamobilephone User-created podcasts Commerical podcasts Games onatablet Physical media Audio books AM radio FM radio 17% 23% 24% 26% 25% 25% 25% 25% 25% 29% 28% 35% 32% 36% 40% 40% 52% 48% 41% 47% 46% 56% 46% 52% 49% 50% 56% 54% 38% 47% 50% 48% 44% 38% 34% 30% 29% 28% 25% 25% 20% 18% 29% 19% 28% 16% 12% 16% 18% 13% 10% Planned Spontaneous Routine Planned Spontaneous Routine Legend Legend 19 Outlook 2021 Considerations for advertisers when partnering with non-advertising supported content/platform: supported non-advertising with partnering when advertisers for Considerations content/platform: supported advertising using when brands for Considerations many, for time commuting reduces that adopting are employers that model work hybrid new the with broughtchanges about by COVID-19, combined behavioural and psychological the that clear is It byaccelerated the have pandemic stuck. contentpersonal appetite, many of these changes changing consumption routines or expanding their service, new to a subscribing Whether significantly. people consumed shifted, in many cases content of range the entertainment, watching or cinema the at time less or platforms digital on news reading time more content, BVOD/SVOD watching on time increased was it Whether lockdowns. increased time at home during 2020 and lengthy of aresult as demographics most across changed There is no doubt that consumption behaviour advertisers? creators and for content mean What does this the opportunity involvement from product/service placementthrough to consumers of Where amI? Where amI? Being topof Partnering withcontentcreators toco-create content mind inkey to remind locations The nature ofpartnershipwilldrivetypecontent Location Location to enjoy content bespoke contentthatdeliversonbrand promise across variousdurationsandformats How muchtime and retain the Time available Time available to snackable attention of consumers that attract How much do Ihave? long- form highlights in various durations time doI Creating content – from have? watch orplay? watch orplay? content where Do Iwantto Do Iwantto content that listen, read, listen, read, all formats, including gamified Creating possible works in Activity Activity increase referral or withothers? Am Ibymyself myself or with social sharing social sharing for contentto opportunities opportunities Solo orsocial Solo orsocial referral and community to increase for content discussion Creating Creating Am Iby others? with audiences and consumers. authentic connection and arelevant to make how about creatively and carefully more have to think For non-advertising environments, organisations organisations. and brands have with they interaction of level the to choose right consumers’ the with to need objectives commercial balance advertisers – warning of Aword considered. be should throughout the content consumption process are points ofThere relevance and impact governments. even and institutions to financial brands, FMCG –from advertisers all for true is This consumers. with connect to better seeking those leveldeeper of consideration and understanding by a requires it, for motivations their and consumption, to content allocate people time much how means multi-format to devices can I devices can I consumption consumption developed in developed in optimise the multi-format to optimise experience experience Content Content Device Device What What use? use? motivation that motivation that and campaign and campaign motivation? motivation? Finding the Finding the What ismy What ismy best aligns best aligns with brand with brand objectives objectives Motivation Motivation Use ofAItorefer Point ofchoice Point ofchoice other relevant Selection of Selection of Use ofAIto refer other relevant content content content content that that 20 Outlook 2021 the industry. the pandemic, are having a lasting impact across competition, and behavioural change as a result of when attention maintain and gain to fight the – years coming the in ground battle complex more amuch be will what on surface the scratched just we have we believe creators, content and publishers media advertisers, help may that insights of number a identified research preliminary this While multitude of channels. a across frequency to obtain need the with reach, of planning approach that the balances nature critical amultilayered at to look advertisers requires space this in attention of share Gaining choices. of and increasingly non-advertising supported, range fragmented, amore with to compete has message a with them to reach opportunity the as challenging more getting be may audience core the reaching amount of spontaneous consumption means that the planning, of lack or span attention limited of afunction Whether making. decision the of much drives content consuming for motivation the as just choice, content on impact asignificant has reach have within they device the playing, or listening watching, reading, are they Whether content. consume and prioritise find, they how in consumers highlightedresearch the growing facing complexity From four deceptively simple questions, the 21 Outlook 2021 growth ingrowth download volumes. percent by a38 driven rose, connectivity at-home for demand while 2020 in Australia in growth marginal showed revenue access Total internet divide. avoid adigital and growth economic enable to industry telecommunications to the looking are governments while work patterns, in changes the to support networks mobile and fixed COVID-19, from upgrading are Emerging operators Internet access Internet been welcomed. telecommunications infrastructure has mobile and fixed both of reach and quality the to improve by operators commitments good, been has connectivity Whilst basis. ongoing an on home from work will Australians of proportion agreater that expected is it forward, going norm the become will patterns work flexible that view a With recovery. economic enabling and working infrastructure underpinning the pivot to home- existing with community, the and operators telecommunications infrastructure to governments, COVID-19 demonstrated the value of strong 1.14 of growth year-on-year amodest 2020, percent. in A$30.1 billion worth was market access internet the digital economy. economic growth and underpins connectivity Fast, reliable internet

13 The total Australian

using speeds of 100Mbps or faster. or 100Mbps of speeds using the NBN network, to connected already were businesses and homes 8.1 2020, April at million As network. the of mile last the in fibre installing through by 2023, Gbps to 1 up speeds with premises Australian of percent 75 provide will upgrades These executed. be to starting now are 2020 September in announced Co NBN that upgrades network billion $4.5 The 2023. by 1Gbps to up speeds with premises Australian of 75 percent provide to aiming investment, of tranche anew announced has Co NBN a challenge. small and medium-sized remains businesses and by households speeds to higher adoption but utility, essential an becomes connectivity as speeds to higher to upgrade expected be can customers 14 however only 11 percent were 11 were only however percent 15 More More

Government funding provides a much decline. This is leading to smaller operators needed boost for regional and rural rationing deployment to more urbanised areas. telecommunications infrastructure. Infrastructure that is becoming commoditised will be candidates to be carved out, as operators focus Reflecting the essential nature of internet access, on assets that provide longer-term differentiation. regional and rural telecommunications infrastructure Furthermore, Optus and Telstra have announced received greater focus and funding this period. they will sell their tower assets in 2021. This is Commonwealth and State governments, NBN Co expected to fundamentally change market structure, and Telstra announced respective co-funding separating wholesale and retail businesses and programs to promote better regional connectivity. dismantling the vertical integration that has long Governments have either announced new programs, been a hallmark of the mobile sector. for example Victoria’s $626 million program to boost regional small business connectivity, or continued Overall, ongoing network improvements and a the execution of inflight programs, for example the resultant upswing in data consumption are Commonwealth’s Regional Connectivity Program expected to fuel further volume growth in 2021, with and NSW’s Gig State program. Victoria’s program is revenue growth subdued due to the prevalence of one of the first that specifically targets economic unlimited usage pricing bundles. stimulus directly related to making investments in improved digital connectivity, with the mission to build a digital economy. Q1 2021 highlights • NBN Co is executing its next wave of network upgrade, boosting the internet The forthcoming expansion of 5G coverage access speeds to 75 percent of premises. around the country is set to boost both mobile internet usage and the uptake of • Greater co-investment focus by fixed wireless services. government on internet access in regional and rural areas, in a bid to stimulate the The COVID-19 period has seen mobile operators digital economy and avoid a digital divide. continue their 5G rollouts, further boosted in April 2021 by the auctioning of higher frequency, • Continued rollout of 5G, and the change mmWave spectrum which is needed to fulfill the 5G in market structure with Optus and Telstra promise of gigabit speeds. The high capital expected to complete sales of their requirements of deploying 5G has forced some tower assets. operators to review funding capacity, as returns from their core mobile businesses continue to

Total Internet Access market (A$ millions)

CAGR 2019-2025: 3.1%

40,000

30,000

20,000

10,000

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

22 Filmed entertainment Box-office revenue in Australia fell by two-thirds year-on-year in 2020, as COVID-19 led to a three-pronged challenge for the sector: forced closures, a lack of supply of blockbusters, and the increase in usage and prominence of video streaming services.

2020 was undoubtedly a challenging year for the approach and model. With the Federal filmed entertainment industry. While the lockdowns Government’s JobKeeper program allowing for the dominated much of the year, once cinemas could retention of some staff, the majority of operators re-open, operators sought to innovate by hosting had the opportunity to develop their value film festivals of reliable back-catalogue movies, proposition in the face of the pandemic. This movie marathons, and alternative use of their included preparing for a world post-COVID where facilities. After lockdowns eased at the end of 2020 core customers had not experienced cinema across most of Australia, there were some viewing for months and there was a need to remind encouraging signs of a recovery in early 2021, them of the value of a cinematic experience in a notwithstanding the lower than expected theatre. Enhancements to seating, sound and performance of the Christopher Nolan epic Tenet. experience continued throughout 2020 and are Wonder Woman 1984 and domestic productions ongoing through 2021. such as The Dry performed strongly in Australian This value proposition, coupled with “only in cinemas, albeit with longer than normal run times, cinema” releases and a slate of upcoming while screens in the rest of the world largely blockbusters, may help cinema begin its recovery remained shut. of consumer and advertiser spend, with a total post-COVID rebound of -1.1 percent CAGR in the forecast period to 2025 based on the midpoint The pressure from the streaming giants was forecast scenario. magnified in 2020, as audiences were forced to stay home, driving the need for innovative Perhaps the greatest threat comes not from the thinking across the sector. residual impacts of COVID-19 but the evolution of the streaming service providers. These providers The mandated closure of cinemas as part of experimented with the “direct to platform” model lockdown provisions effectively tied the hands of during the pandemic that bypassed the cinemas. operators, yet many used this time to refine their While players such as Disney+ have said they do not see this as a permanent change in distribution, the appeal of the big screen needs to be Q1 2021 highlights re-emphasised to entice people off their couches and back into cinemas. • In NSW, post-COVID stimulus Dine and Discover vouchers have drawn people back into cinemas, with movie tickets one of the main uses of the Discover voucher category. • Promotion of blockbusters such as In the Heights and Godzilla vs. King Kong as “only in cinemas” titles is drawing people off the couch and back to the big screen. Outlook 2021 Outlook

23 The recovery of the filmed entertainment The silver lining for the silver screen was the sector will be as much driven by the return of boom in production activity in Australia’s blockbusters as it will by the confidence of COVID-safe environment, although faster consumers to return to cinemas during a vaccine rates in traditional production delayed Australian vaccine rollout. strongholds of the USA and the UK may take the shine off what has been a peak production Blockbusters started returning in early 2021, most time for local production. notably, Godzilla vs King Kong, which relied on cinemas’ big screen and big sound appeal. What While cinema seats have been slow to refill, there comes through the pipeline in the coming months has been a sustained boom in production activity. will largely determine the speed with which the With the initial spread of the pandemic contained far sector can recover, along with the uptake of more effectively, Australia began increasing vaccines and the audiences’ preparedness to numbers of international productions basing return to a cinema environment with other patrons. themselves in the country, attracted by the COVID- safe working environment as well as generous tax The upcoming blockbuster pipeline includes a incentives. range of big titles including, No Time to Die, Top Gun: Maverick, Black Widow, Marvel Eternals, Dear The addition of new production facilities and studio Evan Hanson, In the Heights, Ghostbusters: services continues to grow. In the forecast period, it Afterlife, Space Jam: A New Legacy, The Suicide is expected that the traditional homes of production, Squad, Free Guy, Dune, Last Night in Soho, House Sydney and the Gold Coast, will expand to include of Gucci, Sing 2, West Side Story, Spiderman and the new Docklands precinct in Melbourne, as well The Matrix 4.16 as the new Byron Studios17 in the NSW Northern Rivers region, and most recently the suggestion of another studio in Coffs Harbour, NSW.18 Provided the supply of blockbusters – including the much delayed James Bond film No Time To Die – can resume, box office revenue is set to continue its recovery at a -0.2 percent CAGR between 2019 and 2025 based on the midpoint forecast scenario, reaching A$1.2 billion in 2025.

Box office spend market (A$ millions)

CAGR 2019-2025: -0.2%

1,500

1,000

500

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

24 25 Outlook 2021 Total FilmedEntertainmentmarket(A$millions) Cinema advertisingspendmarket(A$millions) 2,00 2,50 1 1 100 125 CAGR 2019-2025:-1.1% CAGR 2019-2025:-3.0% 50 75 25 ,50 ,0 500 0 0 0 0 0 0 0 2 0 2 1 0 6 1 6 2 0 2 1 0 7 1 7 Legend Legend 2 0 2 1 0 1 8 8 2019 2019 2020 2020 High High 2021 2021 2022 2022 Medium Medium 2023 2023 2024 2024 Low Low 2025 2025 26 Outlook 2021 2025. to aCAGR 32.7 of with percent networks the for engine growth the to be BVOD continues whereas to 2025, aCAGR percent -0.7 of see will TV Linear scenario. forecast midpoint the on based percent 2021, in by aCAGR 2.5 of to followed growth return to expected is market total the ahead, Looking revenue contribution of A$229 million. year, a with prior the on percent 38.8 of growth with contraction this of some BVOD offset whereas -12.1 declined revenue to A$3.1 billion, percent TV linear number, this Within budgets. marketing in contraction to asignificant due 2020 in percent -9.8 declined market FTA total advertising The more challenging. even was revenue, alone let audience, for competitive landscape in which the competition more even an into pandemic the from emerged FTA the sector that meant video, streaming or gaming was it whether lockdown, during entertainment screen of forms other to trial had previous year. the with compared 79 percent up was programming affairs current and news linear of viewing 2020, April COVID-19. In throughout and bushfires 2020 the of period the across audience their grew instances many in and sustained, networks FTAThe television revenue. advertising and attention viewers’ for environment acompetitive to create continues (SVOD) Demand on Video (BVOD) Subscription and Demand on Video FTA, Broadcast across ofaudiences fragmentation ongoing the 2020, late in began ofrevenues recovery sector. the While ofthe much across contracted budgets marketing as impacted COVID-19, during was detrimentally revenue numbers but audience in increase (FTA) atemporary saw television networks Free-to-air Free-to-air TV 19 However, the time that consumers consumers However, that time the

within the network stable. audiences to keep critical is channels secondary the in proposition value aclear having guides, digital of use increased and television connected of advent the With advertisers. and viewers to content of refinement and repositioning ongoing with channels developed theirfurther secondary networks the sports, of return the Supplementing February. into January from moved was – scheduling in –atentpole Open Australian the as change term ashort was 2021, there early though percent of its audience. 3.5 shed did NRL though year-on-year, percent 0.2 up viewership AFL overall –with networks the for viewership in asteadiness saw schedule and format normal to amore return gradual the pandemic, to the due events of postponement the and services, subscription FTA to paid from moving Despite the challenges of some codes sporting game. deciding Origin of State the for November in Network Nine by the achieved audience of 3.9 million 3.9 of audience atotal achieving October in Final Grand AFL the with 2020, of end the at boosted was Viewership the networks. for ratings in stability some driving in assisted schedule and format normalised amore to sports of return gradual the 2020, of end the At 20 22 for Seven, and 1.9 and million Seven, for This stability was seen in seen was stability This 21

27 Outlook 2021 and The Undoing. and Block The Wife, a Wants Farmer Paradise, in Bachelor Australia, SAS included programs year. the of Top performing half first the with consistent remained types screen 2020,December however consumption across to July period the for year-on-year percent monthly hours consumed on BVOD increased 39.9 total average ThinkTV, body to industry According TV. linear in expected growth of lack term longer to the offset an offering period, forecast the over to grow continue will BVOD inventory for demand buyer advertising that expected TV. is It to linear compared differentiator a flexibility, advertisers offers which inventory via programmatic buying – platforms with increasingly advertisers accessing BVOD audience demand during the lockdowns coupled by increased spurred was growth This base. lower amuch from albeit million, to A$229 percent 38.8 grew BVOD which in growth by the offset partially was it 2020, in networks the across decreases revenue significant suffered TV linear While the forecast period. within taper to expected is growth however tocontinues consumption, strong experience (BVOD) Demand on Video Broadcast Pacific region. region. Pacific Asia the in SVOD markets competitive most the range of programming saw Australia become one of and experience user libraries, content improved The 2021. into and 2020 in landscape media whole the on impact amajor had services streaming of growth the by applied pressure The • • • • Q1 2021 highlights anti-siphoning list until 2023. Government delaying expiration of the Australian the with FTA networks, for continue will rights to sports Access Australia’s industry body. TV to ThinkTV, revenue advertising its its toannounced decision stop disclosing 2021, June Media In West Seven VOZ. of launch the awaits market the when atime at comes measured and weekly) versus (nightly issued are ratings Ongoing debate regarding how television attention increases. for competition as networks the for achallenge pose declines audience of 2021,although quarter first the in well recovered by SMI, measured as networks, television for Revenue

23

24 25

across both TV and connected devices. connected and TV both across viewing television audience de-duplicated total, of picture national first Australia’s to offer purported 2021, June in due is but, years recent in times of anumber delayed been has reporting This platform. reporting (VOZ) OzTam’s of launch Australia Virtual Australian market is awaiting the long-promised away from advertising linear spend. TV The shift the exacerbate and video online via consumers developments could better target help advertisers previouslylarge Such proportion unreported. a leaving BVOD of consumption, half around for accounts sets TV connected via viewing that stated OzTAM reports. Measurement Player Video its to data TV connected introduced company the 2020 September In years. recent in devices connected tomeasurement include online ratings across audience its OzTAM expanding in invested has consumers. target better advertisers helping in importance is measurement Audience of increasing YouTube. as such video online of forms other and (PVOD) Demand on Video BVOD, SVOD, Premium including also services all for extension an rather TV, but linear of domain exclusive the longer no is house the in screen biggest the that clear is it televisions, Equally, as more people purchased connected in changing people’s television viewing routines. akey driver have been may and SVOD shows many of currency social and talkability by the exacerbated The increasing competition for audience was

28 Outlook 2021 Broadcast videoondemand market(A$millions) Linear TVmarket(A$millions) 1,00 1,000 2,0 3,00 4,00 5,00 CAGR 2019-2025:32.7% CAGR 2019-2025:-0.7% 750 250 50 0 0 0 0 0 0 0 0 0 2 2 0 0 1 1 6 6 2 2 0 0 1 1 7 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 2 High High 0 0 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 Total Free-to-air TV market (A$ millions)

CAGR 2019-2025: 2.0%2.5%

5,000

4,000

3,000

2,000

1,000

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

29 30 Outlook 2021 midpoint forecast scenario. the on to 2025 based aCAGR 12.3 of with percent to growth, contributor amajor be will and period forecast the over trajectory agrowth on to continue expected is This Australia. in revenue esports and games total the of athird almost for accounting now microtransactionsIn-game continue to fuel growth, 2020. in Pokémon and GO Us Among as such titles popular globally with market, games first amobile- into Australia have transformed offerings increasingly sophisticated range of software an and ownership smartphone High segment. this in to growth contributor major and ongoing an be will gaming mobile that anticipated is it to 5G, switch users core and increase speeds 4G as smartphones their on games to play choosing people more With 2019 2025. and 7.5 CAGR between ahealthy at to grow percent set is sector the scenario, forecast midpoint the on 2025. Based in billion to A$4.9 to increase expected is and 2020, in A$3.41 billion reached Australia in revenue esports and games Total interactive ofgrowth. rate highest the with sectors ofthe one gaming making percent, to to grow 6.8 expected is share this 2025, By 2020. in market media and entertainment Australian total ofthe percent 5.9 for accounted market esports and games interactive The games &esports Interactive PlayerUnknown’s (PUBG) Battlegrounds Mobile, all significant earners earners significant all 2020, in sales record achieved Sony consoles, of shortage midpoint forecast scenario. Despite a world-wide physical games console market based on the a-7.1 in resulting the CAGR for uplift, percent an market gave the 2020 November in console 5 PlayStation the of release the trend, declining whilst physical games consoles have been on a XBox and PlayStation consoles in recent years, and both of versions digital-only of launches the Despite entertainment. competitive socially to connected their communities through as a stayway to consumers for a void filled esports and gaming interactive 2020, during postponed or cancelled events sporting major With different. no consumption during the pandemic, and gaming was in aspike saw media screen-based Most loneliness during lockdown. and boredom alleviating entertainment, of form alternative an seeking Australians those and audiences new from both interest, gaming in increase an created COVID-19 26 fueled by the pandemic lockdowns. pandemic by the fueled Australia’s total esports revenue was A$6 million The growing audience for people watching in 2020, and this is set to grow to A$16 million by live streams of esports events can not 2025. This growth reflects a 21.2 percent CAGR be underestimated. through the forecast period from 2019 – 2025, The market for gaming content, according to Adroit based on the midpoint forecast scenario. Whilst Market Research, is on track to be valued globally esports in Australia continues growing, it is at a at $US79 billion (A$102 billion) by 2025.28 Twitch has slower rate compared to many markets of a now become a leader in entertainment platforms – similar size. on average, 93 billion minutes are watched per The Australian esports market faces a similar month across 26.5 million daily users. On a daily challenge to the UK, in that ready access to a thriving basis, Twitch users are spending an average of English-language scene in the US makes it more three hours on the platform, compared to Netflix difficult to establish local activity. In 2020, the local users who only spend an average of two hours office for Riot Games closed its doors, citing streaming per day.29 difficulties in maintaining a competitive esports team in this market.27 There is an opportunity for esports to turn the casual gamers and viewers into active Q1 2021 highlights participants and fans in order to grow the category. This will require a combination of broadening the • In May 2021 the Australian Government appeal and accessibility of esports, as well as announced a 30 percent refundable tax providing pathways for growth for those looking to offset for video game development, take a more serious approach to their available from 1 July 2022. gaming experience. • The incentive will “support Australia taking a greater share of the $250 billion global game development market, and changes to the way Australian businesses can claim depreciation of intangible assets like intellectual property and in-house software”.30

Online/microtransactions market (A$ millions)

CAGR 2019-2025: 12.3%

2,000

1,500

1,000

500

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

31 32 Outlook 2021 esports market(A$millions) Mobile gamingrevenue (A$millions) 1,00 1,50 2,00 20 15 10 CAGR 2019-2025:21.2% CAGR 2019-2025:7.5% 0 5 50 0 0 0 0 0 2 0 1 2 6 0 1 6 2 0 2 1 0 7 1 7 Legend Legend 2 0 2 1 0 8 1 8 2 0 2 1 0 9 1 9 2 0 2 High High 20 0 20 2 0 2 21 0 21 2 2 0 0 22 Medium Medium 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 33 Outlook 2021 Total Interactive games & esports market (A$ millions) 2,0 4,00 6,00 CAGR 2019-2025:7.5% 0 0 0 0 0 2 0 1 6 2 0 1 7 Legend 2 0 1 8 2 0 1 9 2 High 0 20 2 0 21 2 0 Medium 22 2 0 2 3 2 0 2 Low 4 2 0 2 5 34 Outlook 2021 Source: IAB Australia Online Advertising Expenditure Report,December2020 Source: IABAustraliaOnlineAdvertisingExpenditure expenditure bydevice,calendaryear Content publishers’video in all sub-segments. growth driving confidence consumer increased and investment marketing delayed of acombination with forecast than stronger was four Quarter advertisers. to value short-term to deliver ability perceived to its due resurgence early an saw advertising throughto Q3 2020, e-commerce internet pivoted rapidly sector retail Australia’s of much As economic uncertainty. of face the in investment pausing advertisers many COVID-19 with lockdown, nationwide the of impact the of brunt the bore two quarter while 2019, in recorded to that trajectory growth similar a with started year The quarters”. four of “year a experienced segment advertising internet The scenario. forecast midpoint the on based 2025 by to A$12.4 billion period forecast over the percent 5.5 at grow to expected industry the with billion, A$9.3 reaching 2020, in percent of3.3 growth recorded industry advertising internet The market. advertising Australian total the outperformed sector the pandemic, ofthe impact by the suppressed was relatively 2020 in advertising internet in growth Whilst advertising Internet CY 2019 28% 35% 37% 23% 45% 32% CY 2020 Mobile Connected TV Desktop within the year.within to increase advertising video digital in investment their expect agencies of percent 68 that finding Australia 2021, IAB the through with to continue expected is video into investment This campaigns. their for reach mass sought they as channels video other to BVOD and looked advertisers reduced, supply TV free-to-air As market. TV linear to the returned buyers progressed, year the As data targeting. cases, of number growing in a and flexibility, modern with buy, coupled TV linear traditional more a of reach the to access advertisers allows it as BVOD growth ongoing way for the paves ownership TV connected in growth (BVOD). The Demand programmatically-bought Broadcast Video on bookings leading to an increase in campaign their in flexibility greater demanded advertisers pandemic, the of height At the means. other or advertisers via monetisation their scale will platforms these however, how seen, to be remains It lockdown. population looked for creative outlets during the of much as exponentially, increased content the hands Consumer-generated of consumers. into creation video putting off, took Twitch, really extent TikTok, to alesser year and the was 2020 market. video by the realised were opportunities new of anumber addition, In TVs. connected through growth audience ongoing by the driven partially audiences, for format acontent as video of popularity increasing the reflects This segment. making it the fastest-growing digital advertising by 17.2 to A$1.9 increased billion, percent Video in 2020. revenues advertising display general of percent 50 than more up making sector, the in growth drive to continues and resilient remains Video 31

Search reconfigures as competition with Google The internet advertising segment is entering a grows, blurring the lines between previously period of disruption as leading consumer-facing distinct sectors. players, including Google’s Chrome browser and Apple announced changes to how they will allow While video outperformed the wider advertising consumer data to be collected and used – a shift market, the remainder of the Internet Advertising towards a more privacy-centric approach. segment experienced ongoing change, notably blurring lines between previously distinct sectors. Though Google has since delayed the Search is now blurring with e-commerce as implementation of its signalled change to Amazon’s growth in Australia continues and is likely disallowing cookies within its browser until 2023, to be the main driver of the forecast 4.6 percent these developments will take effect over the CAGR in search through to 2025, based on the forecast period, and shift far more of the power over midpoint forecast scenario. E-commerce is also control of data into the hands of the consumer. blurring into retail media as many retailers look to Advertisers using online channels will grapple with commercialise their owned e-commerce platform, these changes to tracking, segmentation, and offering sponsored search and other formats to targeting of audiences leading to a forecast decline suppliers and other adjacent in banner-type display advertising over the category advertisers. forecast period.

Led by the pain felt within the jobs market, automotive availability within Australia and Q1 2021 highlights consumers’ hesitancy around house purchasing, • Retail advertising is surging, representing classifieds advertising declined 7.3 percent to 16.4 percent of display investment for the A$1.5 billion in 2020... ahead of a significant quarter ended 31 March 2021 and is also bounceback in 2021. leading video advertising investment.31 While classifieds was most significantly impacted by • Classified advertising is rebounding, advertising spend cuts in this segment, it has also reflecting the overall health of the ridden a wave of positive consumer sentiment from Australian economy and increasing Q4 2020 and into 2021. The return of job consumer confidence.32 opportunities across the country and the booming metropolitan housing markets are forecast to drive a • In March 2021, the ACCC published its bounceback in classifieds of 4.8 percent in 2021. As interim report33 as part of its ongoing a sub-segment that had previously experienced Digital Platform Services inquiry into slowing growth, this bounceback may, however, market dynamics and consumer choice be short-lived unless innovation in the space within internet advertising. The inquiry is forthcoming. covers internet search engine services, social media services, online private messaging services, digital content aggregation platform services, and media buying agencies and services. It will be followed by a further interim report, expected in August 2021. • Apple launched its updated mobile operating system, iOS14.5 including options for users to specifically request apps to no longer track their usage. At a time where privacy and online tracking is high on global regulatory agendas this aims to put more control in the hands of the user in how their data is shared and monetised. Outlook 2021 Outlook

35 Total Display market (A$ millions)

CAGR 2019-2025: 8.4%2.0%

8,000

6,000

4,000

2,000

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low

Total Search market (A$ millions)

CAGR 2019-2025: 4.6%

6,000

4,000

2,000

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

36 37 Outlook 2021 Total Advertisingmarket(A$millions) Internet Total Classifiedsmarket(A$millions) 15,00 10,00 2,00 1,00 1,50 CAGR 2019-2025:5.5% CAGR 2019-2025:2.0% CAGR 2019-2025:0.6% 5,00 50 0 0 0 0 0 0 0 0 0 2 2 0 0 1 1 6 6 2 2 0 0 1 1 7 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 High High 2 0 0 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 38 Outlook 2021 lockdown. whose print versions had been suspended during titles, loss-making several of closure the drove to COVID-19 due restrictions logistical and revenue advertising of Aloss levels. pre-pandemic below well scenario, forecast midpoint the on 2025 based 2019 CAGR from – percent a-9.5 represents This 2025. in to 2020 A$272 million in million A$389 from circulationconsumer revenue is to forecast decline total losses, these of some offset publishers help will properties digital on focus acontinued While 2020. in revenue accelerated the decline of Australia’s magazine titles, popular most country’s the of some of closure subsequent the with coupled revenue, magazine print circulation and advertising consumer on COVID-19 of impacts The of-27.3 adecline percent. representing 2020, in million to A$482 dropped market magazines consumer total The magazines Consumer advertisers for and consumers driving alternative opportunities experiences, and partnerships events, special with revenue, driver of magazine ofdriver magazine continues to be a Diversification

alike. alike. for success and growth next year and beyond.” and year next growth and success for portfolio expanded our positioned has this but year eventful an It’s been platforms… ecommerce and digital and data strategies, our subscription sites our on focusing have been “We AdNews, telling Hill Brendon Media’s then-CEO Are with data-led, and digital be will platforms all across audiences to grow Media’s strategy Are that believed is It 2020. September in Media Are and and OK! InStyle, Health, Good Women’s Health, Health, –ELLE, cut were Harper’smagazines Bazaar, Men’s Capital, eight ofMercury Australia’s best-known to sale 2019 subsequent and October in Magazines Pacific of Media’s acquisition Bauer Following following their rebrand in September 2020. strategy data-led and adigital adopts Media Are magazine would be revived from September 2021. September from revived be would magazine InternationalMagazine that recently announced the Harper’s Bazaar magazine, fashion glossy popular May. the in While Rolling Stone Australia of to print return the was 2020 in spot bright One NW . The new streamlined entity rebranded as as rebranded entity streamlined new . The was closed in May 2020, Hearst Hearst 2020, May in closed was , revived by The Brag Media Media Brag by The , revived 34 35

Despite declining revenue, magazine consumption has held relatively strong. Q1 2021 highlights According to March 2021 data by Roy Morgan, Magazines move into new formats. Australia’s most popular paid magazine was Better Homes and Gardens, with an average print • In February 2021, Newscorp’s Stellar, a readership of 1.59 million, down -10.2 percent from popular Sunday newspaper inserted the previous year.36 magazine, launched a new podcast series Something To Talk About hosted by media The readership of the second most popular, The personality, Samantha Armytage. Ainslee Australian Women’s Weekly (1.39 million), grew O’Brien, General Manager Commercial slightly from the previous year by 3.9 percent. Both Networks of NewsCast (Newscorp brands are owned by Are Media. National Australia’s podcasting arm) said, “We are Geographic ranked third (914,000), down -21.5 heavily invested in building out a portfolio percent on the previous year, while another Are of content that becomes a fixture in a Media title – Woman’s Day – was next (699,000), listener’s week, podcasts that drive down -17.0 percent.37 habitual consumption and build a deep and genuine connection with One positive area for magazines was the growth in its audience”.38 readership of home and lifestyle titles. Delicious (up 31.5 percent), Gardening Australia (up 34.5 percent), • It is anticipated that we will see more Vogue Living (up 47.7 percent), and Money Magazine magazines applied into new and (up 95.3 percent) all grew considerably, a result of diversified formats as a strategy to revive Australians spending extended periods at home. the sector and feed changing consumption preferences accelerated by Diversification continues to be a driver of magazine the pandemic.39 revenue, with special events, experiences, and partnerships driving alternative options for consumers and advertisers alike. In October 2020, Vogue’s Fashion Night In festival promoted brand partners through access to special sales, prizes, online events, and masterclasses, all available virtually during the pandemic.

Consumer magazines advertising market (A$ millions)

CAGR 2019-2025: -12.0%

300

200

100

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

39 40 Outlook 2021 Total Consumermagazinesmarket(A$millions) Consumer magazinescirculation market(A$millions) 1 200 400 600 800 CAGR 2019-2025:-10.0% CAGR 2019-2025:-9.5% ,0 250 500 750 0 0 0 0 2 0 2 1 0 6 1 6 2 0 2 1 0 7 1 7 Legend Legend 2 2 0 0 1 1 8 8 2019 2019 2020 2020 High High 2021 2021 2022 2022 Medium Medium 2023 2023 2024 2024 Low Low 2025 2025 41 Outlook 2021 – during the half year ending 31 December 2020. 31 December ending year half the – during orders million 4.2 of –arecord shipped units total in increase annual percent a39 reported bookseller, lockdowns. the Booktopia, country’s online largest toconsumers escape from the boredom of for need by the driven 2020, during slightly increased books printed of sales online pandemic, major shopping centres) struggled during the Although physical bookstores those (particularly in increase. sales online saw which boredom, lockdown to areprieve provided books Printed a still is content streamed including ofentertainment forms other from competition 2020, in reported growth modest with attention ofconsumer share its to hold continues industry the Whilst Consumer books on to to modestly grow expected is and 2020 in billion A$2 was worth

and allowing for amore immersive and long-form experience. challenge for the industry. The total Australian books market Australian total The industry. the for challenge

A$2.1 billion by 2025. We forecast aCAGR We of1.1 forecast by 2025. A$2.1 billion based percent the mid-pointthe forecast scenario. with audiobooks being extension alogical of the experience brought about through the increase in podcast consumption, Audiobooks are benefitingfrom the behavioural shifts 40 travel category during June. during travel category the in titles popular as Trips Australia Road Ultimate and Zealand &New Australia in Travel experiences Bucketlist: Definitive The listed Amazon.com.au popularity, despite ongoing lockdowns. and interest in increase to the have contributed may such as Tourism Australia’s on international travel, recent advertising campaigns restriction to the addition In closed. were borders to explore their whilst backyard international domestic, inspiring local wanderlust for Australians albeit travel, was genre popular A surprisingly “Holiday here this year” this here “Holiday 41

Consumers continue to embrace homegrown Audiobooks are on a steady rise, but the market talent when selecting their next read. is still emerging. Adult fiction by homegrown novelists has always The audiobook market in Australia can still be been popular in Australia, and 2020 was no described as emerging, as the relatively high price different. The fourth murder mystery by crime writer of the format has continued to restrict growth. Jane Harper, The Survivors, sold 46,490 copies in Despite this, the Amazon-owned Audible Australia the three weeks after publication in September has seen its revenue grow every year since entering 2020, according to Nielsen. That was nearly double the market in 2014.45 The company faced new the total that her previous title, The Lost Man (2018), competition in 2020 as Booktopia and Rakuten achieved in the equivalent period after its release.42 Kobo formed a partnership to offer Booktopia customers access to Kobo’s audiobooks and Trent Dalton’s All Our Shimmering Skies, also ebooks. Audiobook revenue is largely incremental, published in September 2020, sold 43,090 copies in as audiobooks do not replace, but rather its first three weeks. This figure was 770 percent complement physical books, with both formats higher than the comparative sales period for his satisfying consumers’ needs at distinct times, 2018 debut, Boy Swallows Universe, – an places and usage occasions. Audiobooks are international bestseller that has continued to benefiting from the behavioural shifts brought about perform strongly in Australia.43 through the increase in podcast consumption, with audiobooks being a logical extension of the experience and allowing for a more immersive and Global cultural movements spark interest in long-form experience. Indigenous content. Black Lives Matter, the movement that started in the US and went global in 2020, sparked a surge in Q1 2021 highlights interest in non-fiction titles about Australia’s Indigenous culture. Among the strongest performers • In April 2021, Booktopia entered into were Stan Grant’s Talking to My Country (published partnership with academic book retailer in 2016), Marcia Langton’s Welcome to Country Zookal to become the supplier and (2018) and Bruce Pascoe’s Dark Emu (2019).44 distributor of its physical book sales. • Whilst physical educational books have been declining over the last five years, COVID-19 brought about a revival of academic book consumption46 due to the disruption faced by schools and universities during lockdown. • Indigenous literature continues to grow in popularity, with Archie Roach’s memoir Tell Me Why (2019) announced as the Australian Book Industry Award’s audiobook of the year in 2021,47 and Mununjali Yugambeh poet Ellen van Neerven winning book of the year at the NSW Premier’s Literary Awards and the Multicultural NSW Award for Throat (2020).48 Outlook 2021 Outlook

42 43 Outlook 2021 Print/Audio bookmarket(A$millions) Digital booksmarket(A$millions) 1,000 1,500 2,000 200 400 600 CAGR 2019-2025:0.6% CAGR 2019-2025:3.2% 500 0 0 2 0 2 1 0 6 1 6 2 0 2 1 0 7 1 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 2 0 High High 0 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 Total Consumer Books market (A$ millions)

CAGR 2019-2025: 2.0%1.1%

2,500

2,000

1,500

1,000

500

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

44 45 Outlook 2021 news brands across platforms, across brands news with engaging regularly Australians 15.6With million measures, lockdowns, and vaccination programs. up-to-the-minute quarantine information regarding sought people as critical more even becoming from a number of with sources, digital channels theirglobal news pandemic, Australians accessed the then and floods, bushfires, through Coming news. their to access services ofdigital use their increased readers as revenue advertising on market-wide downturn ofthe impact the felt also media news pandemic, ofthe height the during audience in increase an information and insight was heightened Notwithstanding in 2020. of source trusted and areliable as ofnews media value The Newspapers digital future. digital to a ashift and transformation rapid into leaned publishers major all million, to A$882 -24.0 percent by markedly more dropping revenue advertising print and to 2020 A$735 million, in percent -6.7 dropping revenue circulation printed With content. news for looking were they when and where readers the meeting as well as revenue, advertising print and circulation print of loss the for to compensate future digital apredominantly towards looking were publishers major all pandemic, the into Leading offering. media news immersive and integrated an for forward way the paving 2020, in increased circulation digital stalled, temporarily revenue advertising digital While publishers. major by occured as digitisation plans were accelerated 2020 during revenue advertising and circulation printed overall of decline subsequent The consumption. news digital overall in increase the behind drivers the of one undoubtedly is news digital 49 the immediacy of point scenario. point scenario. amid on 11.4of based CAGR, percent increase an million, A$580 grow, reaching also subscriptions will to A$611 digital and percent 3.8 million, of CAGR a at grow will revenue advertising display news Digital million. to A$577 aCAGR -5.1 of at percent while print circulation revenue is to forecast decline million, aCAGR -10.2 of at to A$609 decline percent to expected is revenue advertising 2025, print to period forecast the over trends, these on Based in thisincluded report. not are they engagements, these of nature bespoke and specific the Given portfolios. respective their within engagement customer and entertainment of forms other into and “news” strictly beyond extend that opportunities cross-platform offer to advertisers with relationships direct of number the increase businesses media news the seen has budgets marketing total of share abigger of pursuit The revenue. advertising and revenue circulation or –subscription report by this covered areas two the continued to look for revenue outside opportunities have businesses media news of majority The digital subscribers can be met. proposition and immediacy of needs potential value positioning, the provided area, this in growth for room be still should there means This percent. 17 of average global the below news, online for pay Australians of 13 percent currently that 2021 states Report News Digital Canberra’s of University The 2020. in to A$375 million percent 23.5 increased subscriptions digital million, to A$463 percent wide impact of the with pandemic a drop of -5.5 sector- the felt revenues advertising digital While 46 Outlook 2021 become online only. 76 would and altogether close would 36 that stating printed, being stop would newspapers print 112 of atotal that 2020 in announced Corp News report, this of year’s edition last in reported As services. newswire and editions printed to changes significant as well as closures title of anumber with 2020, in sector Structural transformation continued across the cross-platform readership by 2.3 percent. readership cross-platform and by 2020 8.1 in grew news percent digital of readership that showed figures audience emma digital foralongside each masthead. The 2020 figures print delivering system reporting Audience” to a“Total moving (emma) Australia Metrics Media Enhanced with 2020 in accelerated media news for digital and print of integration the towards trend The publishers. to major program news tailored amore and savings cost deliver will that strategy a is resources news of consolidation the that clear is it role, ongoing their for support of alevel gain and mediaproperties assets. Whilewas AAP able to Corp News multiple to service Newswire NCA Corp’s News of launch by the followed was which Service, Newswire AAP’s of sale the saw also 2020 challenges. revenue of face the in costs reduce to effort an –in model service to ashared functions specific of centralisation or staffing resources, centre print to distribution, –whether changes own the their Media announced Australian Community Companyplayers and including Nine Entertainment 48 Equally, the other major major other Equally, the 49 Google and Facebook within news media. news within Facebook and Google of impact alleged the to address legislation develop to ACCC the directed Government the 2020, In 2021. early in diversity media into hearing the by followed content, news of distribution the in platforms digital major the of role the into report ACCC the with notably most stage, centre took matters regulatory which in ayear was 2020 providers in Australia. media major the as well as politicians former including sector media the across from players of arange from heard hearing The Kevin Rudd. Minister Prime by former petition online an following diversity media into ahearing held also Senate The public. not are Facebook, although the intricacies of these deals and Google and Australia in publishers media news announcements of revenue-sharing deals between numerous have been there passed, legislation the Since content. news their of use the for companies media news large and Facebook and Google between deals revenue-sharing to create seeks and legislation through passed the Senate in 2021 early 50 This This 47 Outlook 2021 Newspaper printcirculation market(A$millions) This forecast does notincludedirect engagementsbetweenpublishersandadvertisersthatmayspanmultipleproperties. Newspaper printadvertisingmarket(A$millions) 1,00 1,250 1 1,50 2 CAGR 2019-2025:-5.1% CAGR 2019-2025:2.0% CAGR 2019-2025:-10.2% ,0 ,00 250 500 750 500 0 0 0 0 0 0 0 2 2 0 0 1 1 6 6 2 2 0 0 1 1 7 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 2 High High 0 0 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 48 Outlook 2021 Newspaper digitalcirculation market(A$millions) 2018 –2019figures havebeenupdatedto reflect recentlyavailablemarketinformation. This forecast does notincludevideocontentandisdisplayonlyadvertising. Digital newsdisplayadvertisingmarket(A$millions) 200 400 600 800 200 400 600 800 CAGR 2019-2025:11.4% CAGR 2019-2025:2.0% CAGR 2019-2025:3.8% 0 0 2 2 0 0 1 1 6 6 2 2 0 0 1 1 7 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 2 0 0 High High 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 49 Outlook 2021 Excludes digitalvideoanddirect publisher/advertiserrevenues. Total Newspapermarket(A$millions) 1 2,00 3,00 4,00 CAGR 2019-2025:2.0%-2.3% ,0 0 0 0 0 0 0 2 0 1 6 2 0 1 7 Legend 2 0 1 8 2 0 1 9 2 High 0 20 2 0 21 2 0 Medium 22 2 0 2 3 2 0 2 Low 4 2 0 2 5 50 Outlook 2021 to consumers for services media and entertainment more being there of aresult or mass, critical reach they as services two the of to maturation due be may This years. previous than slower was growth of rate the COVID-19, during although revenue consumer in percent 8.3 grew market music digital Australia’s Music, Apple and Spotify services streaming by major buoyed to be Continuing scenario. forecast midpoint the on CAGR based percent by a3.3 2025, at billion to A$2.2 climb to expected is revenue total pandemic, the from A$86 at revenue its of percent 90 shed which industry, music live the of suspension by the entirely 39 A$1.1 at nearly of valued adecline 2020, in billion was market music recorded and live Australia’s afloat. industry to the keep developed were programs alternative as 2020 in sector the throughout shown innovation and ingenuity the stifle not did closures border ongoing and out roll vaccine delayed a lockdowns, Sporadic entertainers. and promoters of artists, control the outside offactors by arange clouded is recovery the and 2020, in sectors ofall hardest was hit sector music live The Music

spend their money on. streams on Spotify in 2020. Australian –to top 2billion percent on the previous year, driven almost almost year, driven previous the on percent

million. As the live music industry recovers recovers industry music live the As million. female –and first thebecame first Australia’s Tones and I 54 heavily capacity. reduced at running or altogether events 2020 their cancelling festivals many with 2020 March from gatherings public limited Government the after rescheduling and cancellations tour of aswathe saw Australia international acts return to touring. and local and reopen venues as period forecast the across recover to expected is market music and entertainment industry, but the live Australia’s impacted severely COVID-19 somewhat uncertain. still is timing the albeit positive, remains levels to pre-COVID closer music, live of slate a greater to return in a confidence the continues, vaccines of out roll the and low relatively remain infection local of rates as COVID-19 of threat reducing the with Moreover, line-ups. local featuring 2020 of part later the in occurred which shows socially-distanced for trials global and local by the boosted being already 53 Recovery, however, is is however, Recovery, 51 Outlook 2021 mid to late 2022. to late mid from addressed be may this that grows confidence though arenas, to Australia’s tours world biggest the of return a see to unlikely are we modified, are quarantine day 14 regarding conditions and fluid more are movements international until Additionally, to proceed. ability events’ regarding governments to State beholden remain will industry the March, in Bluesfest Bay Byron the of cancellation 11th the with seen was As hour future. foreseeable the for sector this of recovery to the threat biggest the to be continue warnings health short-term to due cancellations minute last of threat The point in time. at travel and any given restrictions requirements lockdown have different may that states between to move ability their and period, prescribed the for safely to quarantine acts for ability the on largely rests tours international these of success The 2021. late in performances arena for to return slated also are Morrissette Alanis and Roses N’ Guns KISS, as such acts international but Goodrem, Delta and Sebastian Guy Shark, Amy as such flavour ahome-grown with mainly are 2021. tours These in be touring to acts major of number a confirmed have promoters entertainment live biggest Australia’s pre-2020, seen to levels back not Though billion streams on globally Spotify 2 over many, for to register boredom lockdown of height the at peaked that challenge dance engaging an with aesthetic aretro and catchiness awareness. TikTok dance challenges, increasing their of subject the themselves found regularly tracks as music in crossover platform of ayear also was 2020 album charts. the in well performed Sebastian Guy and AC/DC Tame acts Impala, local from albums new though to reach ARIA’s annual top 10 singles in 2020, in 10 ARIA’s top singles to reach annual Tones Monkey I’s and 2019 Dance hit years. previous of artists break-out the have not would Australia expected be could it live, music new discover to able less were people where ayear In on the ARIA charts. charts. ARIA the on • • • Q1 2021 highlights state borders. butperforming, also moving across just not in promoters and by acts faced lockdowns, reinforcing the challenges state to various due cancelled tours 2021 have rebooked More No Faith and Iver Bon as such acts international Major industry. the for challenges remain closures border ongoing Australia’s and Bluesfest, Bay Byron the as such events profile high of cancellation 2021. late in However, the starting dates for booked are acts International stages. to Australian return acts local predominantly of slate regular a more and reopen venues as industry music live to improve continues the within Sentiment Blinding Lights by The Weeknd coupled coupled Weeknd by The 56 and number one was the only only the was

55

Physical distribution music market (A$ millions)

CAGR 2019-2025: -4.8%

150

100

50

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low

Digital distribution music market (A$ millions)

CAGR 2019-2025: 6.8%2.0%

1,500

1,000

500

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Legend High Medium Low Outlook 2021 Outlook

52 53 Outlook 2021 Total Musicmarket(A$millions) Live musicmarket(A$millions) 1,000 1,00 1,50 2,00 2,50 CAGR 2019-2025:2.0%3.3% CAGR 2019-2025:-0.35% 500 250 500 750 0 0 0 0 0 0 2 2 0 0 1 1 6 6 2 2 0 0 1 1 7 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 2 High High 0 0 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 54 Outlook 2021 Media and Retail. and Media investments in OOH, including Automobile, Travel, across advertiser categories with historically large impactedwas by investment particularly decreased categories declined throughout the year, the market advertiser all almost and formats all While –June). (April 2020 of quarter second the since improve to continuing revenue in declines year-on-year with recovery, of shoots green see to beginning is industry OOH The to million. A$772 revenue year-on-year in decrease percent a39 saw 2020 aresult, As to advertisers. available reach in decline subsequent the and movement audience by COVID-19. to reduced due impacted was market severely The affected was disproportionately Out-of-home (OOH) industry The Out-of-home increased year-on-year in 2020, slightly market total the of apercentage as assets digital of investment of share The demand. format roadside billboards have primarily driven 2021, in Early large to movement. restriction sudden and severe to the due hit hardest the 2020, of quarter second the since decline of rate improving continuing in 2021. is trend this and market, in a volatile flexibility for requirement and preference advertisers’ 58 60 The market has seen a gradually agradually seen has market The

59 indicating 57 messaging frequently. to update needing sectors and marketers for proposition attractive an ease, with updated and environment to the tailored be can creativity that means formats digital of nature dynamic the sector. Further, the for revenue incremental of adriver and market the for proposition value emerging akey and is assets digital of COVID-19 of immediacy The result volatility. a as times lead short with investment media their accustomed to further trading become advertisers as to continue expected is years.This recent in driver growth amajor have been revenues Digital functionality. the embrace advertisers and digital, to assets of suite their convert to continue players major the as industry, the for driver revenue astrong be to continue will revenues digital in growth forward, Looking functionality. advertisers embrace the of assets to digital, and continue to their convert suite industry, the as major players to be a strong driver for the revenues will continue continue revenues will growth in digital Looking forward, Reach remains critical for advertisers, and the The increasing sophistication and industry OOH industry will be somewhat future-proofed adoption of programmatic buying will be one to through more sophisticated measurement, with watch throughout the forecast period. Although the Outdoor Media Association (OMA) it remains a focus for many of the major players, announcing a $10 million investment in the it is not expected to completely replace current evolution of the industry’s measurement methods of buying. system, MOVE (Measurement of Outdoor Programmatic buying for OOH focuses on “the Visibility and Exposure) 2.0. better many”, and may realise growth in a number MOVE 2.0, developed in conjunction with IPSOS of ways. and Veitch Lister Consulting (VLC),61 is expected to First, it may allow the OOH industry to compete for be available to media planners and buyers in 2023 advertising investment not traditionally available to and will offer significant enhancements to the it; specifically, investment that has been usurped by measurement of OOH in order to meet the changing digital players due to a requirement for granular shape of the industry. Enhancements include the audience targeting and flexibility. This type of inclusion of the measurement of all formats and the investment may increase as a result of the inclusion of Digital Out Of Home (DOOH) assets, pandemic driving marketers to favour environments across more than 100,000 locations in both which offer flexibility with their media buying (a metropolitan and regional Australia. This new differentiating trait of programmatic buying). system will encompass “precise passive measurement that utilises multi-sensor fusion, as Second, the availability of programmatic buying well as big data coming from multiple sources may increase ease and access of planning and ranging from a large-scale travel survey, mobility buying. This has the benefit of opening up the data and official traffic and pedestrian counts”. market more effectively to direct advertisers – an MOVE’s qualitative metric evolves from the current advertiser group traditionally dominated by the ‘Likelihood To See’ (LTS) to ‘Visibility Adjusted digital platforms. Contacts’ (VAC).62 This new methodology and metric Third, the move to programmatic allows the OOH will provide a more accurate and granular sector to realise the true value of its digitised measurement of audiences across all formats assets, including lower yield sites, as it introduces a and inventory. data overlay which drives confidence for the buyer MOVE 2.0 will be of considerable value to and provides site value beyond location. advertisers given it is an industry-wide, cross-format While programmatic buying presents an opportunity solution, which differentiates it from many other for the market, significant work is required to lay the channels. It is expected that MOVE 2.0 will play an groundwork to effectively capture it. Specifically, important role in growing the size of the OOH sector the industry requires a focus on business as a proportion of the total advertising market, as processes, sales platforms and education. advertisers continue to demand and favour channels with strong measurement capability. Outlook 2021 Outlook

55 56 Outlook 2021 Total Out-of-home(OOH)market(A$millions) 1 1 2 CAGR 2019-2025:2.0% ,0 ,50 ,0 • • • with: shoots, green 2021 in suggests data Early Q1 2021 highlights 500 0 0 0 0 0 0 advertisers’ preference and requirement for flexibility in a volatile market. in a volatile flexibility for requirement and preference advertisers’ indicating market, OOH total the of apercentage as assets digital of investment of share Increasing formats; Retail and Roadside for demand Increasing recovery; the driving are Retail and Media Automobile, 2 0 1 6 2 0 1 7 Legend 2 0 1 8 2 0 1 9 2 High 0 20 63 2 0 21 2 0 Medium 22 64 2 0 2 3 2 0 2 Low 4 2 0 2 5 57 Outlook 2021 content for consumers. audio ways to access alternative offer streaming forecast scenario as podcasting and music midpoint the on CAGR to12.0 2025 based percent of growth to see continue will Streaming period. forecast to the 2019 to within return levels predicted however, not is it arecovery see will radio terrestrial key dayparts, within patterns listening predictable to more return audiences As A$1.5 billion. to 2020 8.1 in percent declined segment total The between consumer and advertising revenue. split even to an close is market the revenue, withcoupled the 2020 decline in traditional radio increases, content audio for choice consumers’ As industry. the of percentage asmall streaming radio live and podcasts, music, (DAB), with broadcasting audio digital and terrestrial through delivered radio by linear led traditionally was segment This intensifies. content to listening time people’s of share for competition the as “Audio” as to referred better be now may “Radio” as simply to referred once was What catch-up services. and podcast, by streaming, complemented now is fully radio ofterrestrial stronghold traditional The services. audio access to use consumers that ofproducts now arange covering segment to evolve, the with continued has market audio The Radio by and supportive of local advertisers. advertisers. local of supportive by and supported being also while need in most to those content real-time localised to provide has still radio stations demonstrated the power that terrestrial sometimes confusing border closures, regional During share. to its on held to have largely reported was radio regional 2020, over revenue in decline a saw stations metropolitan While occurred. they as people sought insights regarding the latest issues as times challenging during surprise no is bands AM the of dominance show talk The exception. no COVID-19 and was crisis, of times during Australia in news essential and up-to-date of source reliable and atrusted been always has radio Terrestrial listenership. radio dominate to share its grew radio back talk September, in resumed surveying when but COVID-19, to due cancelled was surveying consumer 2020’s of Much the content produced. and maturity ofpopularity growing is medium in the that demonstrating and variety of content, the breadth of talent local Awards highlighted Podcast Australian 2020 The 58 Outlook 2021 streaming offerings. offerings. streaming similar to develop Spotify Twitter, and Facebook andattention has users led through celebrity wider gained It discussions. host or stream live users where service invitation-only an as 2020 in streaming. app The Clubhouse US-based launched live within occurring innovation the is audio consumer-led towards shift the of example Another across the various platforms. advertising dynamic as such features digital-only of outcome develops measurement alongside the use will also continue to grow as audience targeting and consumer subscription revenue, advertiser spend is skewed disproportionately sub-segment towards the Although streaming. in revenues subscription expected to come from the ongoing increase in is period forecast the in growth revenue audio to additional Much listening of opportunities. the in-program promotion, helping migrate live listeners extensive from have benefited content, audio other and podcasts radio, live offer which platform, Listnr SCA the as such Competitors, market. the of share a to retain TuneIn continue and iHeartRadio and by Spotify, dominated is marketplace The Australia. in to grow continues listenership Streaming foropportunities advertisers. targeting increasing audiences, and streamed live capture to offerings their evolve operators radio as grow to continue services Streaming buyer demand. and digital audience data across platforms to retain broadcast of provision the on taken to be need will steps further process, buying the simplifying as well As buyers. for accessibility improve and ecosystem audio the simplify help would it developed be types asset all for portal acommon Should inventory. advertising of trading automated the follow other in channels developing for capability will market radio terrestrial the that expected is It through which they engage. rapidly becoming more critical than the method instances, although the retention of audiences is some in streaming and radio live between lines highly competitive period. These advances blur the a during retention and relevance segment’s the to adds experience audio atailored create thus and real-time in key programs with to engage ability The role. source news critical the fulfilling also while audiences for opportunity listening atailored provided embrace purpose-built applications has to offering radio terrestrial the of evolution The them. around people and world the of understanding adeeper to gain headlines beyond go to looking are who audiences for engagement news of type to adifferent aprecursor perhaps is content lifestyle and news storytelling, of level deeper a for million) (85.3 volumes high such listenership, have influenced may politics and health global in year atumultuous While content. show radio by Triton, 101.3 of were measured million downloads podcasts 420 million the Of podcasts. catch-up strong radio terrestrial across listenership show with coupled storytelling experience in increase amarked was There charts. notable all across to feature continued genre crime true the 2020, In continues to grow. content long-form and newsworthy in interest ABC’s to through facility, correctional aDarwin in women winner overall the From produced. content the in maturity and popularity in growing is medium the that demonstrating content, of variety and talent local of Australian Podcast Awards 2020 The audience. their growing are apps SCA’s and Acast the Listnr and source, local used most- the is service app Listen ABC Corporation’s listening.podcast The Australian Broadcasting Spotify, YouTube, and Apple, continue to dominate from 17 percent in 2017. in 17 percent from up 2020, in population Australian the of percent 25 reached month) last the in podcast one least at to listened who 12+ aged people as (defined listeners monthly of number The steadily. The Australian podcast market is growing buying and capabilities. measurement its develops further format the as to be continue to expected are and advertisers for opportunity • • • Q1 2021 highlights 67 Coronacast by 2025. by 15.4 to reach million expected listeners 2021, May in podcast with Australia in to listened were ABC) (excluding podcasts million 50.2 service, Measurement According to Triton’s Podcast the segment. in reconfiguration to ongoing point growing volumes of listenership podcast the and SCA’s launches app Listnr year-on-year. -10.6 down percent still radio TV, in with seen rate the at not though returning, is radio for demand Advertiser Podcasts have been seen as a growing agrowing as seen have been Podcasts Birds Eye View Birds 68 with Dr Norman Swan, Australia’s Australia’s Swan, Norman Dr with , which tells the stories of stories the tells , which 65 66 highlighted the breadth the breadth highlighted

59 Outlook 2021 Streaming/internet radiomarketincludingpodcasts(A$millions) Terrestrial radiomarket(A$millions) 1,00 1,250 1,00 1,250 CAGR 2019-2025:2.0%12.0% CAGR 2019-2025:-1.1% 250 500 750 250 750 500 0 0 0 0 2 2 0 0 1 1 6 6 2 2 0 0 1 1 7 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 2 High High 0 0 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 60 Outlook 2021 Total Radiomarket(A$millions) 1 1 2 2 CAGR 2019-2025:2.0%3.6% ,0 ,50 ,00 ,50 500 0 0 0 0 0 0 2 0 1 6 2 0 1 7 Legend 2 0 1 8 2 0 1 9 2 High 0 20 2 0 21 2 0 Medium 22 2 0 2 3 2 0 2 Low 4 2 0 2 5 61 Outlook 2021 SVOD services such as Kayo (624,000 paying paying (624,000 Kayo as such SVOD services their on customers in increase the this, Despite to 2million. close number the bringing and 2020 in 267,000 customers cable approximately losing service, box premium its in declines saw Foxtel, service, delivered box premium leading Australia’s substitution. simple than more much is growth segment overall but decline, to continues box Premium movies. release new for (PVOD) Demand on Video Premium including models, business different to try opportunity the used Disney+ as such newcomers relative and market, the entered also BritBox and Binge libraries. content their expanded Stan and Amazon Netflix, as such players established as growth significant saw similarly Australia and double, numbers subscriber saw economies Western Many during enforced lockdowns. services on-demand to flocked consumers as SVOD for growth continued of ayear was 2020 period. same time over the percent 20.4 to at grow expected are (SVOD) services Demand on Video Subscription period, CAGR forecast over the by -7.1 to decline to continue Fetch)Foxtel, expected is percent box (e.g. premium While choice. for spoilt are consumers where and competitive, increasingly getting is that market a in opportunity total to the as COVID-19. remain Questions on by brought changes behavioural the of beneficiaries few ofthe was market one television subscription The Subscription TV Subscription PVOD –Premium on Demand Video SVOD –Streaming on demand Video BVOD –Broadcast on Demand Video AVOD –Ad-funded on Demand Video percent. 12 approximately of subscribers total in growth net with company the show months) seven just in subscribers) and Binge (431,000 paying subscribers and sport. reality of networks television free-to-air the of domains traditional the into foray acontinued with to local productions from SVOD providers, along commitment in increase an saw 2020 retention, and acquisition both in drawcard important an becoming content exclusive and unique With want. they content the to find to where as overload of point to the close are consumers where amarket creating players local and international of acombination with SVOD choice, for spoilt to be continues Australia focus. into came content local as pace at evolved has SVOD revenue. subscription as much as attention for competing amarket in subscribers attracting and retaining in SVOD services free” “cord premium for demand the evolution but, more models importantly, in business 69 These numbers demonstrate not only an

62 Outlook 2021 Source: ‘Stan Sport secures UEFA Champions League, fragments football streaming landscape’, Sydney Morning Herald, 28 June 2021 28 June Herald, Morning Sydney landscape’, streaming football fragments League, Champions UEFA secures Sport ‘Stan Source: services? paid on football Iwatch will Where Stan, Bump successful the as such productions Local SVOD providers. Australian stories international across and local showcase as well as industry, production local the benefit will production content to local commitment The platforms. respective to the subscribers new in bring well may they that and content, Australian for appetite an is there show Binge, on UEFA Conference League UEFA ChampionsLeague UEFA Europa league The Test The Stan on Amazon Prime and Mr Inbetween and Prime Amazon on FA Women’s SuperLeague Women’s World Cup2023 English Premier League Copa America

Optus EUROS on on

retaining them – continues into 2021. into –continues them retaining –and subscribers for war the as SVOD platforms for abattleground to be up shaping is sport providers, many for staple the be well may documentaries and drama, movies, While tournaments. International and League Premier English the specifically space with their commitment to football – this in traction to gain continues also Sport Optus Tokyo Olympics. delayed the of ahead Swimming to Australian rights the Prime Amazon and UEFA and tournaments, Union to Rugby rights the securing Stan with content, live for point entry an as sport have used Stan and Prime Amazon as such providers streaming other to as Kayo limited not the calendar year. calendar the of end by the position to astronger drought content amid-2020 from –recovering 2020 during base subscriber its grew It platform. sports specialist a as consumers with to resonate continued Kayo 2020, during to sport disruption the Despite arena. sports the into further pushes SVOD as continue shifts Power 10/10 play Socceroos W-League A-League Matildas 70 The interest in sport is clearly clearly is sport in interest The Premier League(Scotland) Bundesliga (Germany) EFL Championships Ligue 1 (France) Foxtel/Kayo Serie A (Italy) Carabao Cup MLS (USA) 63 Outlook 2021 Subscription videoondemand(SVOD)market(A$millions) model in coming years, the of part aregular be may this that possibility a is there and access”, “premium in studio the Mulan of release Disney+ The lockdowns. 2020 the during originally for destined the cinema was advanced movies of release exclusive or simultaneous for play through various providers since 1997 – its use in been has Event –Main new not is PVOD While services. subscription normal above and over (PVOD) Demand On Video Premium trial to models business their adjust to quick were services streaming the 2020, of most for shut largely cinemas With cinema operators. operators. cinema 3,0 4,00 1,000 2,0 CAGR 2019-2025:2.0%20.4% 0 0 0 0 0 0 was considered a successful experiment by experiment asuccessful considered was 2 0 1 6 71 putting further pressure putting on further 2 0 1 7 Legend 2 0 1 8 2 0 1 9 2 High 0 entertainment landscape. contemporary the of part critical this in growth determine will proposition value differentiated astrongly and (ARPU) User Per Revenue Average positive delivers that aprice at subscribers those retaining and Attracting want. they content the access – to services of number finite a across time their and money their –with to pay prepared are consumers what is to growth limitation greatest the Ultimately, content. and subscribers for competition intense to see continue will that asector is this services, streaming niche and mass other of arange of growth the Paramount+, of arrival imminent to Disney+, the Star of addition the With with consumers. rests still power the but services, SVOD across continue will Competition 20 • • • Q1 2021 highlights 2 replacing 10AllAccess.replacing 11 on August, Australia in Paramount+ the announce ViacomCBS launch of Fox. Century 20th of acquisition the through gained content to Disney+, showcasing added is Star subscribers in March 2021. paying 1,000,000 through breaks Kayo 0 21 2 0 Medium 22 2 0 2 73 3 72 2

0 2 Low 4 2 0 2 5 64 Outlook 2021 Total SubscriptionTVmarket(A$millions) Premium boxdelivered market(A$millions) 2,0 4,00 6,00 1,000 2,0 3,00 CAGR 2019-2025:2.0% CAGR 2019-2025:6.2% CAGR 2019-2025:-7.1% 0 0 0 0 0 0 0 0 0 2 2 0 0 1 1 6 6 2 2 0 0 1 1 7 7 Legend Legend 2 2 0 0 1 1 8 8 2 2 0 0 1 1 9 9 2 2 High High 0 0 20 20 2 2 0 0 21 21 2 2 0 0 Medium Medium 22 22 2 2 0 0 2 2 3 3 2 2 0 0 2 2 Low Low 4 4 2 2 0 0 2 2 5 5 65 Outlook 2021 Current andforecastCurrent market share data Newspapers Newspapers Out-of-home 5.7 3.1 Advertising Advertising Out-of-home 60.4 63.5 Internet Internet % % 5.0 7.3 % % % % Subscription TV 6.1 5.9 Subscription TV Radio Radio % % 1.8 1.7 spend 2020 spend 2025 Advertising Advertising % % 0.6 Consumer magazines 0.4 Consumer magazines 0.2 Filmed entertainment 0.5 Filmed entertainment % % % % 17.1 Free-to-air TV 19.8 Free-to-air TV % % 0.5 esports games and Interactive 0.4 esports games and Interactive % % 66 Outlook 2021 70.8 Newspapers Newspapers 67.8 4.2 Internet Access Music Internet Access 2.6 Music Subscription TV 2.2 2.6 % Subscription TV % % % % % 7.5 8.4 % % spend 2025 spend 2020 Consumer Consumer 4.7 Books 4.0 Books % % 0.5 Consumer magazines 0.9 Consumer magazines 3.8 Filmed entertainment 3.0 Filmed entertainment % % % % 9.1 esports games and Interactive 7.9 esports games and Interactive % % 67 Outlook 2021 broadband networks. fixed or networks mobile via internet, the expenditureConsumer paid for accessing Internet access internet. the excludes delivered via dynamically advertising It placement. e.g. product via into games, built brands B2B from revenue comprises and covered also is revenue advertising game Video market. total the in included is revenue Esports category. console the in included is expenditure in-app purchasing). Handheld console games with games free including tablet or smartphone a on played games (casual mobile and games) (MMO/social online multiplayer (e.g. massively digital), console (physical and digital), online and (physical PC including revenue Consumer &esports games Interactive BVOD services. or demand” on “broadcast as well as channels television, on broadcast it advertising includes by free-to-air generated revenue Advertising (FTA) television Free-to-air services). video-on-demand via example for rented, (sell-through (TVOD) and video-on-demand transactional DVDs) and rented and through (sell- physical –both entertainment home and advertising sales),cinema (ticket box office including streams revenue of several Consists Filmed entertainment both and advertising circulation spending. Physical for and digital consumers, magazines Consumer magazines and education markets. consumer the for ebooks and books Print/audio books Consumer Market definitions

from premium services. services. premium from revenues TV, Telstra or Apple TV. Advertising as such abrowser, aggregator or App through delivered Prime Amazon and Netflix Stan, as such (SVOD) services video-on-demand of consumer subscription fees for subscription consists Also content. records abox which and channels by linear Fetch),and characterised (e.g. Foxtel cable/satellite services television consumer expenditure on premium subscription including streams revenue of several Consists Subscription television market. total the in included are revenues Podcasting radio. internet and terrestrial on expenditure Advertising Radio arenas. and sports media place-based retail, (e.g. transit, shelters), bus furniture street billboards, include Categories digital. and static both media, outdoor on expenditure Advertising (OOH) Out-of-home display’.‘general under Advertising Internet in sits also which (excluding video), advertising display news digital Includes advertising. print in included are (NIMs) magazines inserted Newspaper revenueadvertising and circulation spending. both newspapers, digital and Physical Newspapers consumer spend on music streaming services. and downloads includes music Digital tickets. live music and music recorded digital and Consists of consumer expenditure on physical Music display includes mobile internet advertising. and of display. asubset Search as out broken advertising video with classifieds, and display search, paid for expenditure Advertising Internet advertising

68 Outlook 2021 12. 18. 17. 16. Filmed entertainment 13. Internet access 11. 10. 9. 8. 1. Executive summary 15. 14. 7. 6. 5. 4. 3. 2. References

2021–2025, Omdia 2021–2025, Outlook &Media Entertainment Global PwC’s net.au www.abc. News, ABC Ryan, Luke and Martin Melissa Harbour’, Coffs in studio film to build Crowe ‘Russell google Google Australia, Google Australia, www.about. Director, Managing Silva, Mel Australia’, in Google and Code Bargaining Media News the on ‘Update 22 September 2020 September 22 www.mediaweek.com.au Mediaweek, region’, NSW Northern the in studios film new opens Studios ‘Byron Burbridge, Mi3, www.mi-3.com.au ring’, Guy the in back is Cinema bigger… got just ‘Big 2021 2July accessed and Consumer Commission, www.accc.gov.au Competition code’, Australian bargaining media News Australia, www.aph.gov.au of Commonwealth Freedom, Press into ‘Inquiry aph.gov.au www. Australia, of 1) 2021‘,No. Bill Commonwealth ‘Broadcasting Legislation Amendment (2021 Measures www.accc.gov.au Competition & Consumer Commission, Australian Report’, Indicators Market ‘Wholesale www.accc.gov.au Australian Competition & Consumer Commission, 2019-20’, Report Market ‘ACCC Communications www.aph.gov.au Australia, of Parliament Australia’, in diversity ‘Media Apple, www.apple.com/au www.nbnco.com.au Co, NBN Report’, Progress Monthly Co ‘NBN www.accc.gov.au Australian Competition and Consumer Commission, 2020-2025’, inquiry services platform ‘Digital gov.au Competition and Consumer Commission, www.accc. Australian inquiry’, services advertising ‘Digital gov.au Competition and Consumer Commission, www.accc. ‘Customer loyalty schemes review’, Australian 2021 2July accessed and Consumer Commission, www.accc.gov.au Competition code’, Australian bargaining media ‘News 2021 2 July Consumer Commission, www.accc.gov.au and Competition Australian inquiry’, platforms ‘Digital , 16 June 2021 , 16 June , accessed 2 July 2021 2July , accessed 2021 2July , accessed , accessed 2 July 2021 2July , accessed , June 2021 , June , accessed 2 July 2021 2July , accessed , 31 March 2021 , 31 March 2020 , 11 December , accessed 2 July 2021 2July , accessed , April 2021 , April , accessed 30 June 2021 June 30 , accessed , 19 2021 May , 16 June 2021 , 16 June

, accessed , accessed , ,

, 25. 24. 23. 22. 21. 20. 19. Free-to-air TV 33. 32. 31. Internet advertising 30. 29. 28. 27. 26. &esports games Interactive

Mumbrella, www.mumbrella.com.auMumbrella, Rigby, Brittney untouched’, remains list siphoning anti- while reprieve 2-year receive ‘FTA networks com.au www.theage. Age, The Samios, body’, Zoe industry to figures revenue ad disclosing to stop ‘Seven 2021 2July accessed www.thinktv.com.au 2020’, H2, pack ThinkTV, ‘Fact 2021 NRL’,over www.roymorgan.com Morgan, Roy lead to stretch 2020 during viewership TV ‘AFL grows mumbrella.com.au www. Mumbrella, Wilkinson, Zoe viewers’, metro to 1.882m concludes series Origin of State ‘2020 AdNews, www.adnews.com.au about post-COVID schedule’, Mariam Cheik-Hussein, upbeat Seven but again, wins –Nine 2020 Ratings ‘TV 2021 2July accessed 2020’, OzTAM, March, 29 www.oztam.com.au commencing week Viewing Total TV Report: ‘Special advertising/ indicates-agencies-increasing-focus-on-video- https://iabaustralia.com.au/news/new-research- www.accc.gov.au ACCC, report’, interim 2021 –March inquiry services platform ‘Digital 2021 31 March ended quarter the for Report Expenditure Advertising Online IAB Economy, www.pm.gov.au Digital the and Services Financial Superannuation, for Minister Treasurer, Minister, Prime future’ Australia’s to secure economy digital Amodern Release: ‘Media www.smh.com.au SMH, McGuire, gains’,Amelia financial into games video turning Australians young the ‘Meet www,Adroitmarketresearch.com Research, 2018-2025’, Market Adroit & Analysis Trends Growth Share, Size, Market Gaming ‘Online www.lolesports.com, esports, (OPL)’, LOL League Pro Oceanic the about ‘An Update www.laptopmag.com LaptopMag, Murphy, Darragh staggering’, are they and — revealed figures sales ‘PS5 , 28 June 2021 , 28 June , 22 June 2021 June , 22 , 19 November 2020 , 19 November , 4 February 2021 , 4February , 6 May 2021 , 6May 7 October 2020 , 30 November 2020 November , 30 , February 2020 , 28 April 2021 , 28 April , 22 March 2021 March , 22 , , 26 April April , 26 , 69 Outlook 2021 48. 39. 38. 52. 51. 50. 49. Newspapers 47. 46. 45. 44. 43. 42. 41. 40. books Consumer 37. 36. 35. 34. Consumer magazines

www.booksandpublishing.com.au announced’, Books and Publishing, winners 2021 Awards Literary Premier’s ‘NSW www.abiawards.com.au ABIA, winners’, Award Industry Book Australian ‘2021 2021, Roy Morgan, www.roymorgan.com2021, Morgan, Roy to March 12 months Readership, Magazine Australian com.au www.smh. SMH, Kembrey, Melanie shortages’, avoid to early books to buy urged readers rush: ‘Christmas Australia, www.newscorp.com, Corp News Armytage, Samantha To with Talk About Stellar announces new podcast Something series, 2021’, www.roymorgan.com Morgan, Roy to March 12 months Readership, Magazine Australian www.accc.gov.au Competition & Consumer Commission, Code’, Australian Bargaining Media ‘News 2021 www.thinknewsbrands.com.au ‘Fundamentals H2, 2020’, ThinkNewsBrands, www.newscorpaustralia.com portfolio changes’, News Corp Australia, announces Australia Corp News release: ‘Media emma, www.emma.com.au 2020’, December Report Total Audience ‘Australian www.booksandpublishing.com.au Publishing, and 2020’, in Books market book Australian The pandemic: the and ‘Publishing goodereader.com www. eReader, Good Kozlowski, Michael users’, by new driven being is market audiobook ‘Australian com.au www.smh. SMH, Martyn, Shona industry’, publishing for year difficult in down ablip’: sales it’s ‘‘I’m hoping com.au www.smh. SMH, Kembrey, Melanie shortages’, avoid to early books to buy urged readers rush: ‘Christmas 2021 4 June www.amazon.com.au, sellers, best Amazon investors.booktopia.com.au www. soar’, Booktopia, capacity and demand as half first bumper delivers Booktopia ‘ASX release: 2021 June 29 2021’, www.roymorgan.com Morgan, Roy to March 12 months Readership, Magazine ‘Australian 2020 Murphy, AdNews, www.adnews.com.au Paige chapter’, Anew Awards: Magazine ‘Australian www.aremedia.com.au Media, Are company’, experiences and content premium leading Australia’s for era new marks ‘Are Media

, 24 October 2020 , 24 October , 10 January 2020 , 10 January 2020 , 24 October , accessed 23 June 2021 June 23 , accessed , 9 October 2020 , 9October , 28 September 2020 , 28 September , accessed 30 June 2021 June 30 , accessed , accessed 23 June 2021 June 23 , accessed , 22 February 2021 February , 22 , 27 May 2020 , 27 May , accessed 23 June June 23 , accessed 24 February 2021 , 27 April 2021 , 27 April , 30 September 2020 September , 30

, 3 December , 3December

, March 2021 , March , March 2021 , March , accessed , accessed accessed

57. OOH 56. 55. 54. 53. Music 73. 72. 71. 70. 69. TV Subscription 68. 67. 66. 65. Radio 64. 63. 62. 61. 60. 59. 58.

www.wsj.com Journal, Street Wall The Far)’, Shah, (So Neil 2020 of 1Song No. the Became Lights’ ‘Blinding ‘How www.aria.com.au 2020’, for ARIA, ‘ARIA Top 100 singles www.newsroom.spotify.com 2020’, in Spotify, Streaming Shaped That Trends ‘The www.nme.com NME, Gwee, Karen affected?’, been have concerts and festivals Australian Which outbreak: ‘Coronavirus thenewdaily.com.au www. Daily, New The Tassios, in’, tune not Cassandra ‘Paramount+ prepares to launch, but Australians might 2021 9May www.sportspromedia.com, Pro, Sports Tom King, subscribers’, million one hits Sports Kayo 2020 www.ew.com Weekly, Entertainment Tyler Aquilina, Mulan;, of wake in Disney+ on releases PVOD more for plans at hints CEO ‘Disney www.sportspromedia.com Pro, Sports Tom King, subscribers’, million one hits Sports ‘Kayo www.zdnet.com Net, ZD Duckett, drop’, Chris brands namesake as Binge and to Kayo 12% up thanks customers ‘Foxtel 2021’, www.radioalive.com.au Triton Digital, Top May 100 Podcasts’, Ranker Podcast ‘Australian 2021 June www.radioalive.com.au Triton Digital, Year Review’, 2020 In Ranker Podcast ‘Australian 2021 June 23 accessed www.australianpodcastawards.com Awards, Podcast 2020’, Australian Winners Awards Podcast ‘Australian www.edisonresearch.com Research, Edison Australia’, 2021 Dial Infinite ‘The Association, Media Outdoor to recovery’, road the on Home of ‘Out 2021 April Outdoor, data, SMI 2021 14 January age’,Outdoor Media Association, www.oma.org.au digital the for MOVE to rebuild Ipsos appoints ‘OMA 2021 14 January age’,Outdoor Media Association, www.oma.org.au digital the for MOVE to rebuild Ipsos appoints ‘OMA Association, www.oma.org.au Media Outdoor to recovery’, road the on Home of ‘Out 2021 7June accessed www.oma.org.au Association, Media Outdoor Report’, Annual 2020 (OMA) Association Media ‘Outdoor 2021 April Outdoor, data, SMI 2021 7June accessed www.oma.org.au Association, Media Outdoor Report’, Annual 2020 (OMA) Association Media ‘Outdoor www.oma.org.au , 10 June 2020 , 10 June , 6 April 2021 , 6April , 5 February 2021 , 5February , accessed 1 July 2021 1July , accessed , 10 2021 May , accessed 23 June 2021 June 23 , accessed , 1 December 2020 , 1December , 6 April 2021 , 6April 2021 , 6April , 14 November , 14 November , accessed 23 23 , accessed , 9 May 2021 , 9May , May 2021 , May , , , , , 70 Outlook 2021 [email protected] Partner Horlin Sue Assurance [email protected] Economist Chief Jeremy Thorpe Economics and Regulatory [email protected] Partner Chris Bartlett Strategy& Consulting [email protected] Partner Blinman Suzie [email protected] Partner Mohammad Chowdhury [email protected] Partner Mike McGrath [email protected] Partner Dell Laurence Telecommunications Consulting Technology, Media and [email protected] Director Dan Robins Advisory CMO Contacts Key andcontributors contacts

Editorial Committee Outlook 2021 [email protected] Manager Senior Juliet Hardman [email protected] Economist Chief Jeremy Thorpe [email protected] Manager Niven Hayley [email protected] Manager Senior Reynolds Genevieve [email protected] Director Dan Robins [email protected] Partner Mohammad Chowdhury [email protected] Partner Mike McGrath [email protected] Partner Dell Laurence [email protected] Editor & Partner Justin Papps

71 Outlook 2021 by visiting us at www.pwc.com.au at us by visiting to you matters what us tell and more out Find services. tax and advisory assurance, in quality to delivering committed are who people 284,000 over with in countries 155 firms of anetwork is PwC problems. important solve and society in trust to build is purpose our Australia, PwC At Legislation. Standards Professional under approved by ascheme consultation with limited Liability professional advisors. for asubstitute as used be not should only, and purposes for further details. This content is for general information www.pwc.com/structure see Please entity. legal a separate is firm member Each network. PwC to the refer sometimes may and firm, member Australian to the refers PwC reserved. rights All PricewaterhouseCoopers. © 2021 www.pwc.com.au +61 (2)82660000 Watermans QuayBarangaroo NSW2000 TowersOne International PricewaterhouseCoopers Prepared andeditedby: investment orregulatory documents. Securities &InvestmentsCommissionorotherfinancial, memoranda, annualreports, filingswiththeAustralian statements, informationmemoranda,privateplacement offer documents,disclosure documents,product disclosure including, butnotlimitedto,anyprospectus documents, from thepublicationinotherpublicationsorwrittenmaterial Without limitingtheforegoing, youmaynotuseexcerpts in whichtheexcerptsare beingpresented. every citationrequest toenablePwCassessthecontext will appearin.Provision ofthisinformationisnecessaryfor use alongwithadraftcopyofthefullreport thattheexcerpts [email protected] outliningtheexcerptsyouwishto Requests shouldbesubmittedinwritingtoLaurence Dellat without thepriorwrittenpermissionofPwC. distributed ortransmittedinanyformbymeans reproduced, stored inaretrieval systemordatabase, No partofthispublicationmaybequoted,cited,excerpted, as asubstituteforconsultationwithprofessional advisors. general informationpurposesonly, andshouldnotbeused warranty ofanykind,express orimplied.Thiscontentisfor information and,totheextentpermittedbylaw, without guarantee ofcompleteness,accuracyortimelinessthe The informationisprovided “asis”withnoassuranceor all pertinentfactsrelevant toyourparticularsituation. consult aprofessional adviserwhohasbeenprovided with Before makinganydecisionortakingaction,youshould legal orothercompetentadvisers. substitute forconsultationwithprofessional tax,accounting, The informationprovided herein should notbeusedasa product adviceorprofessional consulting ofanykind. advice, accountingservices,investmentfinancial only anddoesnotconstitutetheprovision oftaxorlegal This publicationisprovided byPwCforgeneralguidance Use ofOutlookcontent For more detailed information and analysis, visit the Outlook report online: www.pwc.com.au/industry/entertainment-and-media-trends-analysis/outlook.html

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