OutlookThe Australian Entertainment & Media Outlook The COVID-19 edition The COVID-19

2020 2024 Contents Interactive games games Interactive 23 03 32 13 Subscription Subscription Newspapers Introduction & esports television forecast market 07 26 34 16 Current and advertising share data Internet Internet access Music

09 28 35 19 entertainment Out-of-home magazines definitions Consumer Market Filmed

11 30 36 21 Consumer & educational References Free-to-air television books Radio The COVID-19 edition

2 Outlook 2020 including: COVID-19and headwinds, driven 11.3 structural to several due percent, fall will revenue Advertising 2020. in A$2.681b than more or percent, 4.46 nearly to fall set is revenue Australian entertainment and media • • • year are as follows: this we have mapped that scenarios three the implications.Specifically, their and recovery of paths possible three presents Outlook The whole. a as industry the and segments, 12 across revenue advertising habits, consumer revenue, and impact of COVID-19 on consumption the on focuses year’s Outlook This entertainment companies alike. companies entertainment and media consumers, for new opportunities forge and trends, existing accelerate and amplify investment advertising and habits consumer in shifts as COVID-19likely temporary, forward future the brought has are changes some While transforming. rapidly is industry media and entertainment the Australia, in shock 2020, in year’s this Outlook Like everything Australia. PwC 2020-2024 Outlook &Media Entertainment Australian the to Welcome in 2020. contract to set is industry andentertainment media Australian COVID-19, the After the challenges of vaccine implementation. delayed and sentiment business international lockdown, negative including an ongoing factors of anumber on based is scenario this factors, health to linked Primarily Negative: within thesector industry specific the on pandemic the of impacts ondepending structural trajectory, to pre-COVID return modest with recovery, of months Gradual: pandemic. the from minimal ongoing negative impact of and international borders consumer expenditure, opening and advertising pre-COVID to return rapid Positive: Amore Introduction Approximately 18-24 Approximately

for 2019 (actual) and 2024 (forecast). 2024 and (actual) 2019 for andEntertainment revenue media industry and share by sector, 2024 the forecasts. and 12 the of each segments, for 2019 share market the outline graphs below The to others. compared unscathed relatively emerge will channels some that is expected it although 20192022, until exceed figures not will advertising that we forecast recovery, of route the on Depending • • • (including BVODand (including BVODand digital newspaper digital newspaper their content via direct to consumer revenue, rather than advertising. advertising. than rather revenue, to consumer direct via content their to monetise tendency increasing companies’ media and Entertainment Travel, as such and; categories for investment of areduction driving operate, or to supply, serve ability limited brands’ Some economic pressure; to increased due investment marketing and advertising in A reduction is a little bit different. Amid the pandemic-induced economic economic pandemic-induced the Amid different. bit alittle is advertising) advertising) Advertising Advertising streaming services) streaming services) Internet Internet Music (excluding Music (excluding Print Newspapers Print Newspapers 16.3 15.0 streaming services) streaming services) Out-of-home Out-of-home Radio (including Radio (including % % 2.2 2.2 2.4 3.7 % % 2.1 2.1 % % 2.8 2.7 % % A$60.1bn A$68.5bn 5.6 5.5 % % 2024 2019 % % Subscription TV Subscription TV 3.0 3.3 0.6 , the 19th edition published by published edition 19th , the 1.1 2.8 % % 3.7 Educational Books Consumer & % Educational Books Consumer & % Consumer Magazines % Consumer Magazines Entertainment Filmed % 4.5 49.6 5.8 51.3 Entertainment Filmed 6.4 % % 5.3 Free-to-air TV Linear % Free-to-air TV Linear % % Internet Access Internet Internet Access Internet % Games Interactive

Games Interactive The COVID-19 edition

3 Outlook 2020 While the industry has grappled Consumption behaviour continues to shift as the available choice with change, its relative for content expands, and Australians’ adoption of digital resilience and ability to bounce consumption and behaviour has been accelerated by COVID-19. back lies in the fact that demand from the end user - the COVID-19 had a dramatic and abrupt impact on our consumption of media. consumer - has not waned. Media channels that are generally consumed within the home have fared well, while out-of-home media and entertainment saw mass declines in consumption as a consequence of environmental factors. In cases where the While COVID-19 has triggered changes to consumption habits were caused by a sharp decrease in availability disruption – both positive and and accessibility, we expect that the change will be temporary, as consumers negative – across most of the revert to pre-COVID-19 and largely unaffected consumption behaviours. segments, it’s clear that the entertainment and media industry’s We expect lasting change, however, for channels that have benefited from the underlying strengths and appeal to acceleration of digital adoption and the use of digital media as a means of consumers remain as strong as ever, social and personal connection. Given the presence of the pandemic will not and consumer demand for significantly affect consumers’ ability to access these means of entertainment, entertainment and media products we expect that these new, accelerated behaviours are more likely to stick. and services has not waned. We are seeing consumers and businesses adapt in parallel, and the industry is As consumption habits continue to evolve, the global industry reconfiguring in order to meet this is experiencing a major shift, as consumer revenue outstrips new shape of demand. The ongoing advertising revenue in the forecast period, perhaps for good. challenge for entertainment and This trend is gaining traction in Australia. media companies lies in capturing their share of consumer attention, and In the Australian market, consumer revenue has been driven by the proliferation the subsequent monetisation of these of newly available subscription-based entertainment and media businesses, audiences. such as Netflix, Kayo, Stan, Disney+, Apple TV+, YouTube Premium, Binge and Amazon Prime, as well as a rise in Australians paying for news content. At the same time, advertising revenues have been impacted by COVID-19 as There are six drivers of industry advertiser confidence declined and certain categories’ need for advertising change which are reconfiguring reduced due to a lack of supply. the market to meet, and subsequently monetise, We expect growth in consumer revenue throughout the forecast period, as this demand. incumbent media companies continue to diversify their product offerings, pursuing ad-free models, and new players enter the market and command their While there will still be challenges for share of consumer attention. entertainment and media companies as we move beyond the pandemic, the digital migration that it has accelerated will generate opportunities in all segments – and not only for those whose offerings were already primarily digital, and thus have benefited from its impacts to date. PwC sees six key drivers of industry change, which existed pre-COVID-19 to varying degrees, but have been accelerated or transformed by its impact.

The COVID-19 edition 4 pressure on budgets continues, As audience. target the of proportion ahigh has reaching are they audience the to ensure order in sets, whichchannels leverage robust data various across advertisements tomedia planners place planning, and allowing advertisers to audience-led ashift facilitated has data of application and collection channels’advertising-funded in Advancements advertisers. objectiveimportant for most and -aprimary reach deliver to channels of usage their about savvy more be must advertisers meaning attention, consumer of share companies’ media dilute to continuing is formats and channels platforms, new of A proliferation consumers’ wallets. gain share of both advertisers’ and will to audiences largest continue advantage. a competitive maintaining and key be to gaining will relationships direct-to-consumer these of depth and products of quality the both mature, evolve and models business media and entertainment subscription-based the As 2019. of end the at subscribers million 167 from 15.62020, up percent by 193 July million to almost surge subscriptions global its saw Netflix pandemic, the amid to pay; willing are they that proving are consumers experiences.and These on-demand personally-curated, individualised demanding increasingly are who and avoided, or skipped to be annoyance, an as advertisements toup view brought have been who consumers of generation new to the appealing to be likely are models based consumer attention. Subscription- of share their command and market the enter players new and models, ad-free pursuing offerings, product their to diversify continue companies media incumbent as out to play continue trend this to see We expect 1 companies with the with the companies crucial to win, as media attention will remain The for battle consumer COVID-19. a to see We expect post- awave consolidation of see to expect off; awhile be may scale at investments and to acquisitions return a But, revenue. advertising to secure advantage competitive amajor is and market, aconsumer-oriented in work content to make helps matter. Scale doesn’t scale that mean doesn’t year last the in activity acquisitions and mergers reduced The “core”. considered longer no are that assets and lines business some of shedding the and to divestments, trend this COVID-19 from shifted has pressure consolidation laws. Financial media of relaxation by the helped been has this years, recent In core channel, location or capability. one around organised being than –rather markets geographic various and channels –across environments networked across to operate have pivotedcompanies increasingly media scale, to deliver order In focus on businesses’ core. arelentless and models, operating to arefinement spurred has companies’ networks, COVID-19 ofsophistication media command consumer attention. that and companies platforms all to include set competitive their revenue,advertising and redefine for compete they whom with those beyond look must companies ever, than More media want. they as much as consume can they and them with resonates content to pay, the if willing only are but Consumers audience. its for content personalise thus and in to invest ability the them affords scale whose products media and entertainment favour will consumers parallel, In investment. their from efficiency driving to thus execute, cost the limit and transaction, of ease drive discounts, volume to leverage them allow will This offerings. data credible with and scale, at audiences reach can who suppliers prioritise will advertisers increase the scale and and scale the increase mergers and deals to of aperiod After

treatment of data. data. of treatment compliant storage, and management and ethical mandate and address to regulation and providers, TV pay and free-to-air local for quotas content content, news of distribution regulation surrounding the revised and new we expect landscape, media and entertainment the within balance power the to restore effort an In declining. is revenue, advertising of share their by measured as companies, media other of power relative the where in ancompounded environment been has This increased. has scrutiny political and public power, gain the businesses these As world. the in company valuable most seventh the as Facebook overtake it saw shares Tencent’s giant media social Chinese in 2020, arally July in players; to US-based limited just wasn’t pandemic the from uplift This trillion. US$2 of capitalisation amarket to hit company US publicly-traded first the became Apple August, In earnings. in asurge reported all Alphabet and Facebook Amazon, Apple, 2020, June in ending months three of the In the technology platforms. fortunes the boosted has consumers delivered to digital among behaviours has pandemic the that spur The mind. of top remain information public of accuracy the privacy, and protection, anti-competitive scale, data and trust. surrounding Concerns surrounding regulationchallenges persistent to face continues world media and entertainment The AI. of integrity and the responsible use data privacy, to related change expect to see ongoing regulatory to capital. access secure and liquidity high debt, low with those to positively react should market the and assets, performing under of divestment towards trend continued application increases, we sophisticated data and scale for battle the As The COVID-19 edition

5 Outlook 2020 growing more rapidly, but prospects are shrinking in segments that are lagging, lagging, are that segments in shrinking are prospects rapidly, but more growing are available outsized opportunities inchallenge; the that segments are the lies therein And distributed. equally isn’t opportunity commercial the and pressure, under are demand this of monetisation the support that models Rather, business the waned. not -has media and -entertainment product core the for ultimately, demand that position enviable the in is industry media and entertainment the and is available, growth reconfigures, industry the As change across most segments. and accelerating. COVID-19 the has opened throttle still further, accelerating dramatic was industry media and entertainment Australian the in innovation and consumption, in changes COVID-19,Even before digitisation, of pace the return. aquick seeking by organisations prioritised de- be may outcomes to commercial linkage attributable and direct term, to medium term,short we without that expect short- placements advertising the in this, Despite brands. of growth long-term to the crucial are messages isThere significant evidence that investment advertising inbrand-led of paidimpact advertising. and efficacy the of measurement robust with advertisers to provide data this to use ability companies’ media be will utility and collection data in to advancements Central ultimately, monetise it. and demand, capture to ability their on rely will companies media and entertainment of success future the and available, is Growth advertising’s impact. budgets is sustained, and businesses require evidence of advertising on pressure as measurement, and efficacy on focus willThe experience industry a continued and increased

disruption and change. an unprecedented year of after recovery to paths new found has that industry an of stories share to year next report normal Outlook &Media Australian Entertainment the of edition special) (and 19th our enjoy you that We hope • • • • • including: to key indicators, attention close with industry, the of rebound the and health the monitoring and tracking be we will progresses, time as normality of sense some we await as and mind, everything predict or control we it’s cannot that anything, COVID-19 humanity If taught has have to transform. segments lagging the that timeframes the accelerated COVID-19and dramatically has to come. to come. years for landscape advertising competitive within advantage the key be to securing will believe we that one and sorting, for ripe systems,measurement an issue of sophistication The and marketfurther consolidation; and scale individual driving andbusinesses, acquisition legacy and products non-core of divestment the both including landscape, ownership media The follows consumption patterns; investment marketing and advertising to which extent The ease; restrictions as services these for pay to willingness consumers’ and channels, supported advertising consumer attention into non- ongoingThe migration of “normal”; a pre-COVID-19 to returns world the as adopted were they as quickly as forgotten are habits new which and stick, behaviours new which on focus aspecific with behaviour, consumption in Trends shifts and . We hope to return to our our to return to . We hope . With this in in this . With The COVID-19 edition

6 Outlook 2020 services. broadband speed higher for demand future meet to help investment network of phase next the forward bringing in plans outlines which plan, 2021 corporate its released recently has Co NBN upgrades. investing technology in continuous by nations, peer and Australia between gap speed the to close years coming the in done to be work more is there so slower download and and upload speeds, experiencing Australians of cohorts many leaves mix technology current the Hence, nations. advanced to other compared behind still are by consumers experienced improved, download and upload speeds has connectivity However, whilst steadily. to climb continues access speed of withpercentage households high- baseline, apre-COVID-19 on based pandemic, the during percent 90 over of usage network daytime in increases and disruption the Notwithstanding and internet provider. aphone through network access NBN to the connected been had businesses 7.7 and 2020, homes September million at As satellite. or wireless terrestrial whether fibre,broadband access, fixed of aform with connected citizens all virtually have that nations of group aselect in country the puts This access. ofpercent the population with broadband 99 over has now Australia that meaning networkdeployment, access wholesale nationwide Multi Technology Mix (MTM) its completed Co NBN 2020, June In services. audio and video streaming of use increased an and home, from working and learning people of result as a traffic in increase dramatic a with network, NBN deployed nationally and areliable of value the COVID-19 demonstrated has including 5G, in early 2021. early in 5G, including services, broadband wireless for 26GHz at spectrum to sell plans government The blocks. spectrum winning Air Dense and Optus Vodafone/TPG, Telstra, 2018 with December in 5G for spectrum 3.6GHz for auction an held Australia areas. suburban and CBD in sites new for need the and covered, to be regions of range the involved, expense capital high the given years, to ten up take will journey deployment 5G the that expected is It uptake. of stage early the in handsets with and initially, CBDs and cities on focusing country, the across introduced being currently is 5G continues to take shape. take to continues Australia in 5G of Deployment 4 Internet access 2 5 3 the the improved price, quality of service and and service of quality price, improved communities and with businesses, to regional service internet level ametro- to “deliver $100m committed has Government NSW the program, the Connectivity Digital Regional of part as example, For businesses. sized medium- and small and communities local to empower connectivity, strategies to regional enhance Some states are pursuing funding coverage. regional and rural enhance to also but blackspots, cover -to Victoria South Wales, Queensland and New in example -for limited still is coverage where areas in capacity and coverage increased on focused Federal and State Governments are range of customer choice. awider as well as regions, Australia’s digitisationbring accelerated to to scope tremendous is there models, new and funding technologies, business However, given development. broadband challenges significant to highspeed willpopulation to continue present Australia’s geography and dispersed need. of times in communications of resilience greater to ensure disasters, natural other and to bushfires prone areas target also and blackspots, mobile to connect programs federal complement programs These state. the in connectivity mobile regional to improve programme $400m awider of part is This speed”, known as the Gig State project. State Gig the as known speed”, The COVID-19 edition 6

7 Outlook 2020 *2015 - 2018 figures have been updated toreflect recently available market information millions) (A$ market access internet Total $30,000 $20,000 $10,000 $40,000 +3.38% trajectory: recovery gradual on based 2019-2024 CAGR Legend $0 2015 2016 Positive 2017 Gradual 2018 2019 Negative 2020 2021 2022 2023 The COVID-19 edition 2024

8 Outlook 2020 $2,500 $2,000 $1,500 $1,000 $500 Box office spend (A$ millions) (A$ spend office Box revenues. advertising and office box year-on-year reducing drastically pandemic, the of height the at periods extended for closed cinemas and stopping, but all production large-scale local COVID-19, by hit with hardest the of one was industry film The evolve and distribution methods change. methods distribution and evolve habits consumer as industry by the felt pressure additional the demonstrate Onward Pixar’s and Mulan as -such platforms to streaming direct titles recent of release experimental the screen, abig on blockbusters the to see want still will consumers believed is it by 2024. While A$990m to to fall 2019 set in is and A$1.229b was revenue office box period, forecast the In the Australian film industry. for effect on flow asevere been has there COVID-19, of and outbreak the with 2020 in sharply contracted advertising) and office box (including revenue Total cinema lists. office box Australian all-time the in four and three number ranked Avengers 2019, in released titles two blockbusters, studio for appetite the Underlining Cup. Melbourne the win to jockey female first AGirl Like -Ride year the of films top-thirty the in title Australian one only was there but US$59m, grossing Australia, in film one number the 2019,In Disney’s $0 -4.23% trajectory: recovery gradual on based 2019-2024 CAGR the platforms. top (OTT) over on appeared releases new and for months, as production halted industry the shut but all COVID-19 pre-COVID-19. office Global blockbusters dominated box Legend 2015 are already already are King Lion The and Filmed entertainment 2016 Avengers: Endgame 2017 on Disney+ - Disney+ on , the biopic of the the of biopic , the 2018 Positive 2019 2020 was was

2021 films for screens. foreign 694 with competed titles Australian in 2019:59 revenue office box Australian of share percent 3.3 had titles Local with enhanced seating, sound, and food food and sound, seating, enhanced with services premium class’ ‘gold entrenched now the beyond experiences customer superior to create model their evolve groups. groups Cinema continue to cinema major the of plans the modified or delayed has COVID-19the crisis if seen to be remains It CAGR. percent a0.2 2024, in representing to 2,360 2019 in 2,332 from rise amodest for set is screens of number total the and built to be planned were cinemas Additional period. the in services at-home of use increased their given to cinemas, return people quickly how on impact an have -will measures safety and health with -along post-COVID-19 strategy pricing the and Australia, in high relatively remain prices ticket cinema markets, developed to other Compared sector. film local the of a feature Australian stories and productions remain that to ensure development in productions increase the number of Australian -to perspective investment and budget a from -both effort aconcerted is there 2022 spent with video content heats up. heats content video with spent competition for consumers’ time the as experiences, customer their offerings to create superior evolve to continue groups Cinema Gradual 2023 2024 7 It is worth noting that that noting worth is It $200 $250 $100 $150 Cinema market millions) advertising (A$ $50 $0 +0.02% trajectory: recovery gradual on based 2019-2024 CAGR Negative 2015 2016 2017 as circumstances allow.as circumstances quickly as to production return the with back fight to set is industry film Australian the Fund, Interruption Temporary funded available through the$50m government- afurther and Australia, Screen from Fund COVID-Support the with coupled When Australia over the next seven years. seven next the over Australia to productions television and film foreign to attract Scheme Incentive Location to the increase investment $400m Government’s Australian the through enhanced further been has Australia Attracting international to productions funding. local and private through a combination of government, region Bay Ballina/Byron the in as facilities being explored in locations such production film new with crisis, the since momentum gained also has services and locations film regional of appeal and accessibility The locations. safe in cast and crew keep that ‘bubbles’ production to create states for ability the and rates, infection low relatively the given filmed, to be productions for place ‘safe’ as a Australia of identification the been has COVID-19 the of crisis upside One experience. premium and tailored more much a for make that services beverage and reflectrecently available market information to updated been have *2015 -2018 figures 2018 support and industry ingenuity. andsupport industry from crisis with government back way their fight to expected are industries film and cinema The 2019 2020 2021 2022 The COVID-19 edition 2023 8

2024

9 Outlook 2020 $800 $600 $200 $400 *2015 - 2018 figures have been updated toreflect recently available market information Total filmed entertainment market millions) (A$ Transactional VOD market millions) (A$ $0 $2,000 $4,000 -3.24% trajectory: recovery gradual on based 2019-2024 CAGR +6.71% trajectory: recovery gradual on based 2019-2024 CAGR $1,000 $3,000 Legend 2015 $0 2016 2015 2017 2018 2016 Positive 2019 2020 2017 2021 2022 Gradual 2018 2023 2024 2019 $1,000 $250 $500 $750 Physical sell-through market millions) (A$ $0 -13.22% trajectory: recovery gradual on based 2019-2024 CAGR Negative 2015 2020 2016 2017 2021 2018 2019 2022 2020 2021 2023 2022 The COVID-19 edition 2023 2024 2024 10 Outlook 2020 year-on-year. percent 2.2 growing period same the for FTA on (linear) consumed hours total the with period, same the throughout medium the with time more spent people 2019. in However, period same the during 18.75 from down million slightly weekly, reached Australians 18.42 million with year-on-year, flat relatively but extensive was 2020 to June January period the for TV) subscription FTA (including Linear of reach cumulative weekly Average theacross pandemic. continued has news for pattern viewing and gatherings, this non-essential indoor and outdoor on restrictions place Government’s initial to announcements Federal the with coinciding 2020, March 16 commencing week the in consumption back on air. come have codes the as rebounded has impacted. Viewing support and advertiser particularly codes sporting winter with Networks, Nine and Seven the for schedule the of air, amainstay off going sport by live caused disruption schedule significant of environment an against trends these to balance important is It scenario. forecast mid-point the on based -0.41 of CAGR percent market television broadcast atotal in to 2024,CAGR resulting 24.87 percent to increase forecast is and decline, this offset will BVOD scenario. forecast mid-point the on to 2024 CAGR based percent 2.48 to decrease forecast is revenue FTA advertising Linear headwinds, structural for and COVID-19 for scenarios, Allowing patterns. viewership related and schedule sport and content of terms in year next into television broadcast to impact COVID-19 continue will forecast scenario. mid-point the on based 2020 in revenue advertising forecast in a27.5 increase in percent resulting overall, consumption in growth strong to experience continuing is and driver akey growth remains (BVOD) Demand on Video Broadcast scenario. forecast mid-point the on based 2020 in decline forecast by a13.9 2019 in percent followed 4.6percent declined market FTA advertising total the Overall, impacts. COVID-19 business to combat overall budgets marketing shrinking and air off going advertisers of aresult as trend viewing this to match able not was revenue Advertising format. and schedules the to both changes many the despite audiences, engaged also air, on has back once Sport, programs. reality local and news for COVID-19, particularly meant that brands despite and viewership in these placed TV trust challenges, strong broadcast remained throughout The accessibility hold. on placed or impacted were dramas international and key shows of elements production that meant restrictions and 2020, in impacted significantly was schedule (FTA) television free-to-air the of akey driver byCOVID-19. Sport, driven schedule viewing and advertiser volatile and changing arapidly to adjusting television, broadcast for year achallenging been has 2020 percent COVID-19, 51 with during Australians amongst consumption news for medium primary the as grew Television saw an 11 an saw percent FTA pandemic. to the prior percent 39 news”, of from up source “main their as content. news by largely driven pandemic, the of beginning the at viewership FTA increased drove COVID-19 9 of Australians citing the medium medium the citing Australians of Free-to-air TV 11 12 11

10 increase in audience audience in increase First Sight, Masterchef, Love Island and Big Brother. Big and Island Love Masterchef, Sight, First Married as at such franchises television reality include BVOD on shows Top performing saw an increase of 55 percent from the same period year-on-year. period same the from percent 55 of increase an saw which TVs, Connected on notable most was this but TV), Tablet, Connected PC/Laptop, (mobile, devices all on increased Consumption 2020. to June January period the for year year-on- percent 30.9 increased BVOD on consumed hours monthly total average The including Facebook,platforms TikTok, Instagram, Twitch and YouTube. media social from offerings video other from competition the is challenging Equally closely. watched to be is content programming reality in increase services’ streaming the and drama, in particularly services, (SVOD) Demand on Video Subscription as such services entertainment in-home other from to rise continues Competition overall television market in 2024 based on the mid-point forecast scenario. scenario. forecast mid-point the on 2024 in based market television overall the of percent 86.0 for to account predicted BVOD, of is growth parallel the 2024, and to decline forecast of 2019, aresult in as but revenue advertising TV overall of percent 95.5 for accounted TV Linear to COVID-19 due to 2020 A$2.934b. in rapidly more to contract expected is and 2019 in to A$3.489b declined revenue advertising TV Linear primarily by the continued popularity of reality show formats. show reality of popularity continued the by primarily BVOD has experienced strong consumption growth year-on-year, driven mid-point forecast scenario. the on based 2020 in sector the for revenues advertising total in decrease percent 13.9 aforecast driven -has COVID-19 by -accentuated budgets advertising on pressure ongoing FTA, for results audience strong Despite

15 13 14 13 The COVID-19 edition 11 Outlook 2020 released to the market in mid-2021. in market to the released to be expected is technology The streaming. live and BVOD FTA, including screens, and platforms all on content television across reach optimise and to buy opportunity the with buyers media provide will This (DSP). Platform Side aDemand to power technology 9Galaxy into feed will VOZ data that announced industry 2019, television the December In 2020. late from available be will data daily that stated has and 2020, February in set data first its VOZ released devices. demographic data across all connected with ratings online and linear both provide aresult, as and screens, all across viewing TV to measure seeks which tool ameasurement (VOZ), Australia Virtual to launch together working OzTam and are Nielsen sector. the of growth future to the critical are which measuring consumption across screens, and buying when ease facilitate to tools two of release and development the has announced The industry budgets that have migrated online. competeeffectively with advertising to more them allowing thus sold, is inventory online to how similar is way that a in inventory their to sell networks TV the allowed has This online. content free view and in log to required often profiles sign-on user with data, demographic and location on based advertisements to buy advertisers for opportunities new brought has platforms BVOD the on Advertising in BVOD revenues.increase advertising continued the to see we expect matures, product the and grows consumption As offerings. SVOD with compete and to converge continues market the as catalogue the to fill platforms to the added being series and content new with to mature, continue Australia in market BVOD the to see We expect growth. key to future be will usability platform and catalogues content their both investment in continued BVOD services’ COVID-19, of the aresult as behaviours the back of the of acceleration digital off and increases, rapidly content video on-demand of choice consumers’ As advertisers. increasingly important to be -will screens and platforms television consumption - across all total measure and buy to ability the rise, to continues services BVOD of consumption the As audiences. these monetise to ability networks’ the and FTA audiences, in declines offset to ability platforms’ BVOD the on depend will growth Future $2,000 $2,000 $3,000 $5,000 $1,000 $1,000 $5,000 $4,000 $3,000 $4,000 Linear TV market (A$ millions) (A$ market TV Linear Total free-to-air (FTA) advertising market (A$ millions) (A$ market advertising (FTA) free-to-air Total Broadcast Video on Demand market millions) (BVOD) (A$ *2015 - 2018 figures have been updated toreflect recently available market information *2018 figures have been updated toreflect recently available market information *2015 - 2018 figures have been updated toreflect recently available market information $800 $200 $600 $400 -0.41% trajectory: recovery gradual on based 2019-2024 CAGR +24.87% trajectory: recovery gradual on based 2019-2024 CAGR -2.48% trajectory: recovery gradual on based 2019-2024 CAGR $0 $0 $0 Legend 2015 2015 2015 2016 2016 2016 2017 2017 2017 Positive 2018 2018 2018 2019 2019 2019 Gradual 2020 2020 2020 2021 2021 2021 2022 2022 2022 The COVID-19 edition Negative 2023 2023 2023 2024 2024 2024 12 Outlook 2020 CAGR to 2024 based on the mid-point forecast scenario, driven by app-based games and esports. and games byapp-based driven scenario, forecast mid-point the on based CAGR 2024 to percent a6.87 at grow to expected is this and A$3.175b, worth was market esports and games interactive the 2019, In accessibility. and innovation product ongoing through gained have they audiences the retain to able are they which to extent the on dependent be will normal to returns life as momentum same the sustains industry esports and games the not or Whether hiatus. forms of during entertainment lockdown periods, and whilst their favourite codes sporting were on Interactive games have and esports prospered during COVID-19, with people looking for alternative revenue in 2019. in revenue consumer games video total of percent 31.7 for accounted revenue gaming Mobile years. recent in market games video Australian the in growth of driver asignificant been have games mobile to grow, app-based continued has market gaming traditional the of value the While gamers. avid for tag price hefty the justify will experience indications are that theuser enhanced early and time some for mooted been have upgrades These formats. digital and traditional both in come will which Xrespectively, Series Xbox 5 and announcing the launch of the PlayStation further step one gone now have Both consoles. home existing to their upgrades to incremental continued release have Microsoft and Sony Meanwhile, games. of smartphone-based growth the of face the in near-moribund to be thought previously market console portable the in interest reignited has and 2017 its appearance, since sales strong enjoyed has which Switch, Nintendo the of was launch hardware recent largest The interest. consumer maintain and experiences higher-quality to deliver updates hardware regular on dependent is market console The Australia. in market games video the of cornerstone the been traditionally have games Console distribution. digital of era the in justify to difficult as they are increasingly discrepancies price these to reduce adesire expressed have and platform-holders publishers of number increasing An world. the in priced highest the among are which games, video of cost high relative the is Australia in market games video the of success to the contributor One sector. the for growth revenue most the drive will games app-based began, console sales since the pandemic physical in asurge despite and hardware, to upgrades via evolve Gaming consoles are to continuing world. the in games video on spenders capita per highest the of one is Australia 2019, in A$3.175b of revenue esports and games video total With Interactive games andesports over-reliant on a handful of mega-earners like Clash like of Clans mega-earners of ahandful on over-reliant to be begun has market games mobile the that asense is There Australia. in owners smartphone- of market addressable the in growth incremental for room little is There established. were ‘bubbles’ player before and crisis the in early to watch audiences for online them streaming codes, and teams rival from players between events esports hosting by NBA, the MotoGP, and FIFA, as NASCAR such brands global of lead the follow to able were sports of number a situation, the to quickly Adapting fix. sporting regular their of audiences Australian starved world the across competitions sporting major of halting and venues sporting of closure the sport, live for passion held along With scenario. forecast mid-point the on 2024 in based to A$1.565b to grow forecast revenue with growth, to fuel continue microtransactions However, in-game years. many for market the on been now have rapid expansion is coming to an end. end. an to coming is expansion rapid all have contributed to greatly increased revenue strategies from mobile games, but the phase of monetisation better and devices, capable more saturated), essentially now is market this (though ownership smartphone Higher creation of player ‘bubbles’. player of creation the to prior content sport for desire Australians’ satisfy to events esports new of introduction the with esports to audiences new introduced COVID-19 Game of War of Game and The COVID-19 edition , which , which 13 Outlook 2020 US$250,000. 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$2,000 $1,500 $1,000 $1,500 $1,000 Total revenue millions) online/microtransactions (A$ Total market millions) esports (A$ Mobile game revenue millions) (A$ $500 $500 +11.13% trajectory: recovery gradual on based 2019-2024 CAGR +6.02% trajectory: recovery gradual on based 2019-2024 CAGR +12.07% trajectory: recovery gradual on based 2019-2024 CAGR $15 $10 $0 $0 $0 $5 Legend 2015 2015 2015 2016 2016 2016 2017 2017 2017 Positive 2018 2018 2018 2019 2019 2019 Gradual 2020 2020 2020 2021 2021 2021 2022 2022 2022 The COVID-19 edition Negative 2023 2023 2023 2024 2024 2024 14 Outlook 2020 Total interactive games and esports market (A$ millions) (A$ market esports and games interactive Total $2,000 $6,000 +6.87% trajectory: recovery gradual on based 2019-2024 CAGR $4,000 Legend $0 2015 2016 Positive 2017 Gradual 2018 2019 Negative 2020 2021 2022 2023 The COVID-19 edition 2024 15 Outlook 2020 based on the mid-point forecast scenario. forecast mid-point the on based five over next the years to steadily, CAGR recover percent of 4.38 predicted apredicted is with market The COVID-19. of impacts negative the to victim falling pandemic has accelerated bifurcation, with some platforms and formats gaining share, and some the this, Despite 2020. in percent 0.8 at flat relatively remain to forecast revenues COVID-19,to with Overall, the internet advertising market in Australia has experienced a period of slower growth due advertising market.advertising soft arelatively in industry the for armour this adoption accelerated has provided of benefit The years. future in occurred digital disruption that would have forward pulling consumption, media of COVID-19 the has accelerated evolution orders (IOs). orders insertion using agencies from bought programmatically, versus 41 percent bought was sites content on advertising all of percent 44 which throughout quarter, June the in apeak reaching buying of method this with formats, programmatically across all available are to continuing trade Advertisers environment. economic the of aresult as due to decreasing consumer confidence likely decline, strongest the recorded has strong year,very advertising classifieds a had Twitch -has BVOD or Facebook, YouTube, on -whether video online While and YouTube services (BVOD) Demand on Video resilient, with local Broadcast particularly been has Video its share of advertising revenues. increase to market advertising online the allowing products, digital of advanced Australians’ consumption further have country the across lockdowns and distancing Social for the quarter ending June 2020. 2020. June ending quarter the for revenues advertising increase in an Internet advertising 17 16 (globally) reporting reporting (globally) format advertising revenue.format advertising traditional in shortfalls for up to make revenue advertising digital to boost order pursuing digital transformation, in partly rapidly are publishers online Australian and outlets media incumbent result, a As accelerated. being industry the big getting bigger, and the bifurcation of the with consumption, in shift this from Not everyone hascommercially benefited base. asmaller from albeit revenues, advertising in growth strong recording TikTok as are such entrants newer Similarly, trillion. US$2 of capitalisation amarket to hit company US traded publicly- first the became Apple August, in and earnings, in asurge reported all Alphabet and Facebook Amazon, Apple, 2020, June in ending months three the in revenue; advertising of stability the beyond digital with spent time more of rewards the reaped have platforms few, technology asmall Amongst with the technology players. effectively more compete to order digital strategies transformation in organisations pursue aggressive accelerated, as traditional media have market two-speed the of dynamics the though; advertising landscape is a winner, digital the within everyone Not

Instagram”. international news on Facebook and and local sharing from Australia in people and publishers allowing stop reluctantly Facebook stating that they “will [Australians] rely on at risk”, at on rely [Australians] services Google the “[put] will changes proposed the that citing Australians, to Letter Open an releasing Google with direct, and swift been has players digital both from responses The platforms. their on appear that articles the for providers content to compensate Facebook and Google require would that code a drafted has ACCC the experiencing, are that pressures publishers financial to due journalism independent of future Amid ongoing surrounding concerns the content. news for publishers pay to Google field”, playing alevel “create to sought the Australian Government has without its challenges. Specifically, ayear been not has it players, from the technologyperformance revenue and strong financial in Despite advertising stability 18 calling for Facebook and and Facebook for calling 20 The COVID-19 edition 19 and and 16 Outlook 2020 Internet advertising (classifieds) marketmillions) Internet(A$ (classifieds) advertising market millions) Internet (search) advertising (A$ marketInternet millions) (display) advertising (A$ $8,000 $2,000 $6,000 +0.46% trajectory: recovery gradual on based 2019-2024 CAGR +2.80% trajectory: recovery gradual on based 2019-2024 CAGR +7.65% trajectory: recovery gradual on based 2019-2024 CAGR $2,000 $1,000 $2,000 $6,000 $4,000 $4,000 $1,500 Legend $500 $0 $0 $0 2015 2015 2015 2016 2016 2016 Positive 2017 2017 2017 Gradual 2018 2018 2018 2019 2019 2019 Negative 2020 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023 The COVID-19 edition 2024 2024 2024 17 Outlook 2020 Total internet advertising market millions) (A$ $15000 $10,000 $5,000 +4.38% trajectory: recovery gradual on based 2019-2024 CAGR Legend $0 2015 2016 Positive 2017 Gradual 2018 2019 Negative 2020 2021 2022 2023 The COVID-19 edition 2024 18 Outlook 2020 was completed in May 2020 May in completed was Bauer to Magazines Pacific of sale The 2020. March in acquisition the cleared but acquisition, proposed the regarding decline will be driven by both a continued decline in advertising and consumer revenue. This scenario. forecast mid-point the on CAGR based a-10.50 at percent 2024 in A$381m 2019 to in A$663m from decrease to predicted is revenue magazine Total consumer again. same the look never will industry profitable highly glossy, once the that predicting spectators industry many with industry, the reshaped has titles of closure subsequent the to due supply in reduction COVID-19, the to and due Australia as the magazine industry. Ownership changes, accelerated decline in advertising revenue in 2020 2019 and during change transformative such experience to sector no perhaps is There its Pacific Magazines publishingarm, off to sell Media Bauer with agreement an into entered 2019, Media In West Seven the organisation. across from staff of loss the in resulting OK! and NW Health, Good Health, Women’s Health, Men’s Harper’sincluding Bazaar, Elle, InStyle, titles magazine consumer its of number a closed has Bauer revenue, declining of effects the To Travel). as counter (such pandemic the of aresult as supply affected with industries from inactivity pressure on advertising budgets, and with sector magazine the in decline of trend the COVID-19 accelerated such as taste.com.au. websites content and titles specialist of arange publishes which Australia, Corp News publisher, magazine major other the from stability relative of backdrop the against occurred changes These in. to set started had pandemic global the of impact unforeseeable the point which at period, year athree over titles Bauer in revenue advertising in A$6.6m and consideration cash in A$40m of price Australia. in market magazines the of percent 90 and 85 between of control Bauer gave merger the that reported is It market. competitive increasingly an in growth its futureproof and to consolidate effort an in umbrella one the under titles magazine popular most country’s the of number alarge together bring would which acquired by Capital. Mercury then was Bauer and Bauer, PacificMagazines merged with 2020, July to May from months three the In aplenty: Changes supply. decreased to due revenue erode further to set titles, of closure mass resulting restructures drove the Changes in ownership and the 22 The ACCC raised concerns concerns raised ACCC The Consumer magazines 24 , unfortunately , unfortunately 23 for a final afinal for 21

In September 2020, Mercury Capital announced Capital Mercury 2020, September In models, in line with movement in the broader entertainment and media industry. industry. media and entertainment broader the in movement with line in models, subscription and to consumer direct on focus arenewed including properties, existing of digitisation increased through to evolve look may industry magazine the Further, retail. as such categories product other and digital), and TV example (for formats media other into opportunities revenue the extending collaborations, brand and extensions product through realised be may monetisation This print. beyond product the to monetise ability the enabling brands strong with titles, key, on performing high approach focused more a indicates titles of closures the seen, to be remains business the for strategy the Whilst rely on leveraging the strength of existing brands, and diversifying revenue through digital channels. revenue diversifying and brands, existing of strength the leveraging on rely will recovery post-COVID-19 but unclear, remains industry the of future The 25 a rebrand of Bauer to Are Media. Media. to Are Bauer of arebrand The COVID-19 edition 19 Outlook 2020 Total consumer magazine market millions) (A$ Consumer magazine circulation market millions) (A$ Consumer magazine market advertising millions) (A$ -10.50% trajectory: recovery gradual on based 2019-2024 CAGR -10.09% trajectory: recovery gradual on based 2019-2024 CAGR -11.73% trajectory: recovery gradual on based 2019-2024 CAGR $1,250 $1,000 $800 Legend $500 $200 $200 $400 $400 $250 $750 $100 $600 $300 $0 $0 $0 2015 2015 2015 2016 2016 2016 Positive 2017 2017 2017 Gradual 2018 2018 2018 2019 2019 2019 Negative 2020 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023 The COVID-19 edition 2024 2024 2024 20 Outlook 2020 academic textbooks.academic -over-the-counter range product core its administrators from Bookshop Co-op the of purchase the with 2020 in offering its expanded and the country’s online largest bookseller currently is 2004, in founded Booktopia, 2017. company December Australian in Australia in site .au alocal from books physical selling started only having market, book consumer the dominating yet not is Amazon and Australia in important remain Physical bookstores 21 percent. ebooks and revenue, of 79 percent up make will audio print/ slightly; only shifted have will this 2024 By 20percent. at standing revenues ebook with market, the of percent 80 for accounted revenues print/audio 2019, In scenario. forecast mid-point the on based period forecast the for percent 0.62 of aCAGR with modest, more be will growth revenue audio Print/ scenario. forecast mid-point the on based 1.67 of CAGR percent – amodest 2024 in to A$430m 2019 in rising A$395m of revenue with ebooks, consumer to be predicted is segment fastest-growing The scenario. forecast mid-point the on based 2024,in a CAGR is percent of which 0.84 A$1.979b worth was market A$2.063b 2019 in book to worth be expected consumer is and Australian The Audible.com. Amazon-owned including bybrands push market by astrong driven segment, book audio the in growth modest and ebooks consumer of development ongoing with spending, and attention consumer of share its hold to continues industry book Australian The Consumer andeducationalbooks 26 following the ‘collapse’ of of ‘collapse’ the following to the US to promote Australian crime writing. crime Australian to promote US to the Gentill) Sulari and Serong Jock Viskic, Emma Gott, (Robert writers crime Australian four Dry The Harper’s Jane of 2016 publication the since popularity in increasing been has fiction crime Australian fiction. in trends the of some in reflected is this and talent, homegrown to celebrate like readers Australian when. to and listen they what in choice for spoilt becoming are who consumers of habits consumption evolving the on reliant largely be will market the of part this in growth the of sustainability the modestly, growing While music. and podcasts radio, as such products ‘listening’ other against product their positioning when strategically more COVID-19, as well as during tactically benefits key product to reinforce Barber, Celeste comedian including identities local using offering their advertising market in active been have Audible Torres Strait Islander authors performing well in bookstores. or by Aboriginal written 2019, in books with culture indigenous in interest increased also was There Edgerton. by Joel series aTV into adapted to be set is It awards. industry book 2019 the at Australian awards other three alongside Year the of prize Book the won Universe Swallows Boy novel Trent coming-of-age Dalton’s areas. other in success seen also have authors Australian Local authors continue to build local and global profiles. global and local build to continue authors Local music. of that 55 percent of millennials listen to and audiobooks podcasts instead and/or audiobooks, to listen Australians million 6.6 than more that showing Audiobooks are growing in popularity, with research , originally published in 2018, was a 2019 bestseller and and 2018, in a2019 was bestseller published , originally . 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27 from Audible Australia Australia Audible from The COVID-19 edition

21 Outlook 2020 $600 $200 $400 Total consumer book market (A$ millions) (A$ market book consumer Total Digital books market millions) (A$ $0 $3,000 +0.84% trajectory: recovery gradual on based 2019-2024 CAGR +1.67% trajectory: recovery gradual on based 2019-2024 CAGR $1,000 $2,000 Legend 2015 $0 2016 2015 2017 2018 2016 Positive 2019 2020 2017 2021 2022 Gradual 2018 2023 2024 2019 $2,500 $2,000 $1,500 $1,000 $500 Print/Audio books market (A$ millions) (A$ market books Print/Audio $0 +0.62% trajectory: recovery gradual on based 2019-2024 CAGR Negative 2015 2020 2016 2017 2021 2018 2019 2022 2020 2021 2023 2022 The COVID-19 edition 2023 2024 2024 22 Outlook 2020 then the pandemic. and bushfires the throughout audience unique highest the delivering consistently online mastheads. as remain 76 will and altogether, close will 36 these, Of printed. to be ceasing headwinds, by structural affected most been have which newspapers, 112 print regional and community of atotal with program transformation ofacceleration their digital the announced recently Corp News updated blog posts. regularly and live via COVID-19 pandemic the of coverage free offered publishers news local many pandemic, ongoing the for news updatesrequirement regarding Australians’ to satisfy order In 2019, in year whole the for did they as 2020 to August January months the between onlinetime news consuming content same the almost spent have Australians consumption, that with reporting Nielsen by digital primarily driven been has This print. in declines the to offset helping subscriptions digital from revenues in 2019 in 2020, in increase the with Total to A$2.653b A$2.235b from revenue willfall newspaper platforms. media ‘news’ of their social much from now get who readers for proposition value of their part essential an and sector this for focus to acritical be continues news content of trusted a source Being ofmonetisation the valuable digital news formats. the and transformation digital on focus industry-wide an and titles, printed of closure the landscape during COVID-19 continues to change rapidly with advertising revenue declines driving After a period of decline in the printed of distribution newspapers, the Australian newspaper news platforms. via reached being Australians of percent 96 or 18.2 million of 2013, average an with in consumption recording began (EMMA) Australia Metrics Media Enhanced since readership strongest their recorded Australian news media outlets have 2020, March ending 12 the For months operations, Australian its of closure permanent the announced May, Buzzfeed in programs; efficiency their in alone chairman Antonychairman Catalano announced executive (ACM) Media Community new environment. the to adjust to programs efficiency on focused has industry the In response to declining revenue, print. news surpassing consumption digital with Australians, amongst breaking news consumption COVID-19 has driven record- 30 and ABC News websites websites News ABC and 33 Newspapers and in July, Australian July, in Australian and 29 32 31 News Corp are not not are Corp News the long-term sustainability of AAP AAP of sustainability long-term the ensuring through Australia in diversity media to protect “desire common a with philanthropists of a group to Nine and Corp News including owners by previous sold was newswire (AAP) In June, Australian Associated Press COVID. of impact to the adjust and revenues combatnetwork to declining further their across redundancies reported have players Major scale. of economies to drive networks printing other’s each to use Corp News with adeal securing centres, print four of closure the

34 34 the country. remains accessible to Australians across fact-based journalism and independent ensuring program, (PING) Gathering News Interest Public its of part as grant Government aMorrison announced $5m newly not-for-profit turned company, the crowdfunding appeal to sustain the a launched AAP after week Australians”. to all matter should that issues independent, quality journalism on of provision its and newswire 36 35 In September, just one one just September, In The COVID-19 edition

23 Outlook 2020 $2,500 $2,000 $1,500 $1,000 $500 first”, digital to be business our right-sizing while audience, and subscribers digital acquiring on Corp’s “focus News recently available market information reflect to updated been have *2018 figures Print newspaper advertising market millions) (A$ forecast scenario. mid-point the on 11.93of based percent aCAGR at to A$535m, growing continue to by 2024,predicted is and 2020, in 2019 in to A$364m A$304m from grow to expected is revenue subscription digital forecasts, current on Based television, digital, publishing and radio”, across fashion integrated a more in clients our of needs the service better “to implemented was which restructure on digitisation, including Nine’s focus relentless and arenewed been has Concurrent to theseprograms efficiency markets. key property in listings com.au and via digital advertising realestateview. $0 -14.43% trajectory: recovery gradual on based 2019-2024 CAGR will also be central to future growth. models subscription to audiences news digital acquired newly convert news media outlets to successfully the of ability The transformation. digital of acceleration the via strategies growth on focus arenewed seen has 2020 Legend 38 2015 and ACM’s move to bundle print print ACM’s to bundle move and 39 2016 2017 2018 Positive 2019 2020 37

2021 privacy. recommendations Other improving media competition and data of intention the with players, digital of torecommendations regulation increase 23 made report ACCC original The New York Times Crossword. and site), review product (a Wirecutter Cooking, NYT as such products newcontent, launching including on focus premium- a relentless pursuing 2012 after 2020 and between 5.7 million to 600,000 from base subscription digital its growing sector, the for precedent global the set has York New Times The 2022 sites. their on appear that articles the compensate content providers for to Facebook and Google require would that acode announced has recently, the Australian Government the digital platforms inquiry. published its finalregardingreport Consumer Commission (ACCC) Australian Competition and the when 2019, July in stage centre took media news the on giants tech the of impact The seen. be social media platforms remains to via news of distribution future The Gradual 2023 42 2024 $1,250 $1,000 $250 $500 $750 recently available market information reflect to updated been have *2018 figures Print newspaper circulation market millions) (A$ $0 -5.94% trajectory: recovery gradual on based 2019-2024 CAGR 40 Negative 2015 41 More More 2016 2017 Facebook and Instagram”. andlocal international news on sharing from Australia in people and publishers allowing stop reluctantly “will platforms. both the news and the companies digital for proposition value the of core to the goes it as interest with debate ongoing this watching are countries many risk”, Google [Australians] rely services on at the “[put] will changes proposed the that citing to Australians, Letter Open an releasing Google with direct, and swift been has Facebook and Google both from responses The sites. their on appear that articles the for providers Facebook to content compensate and Google require will that code a drafted has ACCC the experiencing, thatpressures publishers are due journalism independent to financial surroundingconcerns the future of ongoing amid and report, the Following journalism. in engaging public-interest organisations any donations to not-for-profit journalism, and making tax-deductible local for funding taxpayer included 2018 43 and Facebook stating that they 2019 2020 2021 2022 The COVID-19 edition 44 Globally, 2023 2024 24 Outlook 2020 *2018 figures have been updated toreflect recently available market information millions) (A$ market newspaper Total *2018 figures have been updated toreflect recently available market information Digital newspaper circulation market millions) (A$ *2018 figures have been updated toreflect recently available market information Digital newspaper market millions) advertising (A$ $4,000 -5.12% trajectory: recovery gradual on based 2019-2024 CAGR +11.93% trajectory: recovery gradual on based 2019-2024 CAGR -0.04% trajectory: recovery gradual on based 2019-2024 CAGR $2,000 $1,000 $3,000 $800 Legend $500 $200 $200 $400 $400 $100 $600 $300 $0 $0 $0 2015 2015 2015 2016 2016 2016 Positive 2017 2017 2017 Gradual 2018 2018 2018 2019 2019 2019 Negative 2020 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023 The COVID-19 edition 2024 2024 2024 25 Outlook 2020 percent CAGR based on the mid-point forecast scenario. forecast mid-point the on CAGR based percent A$2.319b rate at a in rise of to 2024,to 4.99 is expected increasing figure that brands, music-streaming A$1.818b at was Australia’s of market music total avariety to 2019. in embrace continue consumers As trajectory. growth prior its to recover to support need will and disrupted significantly been has sales music and merchandise touring, through the use of streaming the services, live ecosystem entertainment of ticketing, venue, clear indication of when international touring will recommence. While local acts have no innovated and periods, prolonged for banned events concert live with halt, agrinding to industry music Whilst digitally distributed music including streaming has grown, COVID-19 has brought the live ticketing and data business TEG business data and ticketing Australian-based global entertainment, purchased Investments 2019, Silverlake October In Frontier. with venture joint a formed Entertainment Chugg Chugg’s Company and, separately, Michael Michael Gudinski’s Frontier Touring in stake percent a50 bought Presents AEG industry. the of part this on impact devastating COVID-19 its of and onset the 2019 in before -even consolidation significantunderwent changes and sector entertainment and music live The opened to touring acts. acts. to touring opened are borders global the once recover only will that anumber 2020, in percent ~90 of industry music live the for fall revenue a anticipate forecasts Current overseas. from acts touring any on hold temporary a putting effectively requirements quarantine and closures border with schedule touring uncertain by an stymied were sales ticket and measures, distancing social and movement by restricted impacted severely was industry entertainment live The shores. significant acts attract to Australian to 2019, ability in the with A$862m worth market alive in players power the among are TEG’s Dainty TEG and Nation Live offerings. ticketing and entertainment of forms multiple across Group TEG the of offering integrated the of value the showing A$1b, of excess in to be believed is what players. ownership changes amongst key undergoing with transformation, is scene music live Australian The recommence. will events when to as uncertainty by impacted sales ticket future and entertainment all but shut down, and music live with COVID-19, of onset the with disrupted severely was sector music live The Music

45 for for number 2 in the US. the 2in number reaching spot, top the of short just fell and UK, the and Australia 1in number reached album studio fourth their 2020, March in Released group. Australian by an before achieved never afeat US, the 1in No. at charted all albums three first Summer’s of 5Seconds Summer. of 5Seconds and by Tame Impala albums including 2020, in arrived albums Australian anticipated hotly of A handful US. the in success top-five enjoyed and 20territories than less no in charts the topped single The artist. solo afemale for 11 for arecord weeks, chart singles UK the ruled Monkey Dance single hit whose I, Tones and 2019 than in 2020 and bigger new acts into none the global charts, to push continues scene music Australia’s scenario. forecast mid-point the on based CAGR 10.31 of percent aforecast with by 2024, to A$1.44b to surge expected is in 2019, and A$882m to rose figure That A$336m. was services) streaming music downloads and consumer spend on (including music of distribution digital to the 2015, related In revenue in all regions. having subscription penetration increased million, to 299 up users active monthly with globally, subscribers premium million 138 accumulated has Spotify 2020, June of As 2020. throughout sector the in revenues to defend pillar avital become inacceleration digital it behaviours, has an to drive COVID-19 continues as and industry, the of heart pumping the become has Music-streaming impact on live performance. performance. live on impact notwithstanding the dramatic stable, is market music Australia’sstreaming, recorded of growth the to due Partly largest driver of revenues. industry the now is it and COVID-19, amid compensation for the music market some provided has Streaming

46 feasible. feasible. is it as soon as person in experience music alive for looking to be likely are who audiences to new talent local more to showcase opportunity the have will industry music Australian the acts, international of absence aprolonged With lifted. are restrictions venue as sales ticket concert for to normal return gradual that should hopefully translate to a audiences with aconnection to create continued has it Melbourne, in Palace The or Sydney in Pavillion Hordern The at pits mosh sweaty the for replacement no is it While fans. for experience alive to share ways new finding and environment to the adapting live, events special to broadcast YouTube Facebook, as Twitch and such platforms using are artists smaller and Machine, Time Dub Hot Powderfinger, as such Bands concerts. live to host technology streaming using includes This scenario. forecast mid-point the on based CAGR, a-11.82 at decreasing percent after A$39m, worth to be expected is Australia in music of distribution physical 2024 the By to come. years for to continue forecast decline the year, with previous the A$74m A$89m 2019, in from down worth was music of distribution physical The environment. sector in a challenging the reinvigorate to technology used entertainment companies who have and bands local by shown been During COVID-19, innovation has The COVID-19 edition 26 Outlook 2020 $1,000 $500 $200 $250 $750 $100 $150 Live music market (A$ millions) (A$ market music Live Physical music distribution market millions) (A$ $50 $0 $0 -0.55% trajectory: recovery gradual on 20192024 based CAGR -11.82% trajectory: recovery gradual on based 2019-2024 CAGR Legend 2015 2015 2016 2016 2017 2017 2018 2018 Positive 2019 2019 2020 2020 2021 2021 2022 2022 Gradual 2023 2023 2024 2024 $2,000 $2,000 $3,000 $1,000 $1,000 $1,500 $500 Digital music distribution market millions) (A$ Total music market (A$ millions) (A$ market music Total $0 $0 CAGR 2019-2024 based on gradual recovery trajectory: + trajectory: recovery gradual on based 2019-2024 CAGR + trajectory: recovery gradual on based 2019-2024 CAGR Negative 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 The COVID-19 edition 10.31% 4.99% 2023 2023 2024 2024 27 Outlook 2020 and enhance [their] financial flexibility”. [their] and enhance liquidity [their] strengthen to “both order in proposal 2019 their dividend withdrew flexibilityand liquidity”, “improve the company’s financial to capital to raise halt atrading into went oOh!media March, In value. company protect to effort an in efficiencies operational driving and base cost the to reducing product in investments on focus industry’s the shifted has revenue incoming in decrease the process), tender competitive along after Sydney of City the with 10 contract year a securing in success its (and Quadrant firm equity by private QMS of purchase the and by JCDecaux, acquisition APN’s Adshel, rival of acquisition media’s oOh! including changes, ownership and consolidation mass of aperiod after settle to beginning was market the as Just quarter. 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Arts the and citizens support to both effort an in Victoria, across artworks to exhibit gallery, Melbourne-based respond when a person tells you that they are not okay. not are they that you tells aperson when respond to how about information dispensed which billboard interactive an to build Day RUOK? with partnered September, in and pandemic, ongoing the during assets their to to tend continue who workers essential the to thank inventory its used JCDecaux lockdown restrictions. ongoing faced state the as assets digital across messaging Victoria” Strong “Stay year, alongside second the for July Kind to promote assets its used July,In oOh!media community-focused messages and providing value to citizens throughout the pandemic. the throughout citizens to value providing and messages community-focused promoting by inventory its of use good made industry The gloom. and doom all not it’s OOH, in investment their cancelled or deferred advertisers While Gradual 2018 2019 50 In September, oOh!media partnered with STATION, with a partnered oOh!media September, In Negative 2020 51 2021 2022 52 2023 The COVID-19 edition 2024 29 Outlook 2020 2020. 2020. to September year-on-year revenues contraction in percent advertising to 27 up showed estimates in-year initial completed, is reporting 2020 until known be not will radio terrestrial on pandemic attention. While the true impact of the for demands competing are there where environment, home to the moved was to listen opportunity the therefore, and to work commuting not often were Drive and Breakfast in audience core The listening. to June May covering sample A$807m in 2024, in A$807m scenario. a11.55 forecast mid-point the on CAGR based percent to reach predicted are which podcasting and by buoyed be will streaming revenues but slow tobe return, will timeslot Drive the within key as audiences prolonged may be growth of radio 2020. in Areturn percent 2019 in A$1.609b at in by to 10.6Australia’s came have market expected contracted is radio total and devices. and services both in content to access by greater 2020, in fueled by industry the for COVID-19. adriver about been has growth Podcast brought contractions advertising the from arecovery -to drive help podcasts and streaming broadcast, - mix product of its aspects all need will sector. radio the sector for The challenges created pandemic the during measurement of audience suspension the and time commuting of reduced combination The hold. took pandemic the before floods regional then season, bushfire summer the during news trusted and date to up access to people for need the COVID-19, given to up lead the of much through maintained was medium’ companion a‘resilient as role Radio’s survey of a smaller (2,240 person) (2,240 asmaller of survey e-diary Pulse by Radio GfK’s replaced was latter the though 5cancelled, and 4 3, surveys with hold on put was GfK surveying for audience measurement by in-person pandemic, the of height At the media. digital to largely refocused been have available, still extent to the budgets, advertising meaning market advertising a soft and measurement, audience of curtailing disruption of consumption habits, the the ways: multiple in sector radio the COVID-19 of impacted onset The work from home conditions. under market the exited audiences commuter key as declines COVID-19, with significant audience by affected negatively was broadcasting. Alas, the marketing digital commercial radio of spread the by encouraged was and consumption audio of method aresilient been had listening radio 2020, of beginning the to Through Radio 53

speakers continues. continues. speakers smart and content of proliferation the as to increase, to continue expected are numbers listener as period, forecast the throughout continue will trend growth service, up from 47 percent in 2019. in 47 percent from up service, users in Australia subscribe to the paid Spotify of percent 60 Research, to Edison According to podcasts. artists music from shifted attention user and content for battle the as Rogan to Joe Media Gimlet from content of arange of purchases 2019 through in 2020 and offering podcast its growing service streaming the with by Spotify, dominated be to continues Australia in streaming Audio home and flexible workingconditions. workers’ to many changes the given prolonged to be likely is this of timing the though medium, to the to return advertisers for areason providing ratings, and audience radio time prime drive will to work commuters of return A gradual displays. and speakers Nest Google on command voice via available stations, SBS and ABC radio, commercial digital radio stations, including all DAB+ and FM AM, Australian 350 make to Google with partnered (CRA) Australia home, in September, Radio Commercial at spent time to increased response In to 13.2 million in October 2019. October in to 13.2 million compared 2020 September in 48.7 million to up downloads monthly with rapidly, growing is market podcast Australian The

multipronged recovery opportunity. providespodcast) the sector with a segment streaming (including and radio the to available products of suite the 2020, during challenges While there have been numerous much wider audience a reaching now and product, niche a longer no podcasts with world, the in listening podcast of rates highest the of some has Australia . 55 This This 54 systems to remain competitive. to remain systems to develop to continue need will radio such, as and available, options digital the in confidence more driven has advertisers by COVID-19 to posed challenges The transaction, targeting and measurement. of ease by increasing advertisers attract to ways new to find need will sector the industry, audio the for opportunities provide strong and services products new and audiences of return the While years. coming the in targeting and improvements in measurement to further to lead expected be can This Acast. and Spotify like platforms analytics-rich of use growing the 2018, as in well as analytics podcast iOS of launch the since especially improving, is analytics audience to detailed access producers’ Podcast advertising. dynamically-inserted targeted, to way give advertisements direct-response as traditional sophisticated increasingly becoming is advertising Podcast popular. Teacher’s Pet and Lighthouse The as such series crime true and Squiz The as such affairs current and news proliferating, are catch-ups show radio terrestrial growing; also Know Rogan Experience Joe The US-produced the like staples overseas, notably long-running produced are Australia in podcasts popular most the of Many advantage. amajor is US the in producer podcast largest world’s the to access Specifically, own. its on produce could country the than listeners to podcast available is content of depth agreater ensures which markets, from a sharing language with other, larger to benefit countries of anumber of one is It Australia. in successful especially podcasts made have factors of A number

. But locally produced podcasts are are podcasts produced locally . But also continue to prove to prove continue also Stuff You Should You Should Stuff and The COVID-19 edition 30 Outlook 2020 *2015 - 2018 figures have been updated toreflect recently available market information millions) (A$ market radio Total radio including podcasts marketStreaming/Internet millions) (A$ *2015 - 2018 figures have been updated toreflect recently available market information millions) (A$ market Radio Terrestrial $2,500 +3.93% trajectory: recovery gradual on based 2019-2024 CAGR +11.55% trajectory: recovery gradual on based 2019-2024 CAGR +0.03% trajectory: recovery gradual on based 20`9-2024 CAGR $1,500 $1,000 $1,000 $2,000 $1,500 $1,000 Legend $500 $500 $500 $250 $750 $0 $0 $0 2015 2015 2015 2016 2016 2016 Positive 2017 2017 2017 Gradual 2018 2018 2018 2019 2019 2019 Negative 2020 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023 The COVID-19 edition 2024 2024 2024 31 Outlook 2020 Stan. and Foxtel across housed previously was which Geographic, National and Wars Star Pixar, Disney, Marvel, from content offering exclusively market, SVOD the entered 2019, Disney+ November In archival content.and new of catalogues deep with networks existing with deals distribution as well as content, original of development subsequent and in investment the both through comes This platforms. their on content local and global attractive most and best the to secure strategy acommon have services SVOD the market, competitive increasingly an In *  citing 5.5 Australians and million million 13.2 by Foxtel,* with followed platform, popular most the to be continues Netflix Morgan, to Roy According service. streaming per month per less or $9.99 around of pricepoint average an at household the in service subscription television one least at reported Australians 15.7 that million reporting Morgan Roy with subscriptions, in uptake strong in COVID-19 of resulted onset the and platforms of availability in increase An content. locally and internationally produced both including years, five next the for year per shows ‘original’ 30 to produce plans Stan, owned by Nine, has announced scenario. forecast mid-point the on 2024, in to a3.1 grow at based forecast revenues with CAGR to growth, A$3.846b percent subscription-led drive will new in content, investment continued the and services, and of new platforms entrance The years. five next the in market global the in revenue advertising surpass Australian viewers. COVID-19 has only accelerated this trend, with consumer revenue forecast to subscription television market is changing rapidly consumption behaviour and expectations of the available, now services streaming local increasingly and global of plethora the With popular movies and documentaries. of range awide subscribers offers also and BBC, the and Sony Bros, Warner with deals content boasts which Binge, minor influence on the data due to the timing of the analysed period and date of Binge release Binge of date and period analysed the of timing the to due data the on avery influence had have minor would Binge Kayo. and/or Now Foxtel subscription, Foxtel atraditional Includes heats up. heats content for race arms the as Binge, Foxtel’s recently more and Disney+, including Amazon Prime, AppleTV+, entrants new with expanded rapidly has market (SVOD) Demand On Video Subscription Australian the 2018, June Since increased 5.9 percent. household the in television subscription with Australians of number the 2020, May to February Morgan that reported from platforms saw strong uptake; Roy the options, growing the Despite 56 In May 2020, Foxtel launched launched Foxtel 2020, May In 58 Subscription TV Subscription 59 57 Australian Subscription price TV table: million 2 almost totalling Kayo and platform premium Foxtel the across subscribers sports with success, its of driver a been has sport that reported has Foxtel respectively. services to these household their within asubscription have they are demanding more and more. more. and more demanding are its offering,personalise which consumers to ability resulting the and catalogue to invest its in content, thus increasing capacity its increases it subscribers, new recruits Australia in industry SVOD the As over 2.2 million. FY19 1.7 for to just year, from up million financial the for subscribers new 500,000 approximately reporting Stan with results, strong seen has Stan content, Disney Despite conceding its catalogue of service. satellite box/ top set traditional the of expense the at service streaming the via driven Stan Netflix Now Foxtel (box) Foxtel TV Fetch Disney+ Binge Apple TV+ Prime Amazon Service content and bundles experiences. willing to pay for personalised as consumers are increasingly free-to-air advertising TV revenue consumer revenue outstripping period, with subscription TV forecast the in point a tipping reach to likely is industry video The 60 combined, although with growth growth with although combined, 61

From $10/month From $10.99/month From $25/month From $49/month From $6/month or $89.99/year $8.99/month From $10/month $7.99/month $6.99/month Price example, through funding. advertising for customers, to maintain levers different to explore need may they competitors, global versus content compelling to offer able not are services domestic that event the In consumers. some for occur may services streaming of number the of review budgets, household re-enter substitutes entertainment home of out As Prime. Amazon and by Netflix offered those as such engines recommendation and discovery content accurate highly of creation to the rise to give cost-effective sufficiently it renders base aconsumer of the reliesPersonalisation on scale scale;

documentaries. of expansion asignificant with of anticipated ‘originals’ combined arange with services streaming the strengthening of catalogues across has seen a significant year the schedules, production to impacts COVID-19 Notwithstanding 30 days 30 None 10 days None None 7 days 14 days 7 days days 30 Free trial period The COVID-19 edition 32 Outlook 2020 *2016 - 2018 figures have been updated toreflect recently available market information millions) (A$ market TV Subscription Total *2016 - 2018 figures have been updated toreflect recently available market information millions) (A$ market (SVOD) Demand on Video Subscription *2017 - 2018 figures have been updated toreflect recently available market information Premium box millions) delivered (A$ $3,000 $6,000 $4,000 +3.10% trajectory: recovery gradual on based 2019-2024 CAGR +16.15% trajectory: recovery gradual on based 2019-2024 CAGR -6.88% trajectory: recovery gradual on based 2019-2024 CAGR $2,000 $1,000 $1,000 $2,000 $2,000 $3,000 $4,000 Legend $0 $0 $0 2015 2015 2015 2016 2016 2016 Positive 2017 2017 2017 Gradual 2018 2018 2018 2019 2019 2019 Negative 2020 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023 The COVID-19 edition 2024 2024 2024 33 Outlook 2020 (including subscription Total Australian consumer spending, for 2019 (actual) and 2024 (forecast) 2024 and (actual) 2019 for spending, consumer Australian Total (forecast) 2024 and (actual) 2019 for market, advertising Australian Total Newspapers streaming services) Print Out-of-home 6.9 streaming services) Music Newspapers Current andforecastCurrent market share data Radio (including % 4.1 7.6 % 2.5 % 7.1 % A$43.4bn A$16.7bn 7.0 % 2019 2019 1.7 % Subscription TV 1.0 % 4.6 0.6 Subscription TV 1.1 % % % Magazines Consumer Educational Books Consumer & Entertainment Filmed 4.9 % Consumer Magazines 68.6 53.9 % 20.8 Entertainment Filmed 7.2 % % 0.4 % % Internet Access Internet advertising) digital newspaper (including BVODand Advertising Internet Free-to-air TV Linear Games Interactive % Games Interactive (including subscription Newspapers streaming services) Out-of-home Print streaming services) 3.0 Music Newspapers Radio (including % 4.4 7.9 % % 2.2 6.8 % A$17.9bn A$50.6bn 7.2 % 1.1 2024 2024 % 0.5 Subscription TV % 0.6 4.1 Subscription TV 0.6 % % % Magazines Consumer Entertainment Filmed Educational Books Consumer & 3.5 % Consumer Magazines 69.4 62.4 % 17.3 Entertainment Filmed 8.6 0.4 % % The COVID-19 edition % % Internet Access Internet advertising) digital newspaper (including BVODand Advertising Internet Free-to-air TV Linear Games Interactive % Games Interactive 34 Outlook 2020 mobile networks or fixedbroadband networks. via internet, the accessing for paid expenditure Consumer Internet access via the internet. Itplacement. excludes delivered advertising dynamically product e.g. via games, into built brands from revenue B2B comprises and covered also is revenue advertising game Video market. total the in included is revenue Esports category. console the in included is expenditure games with Handheld console in-app games purchasing). free including tablet or asmartphone on played games (casual mobile and games) (MMO/social online multiplayer massively (e.g. online digital), and (physical console digital), and (physical PC including revenue Consumer &esports games Interactive BVOD services. or demand” on “broadcast as well channels on broadcast advertising includes as it television, by free-to-air generated revenue Advertising Free-to-air television (FTA) services). video-on-demand via example for rented, and (sell-through (TVOD) video-on-demand transactional and DVDs) rented and (sell-through physical - both and home entertainment cinema advertising (ticket sales), box office including streams revenue several of Consists Filmed entertainment and circulationadvertising spending. both consumers, for magazines digital and Physical Consumer magazines markets. education and consumer the for ebooks and books Print/audio Consumer & educational books Market definitions

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

The COVID-19 edition 35 Outlook 2020 19. 18. 17. 16. 15. 14. 13. 12. 11. 10. 9. 8. 7. 6. 5. 4. 3. 2. 1.

www.about.google ‘Open letter to Australians’, Google Australia, www.abc.net.au Hitch, media’,news Georgia traditional to support conduct of code mandatory new of part as news for to pay forced to be Google ‘Facebook, Australia, compiled by PwC Australia 2020’, June IAB 30 ended quarter and year financial the For Report, Expenditure Advertising Online Australia ‘IAB www.abc.xyz/investor Alphabet, Results’, 2020 Quarter Second Announces ‘Alphabet www.thinktv.com.au 2019’, to Jun Jan Pack: ThinkTV, Fact ‘ThinkTV www.thinktv.com.au 2020’, to Jun Jan ThinkTV, Pack: Fact ‘ThinkTV www.thinktv.com.au 2019’, to Jun Jan Pack: ThinkTV, Fact ‘ThinkTV www.thinktv.com.au 2020’, to Jun Jan ThinkTV, Pack: Fact ‘ThinkTV www.thinktv.com.au 2019’, to Jun Jan Pack: ThinkTV, Fact ‘ThinkTV www.smh.com.auSamios, isolate’, Zoe Australians as climb audiences ‘Television www.canberra.edu.au Canberra, of University Centre, Research &Media News Canberra: Fuller, G. K., McCallum, M., Y., J.Y., M., Jensen, Sang, K., Lee, O’Neil, McGuinness, C., Fisher, S., 2020’, Park, Australia Report: News Digital 17 2020 July www.pm.gov.au/media Arts, the and Safety Cyber industry’, Prime Minister, Minister for Communications, screen for jobs to boost incentive million $400 ‘New Australia, www.screenaustralia.gov.au ‘CEO’s Preview’, 2020 2019 Screen and Year Review in 2020 1November on www.nsw.gov.au Government, NSW State, Gig www.minister.infrastructure.gov.au Arts, the and Safety Cyber Communications, MP, for Fletcher Minister Paul Hon auction’, The spectrum 5G next Australia’s for set limits ‘Bidding www.nbnco.com.au Co, NBN demand’, future to meet investment network of phase next announces Co NBN complete, build ‘Initial www.nbnco.com.au Co, NBN dashboard’, 2020 -September usage network ‘Upstream nbnco.com.au 2020’, www. Co, NBN September report progress ‘Monthly Netflix, www.netflixinvestor.com to Shareholders’, -Letter Earnings 2020 Quarter Second References , 30 October 2020 October , 30 , 17 August 2020 , 17 August , 23 September 2020 September , 23 , retrieved on 6 October 2020 6October on , retrieved 2020 6October on , retrieved 2020 6October on , retrieved , retrieved on 6 October 2020 6October on , retrieved 2020 6October on , retrieved , 16 2020 June , 23 March 2020 March , 23 , 16 October 2020 , 16 October , 16 2020 July , 30 July 2020 July , 30 , 13 2020 Aug , 21 January 2020 , 21 January , 31 July 2020 , 31 July

, retrieved , retrieved , 38. 37. 36. 35. 34. 33. 32. 31. 30. 29. 28. 27. 26. 25. 24. 23. 22. 21. 20.

www.mumbrella.com.au Kelly, loss’, Vivienne US$1.5bn posts company as quarter, fourth in 50% over falls revenue Corp’s advertising ‘News solutions’, Nine, www.nineforbrands.com.au cross-platform to drive structure sales evolves ‘Nine www.theguardian.com in financial difficulty’,Meade,Amanda itself finds newswire as lifeline government $5m given ‘AAP www.aap.com.au AAP,newswire’,save to finalised sale ‘AAP www.afr.com Mason, sites’, Max print four closing ‘ACM proposes www.smh.com.auSamios, Zoe operations’, news UK Australian, to close ‘BuzzFeed Corp Australia, www.newscorpaustralia.com News changes’, portfolio announces Australia Corp ‘News www.nielsen.com Nielsen, rankings’, news ‘July digital 2020 www.nielsen.com Nielsen, rankings’, news digital 2020 ‘August www.newsmediaworks.com.au data’, NewsMediaWorks, –emma 18.2m Australians reach brands news as readership record delivers media ‘News 2019 Publishing, www.booksandpublishing.com.au US’,in + Books fiction crime Oz to promote authors ‘Four 2019 www.techguide.com.au Fenech, Stephen to audiobooks’, ears their lending are ‘A Australians of third 2020 March of Co-operatives and Mutuals, https://bccm.coop Council closes’, Business bookshop Co-op era: an of ‘End www.mumbrella.com.au Blackiston, Media’, Hannah Are as rebrands Media ‘Bauer www.baueradvertising.com.au Group, COVID-19’, Media Bauer to due titles paused ceases Australia Media ‘Bauer Mason, www.afr.com to Bauer’, Max PacMags of sale $40m completes ‘Seven www.smh.com.au Elliott, knees’, Tim to its empire magazine greatest Australia’s brought company media aGerman ‘How www.sevenwestmedia.com.au Media, West Seven Magazines’, Pacific to sell ‘Agreement 2020 www.about.fb.com Zealand, &New Australia Facebook Director, Managing Easton, Will Australia’, in Services to Facebook’s Changes About ‘An Update , 8 July 2020 , 8July , 29 June 2020 June , 29 , 11 2020 August 2020 , 11 September , 3 July 2020 , 3July , 1 May 2020 , 1May , 18 September 2020 , 18 September , 7 August 2020 , 7August 2020 , 28 September , 14 2020 May , 21 October 2019 , 21 October , 21 July 2020 , 21 July , 1 June 2020 , 1June

, 12 November , 12 November The COVID-19 edition , 19 2020 May , 27 May 2020 , 27 May , 31 August , 31 August , 21 May , 30 , 30 36 Outlook 2020 56. 55. 54. 53. 52. 51. 50. 49. 48. 47. 46. 45. 44. 43. 42. 41. 40. 39.

www.afr.com Mason, Max November’, in Australia in to launch ‘Disney+ 2020 October www.radioalive.com.au Triton Digital, 2020), September period (reporting downloads monthly by ranked Top 100 podcasts Ranker: Podcast Australian www.mediaweek.com.au podcasts growing steadily’, Mediaweek, strong, remains radio Australian 2020: Dial ‘Infinite www.commercialradio.com.au ease’,restrictions Radio Commercial Australia, coronavirus as grows audience radio ‘Commercial 2020 campaign’, Paige Murphy, www.adnews.com.au OOH new in workers essential thanks ‘JCDecaux www.oohmedia.com.au oOh!media, artists’, Australian for gallery city-wide into STATION Melbourne and turn ‘oOh!media www.bandt.com.au and encouragement to Victoria’, B&T Magazine, support July Kind national with positivity promotes ‘oOh! www.jcdecaux.comJCDecaux, 2019 dividend’, cancels JCDecaux release: Press www.investors.oohmedia.com.au ‘ASX Trading announcement: Halt’, oOh!media, www.investors.oohmedia.com.au oOh!media, Conference’, Australia to Macquarie ‘Presentation 2020 July 30 www.themusicnetwork.com Network, Music The slows’, growth as subscribers 138m premium hits ‘Spotify www.teg.com.au TEG, Lake’, by Silver Investment Strategic Announces ‘TEG 2020 31 August www.about.fb.com Zealand, &New Australia Facebook Director, Managing Easton, Will Australia’, in Services to Facebook’s Changes About ‘An Update https://about.google Open letter to Australians’, Google Australia, & Consumer Commission, www.accc.gov.au news media bargainingDraft code’, Australian Competition 201926 July Competition & Consumer Commission’, www.accc.gov.au ‘Digital platforms inquiry: final report’, Australian www.mckinsey.com Narisetti, Yael Raju Taqqu and Thompson, Mark Thompson’, Mark CEO York New Times: adigital ‘Building 2020 24au, July markets’, The Canberra Times, www.canberratimes.com. realestateview.com.auand advertising print bundling now is ACM Catalano’s Antony , 19 August 2019, 19 August , 17 2020 July , 10 August 2020 , 10 August , 17 August 2020 , 17 August , 4 October 2019 , 4October , September 2020 , September , 20 May 2020 , 20May listings in key property key property in listings , 23 June 2020 June , 23 , 25 March 2020 , 25 March , 20 March 2020 , 20March , retrieved on 31 on , retrieved

, July 2020 , July

, , 5 May 2020 , 5May

, 1 April , 1April , , 61. 60. 59. 58. 57.

Edward Pollitt, www.bandt.com.au Pollitt, Edward year’, breakout in subscribers million two surpasses ‘Stan www.smh.com.au Samios, Zoe off’, kicks sport as back subscribers ‘Foxtel 2020 21 July significantly’, Roy Morgan, www.roymorgan.com up all Prime Amazon & Disney+ Stan, Foxtel, Netflix, - lockdown Aussie during soar viewers TV ‘Subscription Mason,Max www.afr.com ayear’, to 30 schedule production original to grow ‘Stan Mason,Max www.afr.com 25’, May on Binge service streaming to launch ‘Foxtel , 23 September 2020 September , 23 , 24 August 2020 , 24 August , 18 2020 May , 27 August 2020 , 27 August The COVID-19 edition , 37 Outlook 2020 Key contacts and contributors

Contacts 2020 Outlook Steering Committee CMO Advisory

Justin Papps Chris Bartlett Partner Partner [email protected] [email protected]

Dan Robins Technology, Media and Director Telecommunications Consulting [email protected]

Laurence Dell Genevieve Reynolds Partner Senior Manager [email protected] [email protected] Mike McGrath Partner Hayley Niven [email protected] Manager [email protected] Mohammad Chowdhury Partner [email protected] Jeremy Thorpe Chief Economist Suzie Blinman [email protected] Partner [email protected] Juliet Hardman Senior Manager [email protected] Strategy& Consulting

Justin Papps Chris Bartlett Partner Partner [email protected] [email protected]

Laurence Dell Partner Economics and Regulatory [email protected]

Jeremy Thorpe Chief Economist Mohammad Chowdhury [email protected] Partner [email protected]

Assurance Suzie Blinman Partner Sue Horlin [email protected] Partner [email protected]

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