5G to boost entertainment and media sectors
In the era of 5G, applications are increasingly competing for users' time. Network broadcast and audio programs would prevail in this battle with their unique advantages in accompanying people.
China became the world's largest podcast market in 2018, with 152.1 million monthly listeners and $128 million in podcast advertising revenue. The podcast industry is expected to grow strongly over the next five years at a compound annual rate of 34.6 percent, with revenues reaching $565 million by 2023.
A study by Nielsen and online radio platform Qingting FM (Dragonfly FM) found 661 million people in China listened to digital audio in 2018, some 82 percent of the country's online population, the report added.
The fast growth of over-the-top (OTT) video consumption is driven by the increasing broadband speed and penetration rate. OTT video became the newest and fastest-growing platform for major advertisers in 2018 with market revenue of $5.8 billion. The PwC report expects OTT video revenues to double in 2021 and reach $14.7 billion by 2023.
iQiyi, Youku Tudou and Tencent video have taken a more than 70 percent share of the OTT video industry in China. The 5G technology will enable OTT video users to consume more and higher-quality videos on mobile devices, and accelerate the personalized trend of users.
