The value of news media as a reliable and trusted source of information and insight was heightened in 2020, says PwC.
News media also felt the impact of the market-wide downturn on advertising revenue in 2020 as readers increased their use of digital services.
The 20th edition of PwC Australia’s annual Australian Entertainment and Media Outlook shows how digital subscriptions picked up during 2020.
While digital advertising revenues fell 5.5% to $463 million, digital subscriptions rose 23.5% to $375 million in 2020.
“Coming through bushfires, floods, and then the global pandemic, Australians accessed their news from a number of sources, with digital channels becoming even more critical as people sought up-to-the-minute information regarding quarantine measures, lockdowns, and vaccination programs,” says PwC in its report.
“With 15.6 million Australians regularly engaging with news brands across platforms,49 the immediacy of digital news is undoubtedly one of the drivers behind the increase in overall digital news consumption.
PwC expects print advertising revenue to fall at a CAGR (compound annual growth rate) of 10.2% to $609 million to 2025, print circulation revenue is forecast to decline at a CAGR of 5.1% to $577 million.
Digital news display advertising revenue will grow at a CAGR of 3.8% to $611 million.
Digital subscriptions will grow, reaching $580 million, an increase of 11.4% CAGR.
The total newspapers market growth is forecast at -2.3% CAGR to 2025.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at firstname.lastname@example.org