VR, video games and music will power entertainment and media growth through 2021, PwC report says

The U.S. entertainment and media business is expected to see modest-to-slow growth over the next five years, according to a new report from PricewaterhouseCoopers. The report singles out traditional sectors such as cinema and television as areas of sluggishness, while pointing to emerging industries including e-sports and virtual reality as sectors poised for the most growth. Total domestic revenue for all media and entertainment industries is expected to rise less than 4% annually over the next five years, reaching $759 billion in 2021. The forecast data comes as media companies are scrambling to find innovative ways to reach consumers in a rapidly changing environment. "[Entertainment and media] companies are operating amidst a wave of geopolitical turbulence, regulatory changes and technological disruption," Mark McCaffrey, PwC's leader for U.S. technology, media, and telecommunications, said in a statement.