The European Commission, Thursday, published the first ever European Media Industry Outlook, which analyses trends in the audiovisual, video game and news media industries in Europe.

The report provides market data and identifies challenges and underlying technological trends common to the media industries.

Media use is gradually shifting online as a result of the development of digital platforms, usage of new devices and new consumer preferences, says the report.

There are 200,000 companies in the EU media industry and 1 million jobs related to audiovisual, gaming and news.

The news media sector has 4,000 TV companies, 34,000 press companies and 5,000 radio companies.

Revenues in 2021 for press and digital media (excluding broadcast) is estimated to be 19.8 billion euro (USD 21.4 billion).

According to the report, growth is mostly driven by segments such as video on demand (VoD) or mobile gaming.

The report also highlights the relevance of strategic assets such as intellectual property rights (IP) for media companies and how acquisition and exploitation of these rights can help increase revenues, invest or remain independent.

Source: Kuwait News Agency