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S. Korea's entertainment market ranks 7th worldwide

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(Globalpost/GlobalPost)

SEOUL, June 17 (Yonhap) -- South Korea held the world's seventh-largest entertainment and media market last year on the back of rising demand for services on mobile devices, a global consulting firm said Monday.

According to the data by PricewaterhouseCoopers (PwC), the volume of South Korea's entertainment market came in at US$45.1 billion last year, accounting for 2.8 percent of the global market whose value stood at $1.6 trillion.

The United States held the largest entertainment market at $498.8 billion last year, trailed by Japan with $191.6 billion and China with $115.3 billion. Germany and Britain posted $97.4 billion and $85.5 billion, respectively.

The entertainment industry of Asia's fourth-largest economy expanded 7.4 percent on-year in 2012, hovering above the global average of 5.1 percent, data also showed.

The consulting firm said the country's Internet advertisement market grew 29.2 percent on-year to $2.8 billion in 2012, adding it will expand up to 56.3 percent by 2017 on the back of the higher availability of mobile devices.

PwC said while the country's entertainment and media market is anticipated to boast a robust growth down the road, the market size for newspapers will become the only sector in the industry to downsize in the next five years.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130616/s-koreas-entertainment-market-ranks-7th-worldwide