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Price Waterhouse Coopers’ (PwC) Megan Brownlow spoke recently about the growth in Australia and New Zealand and how it pertains to its geographic ties to Asia.
At the Interactive Games and Entertainment Association (iGEA) industry briefing, Brownlow highlighted growth in mature (EU/NA) territories as being at 3.9% (2011-2015), while Asia was looking at 6.7% in the same period.
Brownlow said: "For decades we’ve had a perceived disadvantage which has been given the term ‘tyranny of distance’ because we’re considered to be a long way from where the real action is (Europe, the UK, the US)."
"But now, we’ve got these global growth engines on our doorstep and it makes you wonder if we’re actually leveraging our geographic advantages."
"Traditionally, when media and entertainment companies have wanted to expand, they’ve moved to New Zealand. But maybe now, we should be thinking about going North. That’s not to underestimate the cultural difficulties, but there it is."
In spite of the growth region on our doorstep, Australia / New Zealand remains a relatively small market. The PwC media outlook report for 2010-2014 forecast the industry to be worth AUD$2.5 billion by 2014.
Brownlow continues: "Because of the disrupted state the media and entertainment industry is in at the moment, partnerships are crucial for success, particularly in a market like ours which is (in world terms) smallish."
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