INTERTRUST REPORTS

Media and Entertainment Trends & Opportunities

© 2017, Intertrust Technologies Corporation. All rights reserved.

© 2017, Intertrust Technologies Corporation. All rights reserved.

TABLE OF CONTENTS

1 Media and Entertainment Trends & Opportunities

Big Data and IOT

Multi-Device Delivery

Over-the-Top and Video On Demand (VOD)

Advertising

Video, Video, Video

Gaming

7 Top Media and Entertainment Global Markets

China

India

United Kingdom

Germany

Canada

13 Recommended Reading

TA

BLE

OF

CO

NT

EN

TS

Media and Entertainment Trends & Opportunities

Media is expected to grow at a compound annual growth rate (CAGR) of 12.0% between 2015 and 2020 while entertainment will reach a record of 13.8% CAGR. Combined, the US media and entertainment industries will spend $7.34 billion on paid online and mobile media advertising in 2016 — Emarketer.

BIG DATA AND IOT

Today’s Media and Entertainment (M&E)

organizations focus not only on delivering content to multiple devices, but also managing

the data they collect from these devices. Increasingly, these organizations are not only gathering data from the devices on which the

media is consumed, but they are also looking to use data from other connected devices to

supplement this data. According to a recent Tata Consultancy Services survey, per-company global spending by media and entertainment

organizations on mobile and IoT (Internet of Things) devices will reach $73 million by 2018.

Much of this activity will consist of monitoring consumer data via mobile phone apps, entertainment devices and IoT devices for such business objectives as targeted advertising, personalized recommendations and media development.

By leveraging IoT data, the media and

entertainment industry can use various forms of data to create unique profiles and deliver

personalized content and advertising. In the future, the number of screens and platforms relevant for delivering content will grow

substantially. Media will be delivered to self-driving cars, across kitchen appliances, as in-

flight entertainment, on wearables, and many other possibilities as the IoT market grows.

Media and Entertainment companies should add context to improve user experience and drive growth in IoT.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

1

BIG

DA

TA

AN

D I

OT

MULTI-DEVICE DELIVERY

A major shift in the Media and Entertainment

industry has been multi-channel delivery and the increase in content consumption on digital

devices such as game consoles, streaming devices, connected television and mobile devices. Due to multi-channel delivery, the

number of device connections that must be managed is rising. Time spent on smartphones

and game consoles is eclipsing that on traditional devices such as TV and AM/FM radio among the 18-24 age group at 1,730 minutes

and 1,735 respectively. Considering that this age group and those that follow will continually

spend more time on new screens and devices, media and entertainment industries need to be flexible to meet the challenge of serving their

increasingly connected consumers.

IP delivered video is becoming dominant and will disrupt the hold of traditional pay-TV.

Number of minutes spent weekly per device in the US in Q1 2016 Source: Nielsen

18-24 25-34 25-34 35-49 50-64 65 and older

Live+DVR/Time-shifted TV 978 1406 1927 1927 2646 3092

DVR/Time-shifted TV 90 181 262 262 279 252

AM/FM radio 619 680 820 820 909 752

DVD/Blu-ray device 48 67 65 65 60 42

Game consoles 257 200 90 90 28 7

Multimedia device 115 156 104 104 67 42

Internet on a PC 272 473 500 500 441 250

Video on a PC 121 177 132 132 106 41

App/web on a smartphone 911 827 874 874 733 161

Video on a smartphone 54 31 25 25 16 –

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

2

MU

LTI-

DE

VIC

E D

ELI

VE

RY

OVER-THE-TOP AND VIDEO ON DEMAND (VOD)

OTT viewership grew over 62% in 2016 and will

continue to claim market share from subscription TV. Last year, OTT accounted for

8.1% of viewership and the options are expanding in 2017 to include Sling, Playstation Vue, and DirecTV Now. NBCUniversal found that

connected TV viewing of prime-time shows were as high as 24% – well beyond the 8%

across all platforms and up from 4% two years ago (this includes all video on demand, such as Hulu and NBC’s sites and apps1. For some

prime-time entertainment shows, NBCUniversal has found digital viewing to account for as much

as 30-40%. Which is why it’s not surprising that according to the Wall Street Journal, cable TV is losing nearly 300,000 subscribers per quarter.

The number of devices and wireless connections

is changing how content is produced and distributed, driving more consumers towards on-demand content. For instance, more than 78% of US consumers subscribe to an OTT service.2 This is largely driven by the demand for video,

which according to PwC claims the most revenue of any M&E sector at about $420 billion globally. As the demand for video continues to grow, more

consumers are choosing to stream video through OTT services that deliver film and television

without the need for a pay-tv subscriptions.

To slow the growth of OTT, the industry has

offered “TV Everywhere.” However, adoption of TVE has not gone well. Statistically, less than

one in seven US pay-TV households uses TVE. Meanwhile, media and entertainment companies have been selling their content to OTT services

such as Netflix, Amazon and Hulu. While the sales help short-term revenue, in the long run,

they have only helped to enable and strengthen consumer demand for cord-cutting services.

Data and better discoverability will improve TV Everywhere for M&E companies competing with OTT.

TV VIEWER BEHAVIOR, FALL 2015 SURVEY Source: Fall 2015 survey results, published in PwC Consumer

Intelligence Series: Videoquake 3.0: The evolution of TV’s revolution

INT

ER

TR

US

T R

EP

OR

TS

16% unsubscribed from pay-TV services in the past year

© 2017, Intertrust Technologies Corporation. All rights reserved.

23% scaled back the size of their pay-TV package in the past year

56% pay-TV subscribers who did not scale back in the past year

5% have never subscribed to pay-TV services

23%16%

5%

56%

3

OV

ER

-TH

E-T

OP

AN

D V

IDE

O O

N D

EM

AN

D (

VO

D)

ADVERTISING

Digital advertising sales grew by 17% to $178

billion in 2016 according to Magna Global, and are projected to overtake TV as the largest

advertising category. In 2017, digital spending will surpass linear TV spending with 36.8% of US total media ad spend coming from digital

and 36.4% allocated to TV. Moreover, this is the first year that desktop ad sales did not see

growth, and in 2017, desktop ad sales will be in a sustained decline.

Not surprisingly, much of the digital ad growth is driven by mobile and video. The number of

global smartphone users is expected to reach 6 billion by 2020 and mobile advertising will increase to $215 billion, or 72% of total digital

budgets. Mobile budgets require data to target ads efficiently, and marketers are beginning to

leverage first party data to target potential customers and decrease wasted ad dollars.

Even as mobile continues to dominate, it is no longer a siloed environment. Cross-device

marketing is on the rise as a way to combine digital data with offline data. This blended approach is part of the reason that more

traditional and linear methods of advertising are eroding.

Combining digital data with online data to target ads efficiently helps reach more potential customers while decreasing wasted ad dollars.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

4

AD

VE

RT

ISIN

G

VIDEO, VIDEO, VIDEO

Advertisers are spending $10.3 billion on video

advertising, or 14.3% of total digital spend. According to the IAB, this represents an 85%

increase from two years ago. There is “robust spend optimism” within the mobile video category with media agencies planning to

increase their investment level. Some of the mobile video increase is due to programmatic,

which makes a lot of the inventory more accessible. Programmatic video accounts for 41% of all digital video dollars, representing a 58% growth over the last 2 years.

Video advertising has seen an 85% increase from two years ago.

AVERAGE VIDEO AD SPEND OVER THE LAST 3 YEARS

Source: 2016 IAB Video And Spend Study, April 2016 (link)

Over-the-top advertising is nascent and full of opportunity as it lends itself to precision targeting. The premium content and large

audiences offered by connected TV are a “sweet spot” where premium TV advertising and digital media’s precision intersect.3 Advertisers have the

ability to deliver more targeted ads in a more comfortable environment compared to other

forms of digital advertising.

Another positive attribute of OTT is that ads can

be purchased programmatically and through other software, thereby reducing the cost of

prime-time TV prices. As of now, the primary factors limiting growth are the fragmented nature of connected TV and poor measurement standards.

Total Agency Marketer

$8.6

$12.1

$10.2

$5.6

$9.5

$7.3

$4.4

$6.9

$5.5

2014 2015 2016

INT

ER

TR

US

T R

EP

OR

TS

© 2017, Intertrust Technologies Corporation. All rights reserved.

5

= % Change in Digital Video Dollar Spend 2014-2016

+95% Increase

2014-2016

+75% Increase

2014-2016+85% Increase

2014-2016

VID

EO

, V

IDE

O,

VID

EO

GAMING

The global gaming market will reach $100 billion

by 2019, up 8.5% as an industry. Mobile gaming surpassed PC gaming with $39.6 billion in

revenue in 2016, up 21.3%. The trend for mobile gaming to dominate the gaming market will continue through 2019, reaching $118.6 billion

with mobile gaming accounting for a whopping $52.5 billion, according to Newzoo.

The Asia-Pacific (APAC) region is booming with game revenue, claiming 47% of the market. With

25% market share, China is the largest games market in the world with a revenue of $24.4. At a very close second is the United States with a revenue of $23.5 billion.

In the US, the video game industry will grow at 3.6% CAGR4, and will grow faster than any

other segment compared to TV and video (at 0.5% CAGR), music (3.2% CAGR), and cinema (1.2%). Some of this growth is due to the gaming

industry having many segments such as console, PC gaming, and mobile. In fact, PC

gaming will grow at 6.3% through 2020 driven by popular action titles such as League of Legends and micro transactions.

Esports is contributing to the growth of the

gaming industry and 2016 was pivotal in this trend. Hits such as Counter-Strike, Overwatch

and Street Fighter V broadcast on network television and League of Legends sold to Major League Baseball games for $300 million.5 Riot Games also struck a $300 million deal with BAM Tech for streaming rights through 2023. If the Esports trends continue on the current trajectory, it will be a $1 billion market in 2017 with nearly 500 million fans. Big publishers such

as Blizzard Entertainment are creating new league models with geographic locals with

events held in traditional sport venues. For instance, the San Francisco Overwatch team will form professional teams like the Warriors or Giants with players scouted by agencies and paid salaries.

E-sports is the news sports franchise and an entertainment genre.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

6

GA

MIN

G

Top Media and Entertainment Global Markets The policies and regulations around media and entertainment are transforming as governments try to keep up with the pace of change seen in the industry. As consumers want faster, easier, and sometimes free content, industry leaders go to great lengths to meet this demand, while governments

seek ways to protect their markets. Serving various geographies includes taking into account copyrights, privacy and local laws. Most countries including the United States are reviewing copyright and Intellectual Property law as it relates to digital content as well as technology and

telecommunications regulations. While there is tremendous opportunity in 2017 due to Internet trends and the digital economy, many US businesses are not taking advantage of the opportunity overseas.

The United States has a creative and entrepreneurial culture that is reflected in its share of M&E earnings across film, music, book publishing and video games. According to PwC, the US M&E market

comprises a third of the global industry and will reach $771 billion by 2019, up from $632 billion in 2015.6 China is the second largest market, followed by Japan, Germany and the United Kingdom. US media and entertainment is in high demand with many large scale joint ventures in foreign markets with US M&E companies playing a large role (cite examples). Hollywood is the global creative hub for film entertainment and the United States has “the most open content market worldwide” and the least restrictions from a trade perspective.

M&E businesses in the United States have tremendous opportunity overseas.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

7

TO

P M

ED

IA A

ND

EN

TE

RT

AIN

ME

NT

GLO

BA

L M

AR

KE

TS

CHINA

China has the second largest economy globally

with over 1.3 billion people of which 600 million are Internet users and 500 million are mobile

Internet users. The country’s M&E industry is expected to reach $242 billion by 2019 and is growing faster than the overall economy. With a growing middle class that seeks new entertainment options, and a government that is responding by building movie theaters at a fast pace, China is expected to overtake the USA in box office revenues by 2017. China has

23,650 screens now compared to the USA’s 40,000 screens, and is adding 15 new screens

every day with estimates of reaching over 27,000 by 2020. In addition, Hollywood producers have increased cinematic appeal to Chinese audiences by featuring China in big movie hits such as Skyfall and Mission

Impossible 3. The theatre market in China is the second largest with box office revenues expected to surpass $8.8 billion by 2019.

The strongest growth in China will be from in-

home video revenue at 31.3% CAGR. This will catapult it from the fifth in the world in 2015 to the second in 2020 with over $3 billion in

revenue. This market is controlled by domestic players Tencent and Alibaba. According to the

PwC, the challenge in China is M&E companies

“need to first understand local consumers and

consumption and create a foundation of content based on these preferences.”

The mobile gaming industry in China nets even higher than films at $9.1 billion in revenue in

2015 and is expected to grow to $12.2 billion by 2019. The gaming trend has become popular

alongside mobile chat apps. After the US and Japan, China is the world’s third largest video game market with 13% of the world’s global

mobile revenue. The sheer size of the population drives demand with 345 million

Chinese online gaming users – or roughly the size of the USA’s entire population. Ad revenues in gaming will reach almost $400 million by 2019.

Despite the opportunity in China, there are market barriers such as censorship, import restrictions, and co-production requirements.

China is also on the US Special 301 Priority Watch List for IPR due to rampant piracy in

online media, mobile devices and set-top boxes. Rogue manufacturers contribute to the problem by distributing pre-loaded unauthorized content

onto set-top boxes sold throughout Asia. Pay TV theft through signals is also rising along with illegal recordings inside theaters.

China’s M&E market will reach $242 billion by 2019 and is growing faster than the overall economy. The strongest growth in China will be from in-home video entertainment. The mobile gaming industry in China nets even higher than films at $9.1 billion and will grow to $12.2 billion by 2019.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

8

CH

INA

INDIA

India dominates the mobile arena with 900 million users, and is the third largest Internet market after the United States and China with 302 million Internet

users. The M&E industry is currently at $25 billion and is expected to reach $41.4 billion by 2019 at 10.5% CAGR. Television penetration is at 65% today, Internet access is expanding, and the lively Bollywood and

Hollywood film industries help by producing the most films globally.

A growing middle class and young urban population

combined with the arrival of broadband, smartphones and audio video streaming platforms has created a tipping point in the world’s second most populated

country. While less populated than China, India is narrowly ahead in terms of growth in the media and entertainment industry with a 11.6% CAGR compared to China’s 10.9%.7 This explosive growth is double the

5.0% CAGR forecasted for the industry globally. By 2020, the projected CAGR for India will reach 14.3% – almost triple that of the global industry – an opportunity worth $33.7 billion8. Advertising revenues are expected to grow at 15.9% in 2020 to $14.82 billion.

Over-the-top (OTT) streaming and subscriptions are rising dramatically, offering opportunity when licensing and piracy are under control. India’s TV market is going to expand to 165.3 million households by 2019, up from

the current 150 million households. India has a large broadcasting and distribution sector, with 796 satellite TV channels; 6,000 system operators; 7 DTH operators

and 4 IPTV service providers. TV penetration in India is at 65% while expected to reach 72% by 2017. The greatest growth in the film industry will come from OTT

movie-streaming services, including providers such as Hungama, HotStar, Hooq, BIGFLix, Spuul, BOXTV, and ErosNow. The Government of India has supported growth, such as digitizing the cable distribution sector

to attract greater institutional funding and increasing the FDI limit from 74% to 100% in cable and DTH satellite platforms.

India is the world’s second largest smartphone market with 220 million users. Price wars among smartphone manufacturers contributes to the growth and cheap data plans from cellphone service providers has

increased content accessibility. Media and Entertainment companies are investing in the mobile screen to reach these populations, as well as content

for OTT streaming video and subscriptions. The development of payment technologies, increased penetration of mobile phones, growth of video and

audio streaming platforms and 4G services has led to a ripe environment for the M&E industry. With the wide rollout of 4G services and the increased penetration of smartphones, consumers will become accustomed to

viewing content beyond the television screen, paving the way for digital dedicated content and new monetization models.

Despite the digitization of the film industry, piracy results in losses of INR 190 billion a year.9 Over 150 sites distribute stolen content with nearly half of these

sites originating from the US. The leading 100 sites see INR 35 billion, or $510 million USD, further complicating the efforts required to stop the piracy epidemic. Access to broadband is critical in India where

broadband internet is limited yet mobile penetration is high. Currently, India has approximately 150 million broadband subscribers at 12% penetration; this

includes the 2.5 times increase in mobile broadband subscribers over the last two years. Considering India is one of the largest telecommunications markets globally with over 1 billion subscribers and 80% penetration, the development of broadband infrastructure has become a priority for the government.

India’s M&E market is worth $25 billion and will reach $41.4 billion by 2019 at 10.5% CAGR. India is the world’s second largest smartphone market with 220 million users. M&E companies are investing in the mobile screen to reach these populations. India has a large broadcasting and distribution sector with 796 satellite TV channels; 6,000 system operators; 7 DTH operators and 4 IPTV service providers.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

9

IND

IA

UNITED KINGDOM

The United Kingdom is a lucrative entertainment

market and one of the largest in the world for film, TV, and music partly helped by British

government subsidies. The British M&E market will reach $106 billion in 2019 growing at 3% CAGR from $93 billion in 2015. This steady and

stable market ranks as number one on the ITA list of top export markets, largely due to the

entertainment industry growing three times faster than the overall economy and its good reputation as a US trading partner.

Digital video entertainment is growing rapidly

with 74 million mobile connections in the UK, representing 115% of the population. Over-the-top (OTT) services will double to reach $1.3

billion by 2019 and electronic home video revenue will grow at 12.3% to $1.9 billion.

Physical home video is on the decline at 58% of home video revenues, down from 75% in 2014. Cable TV and streaming services are in

fierce competition with Sky, Youview, Netflix, and Amazon releasing ad campaigns to convert

customers on PCs and mobile. The UK demonstrates opportunity for growth for US exporters as both countries share common

interests in TV content and OTT programming with fewer regulatory hurdles, licensing and

distribution issues than experienced in other export markets.

Overall, the UK’s strong TV and video sectors

will account for over 35% of spend in 2020 with 80% of UK adults watching online TV and film.10

Television is the fastest growing digital sector in the UK, with digital advertising trending at

19.6% per annum, reflecting the opportunity in on-demand viewing. According to PwC,

2016 was the first year digital revenues overtook non digital revenues with internet advertising expected to be worth 13.7 billion

pounds (convert this to USD) by 2020. The UK’s digital advertising and innovative

use of technology contributes to digital advertising growth as advertisers use platform specific, targeted services.

Broadband penetration will reach 95% in 2020,

with over half being high speed broadband. Mobile internet penetration is similarly high at 90%. Over 20 billion apps will be downloaded

in the UK market with over three-quarters of the time spent on video content. The UK games

market will reach $6.77 billion in 2017. Game consoles are unusually strong in the region compared to a decline globally. In the UK, half of video game revenue is from consoles and is expected to see a 3.8 % growth during the five-year period.

The UK ranks as the number one on the ITA list of export markets due to the M&E industry growing at 3x the rate of the overall economy. The UK provides ample opportunity for US exporters due to common interests in TV viewing and few regulatory hurdles. Television is the fastest growing sector in the UK with digital advertising trending at 19.6% annum.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

10

UN

ITE

D K

ING

DO

M

GERMANY

Germany is the third largest M&E market in the

world after the United States and China with $121.9 billion in revenue in 2016. The digitally-

forward German culture contributes to the country’s success as does a strong GDP and high World Bank ranking. Germany is also home

to many large trade shows in gaming and book publishing. However, TV is the largest sector

and is growing at double the pace compared to publishing, although most of the growth will be seen from video on demand (VOD), video

games and eSports. Overall, Germany has many positives due to its strong economy including

the largest B2B market in Europe and the second largest B2B market worldwide after the USA.

Video on demand (VOD) presents an

opportunity in Germany where consumers have been slower to adopt the service. In 2013, only 25% of households had VOD compared to 80%

in the United States, creating ample opportunity for growth for US licensors, producers and

distributors. Considering there are 30 million broadband households, the under-served market is ripe for content providers. The over-

the-top streaming market reached $398 million

in 2015 and will grow to $682 million by 2019

with TV on-demand rising over 20% to $321 million. The main competitors are Netflix, Sky

Europe, and Sky Deutschland.

Gaming revenues are healthy in Germany, and will reach $3.2 billion by 2019. The gaming market in Germany is the biggest gaming

market in Europe with over 34 million active gamers with over half paying for gaming related services. The average age is 35 years of age

and 47% of gamers are women. PC is the biggest gaming platform with 18.4 million active

users followed by smartphones with 17.2 million users. The video game products are priced high and consumers are willing to pay almost

20-33% more in Germany compared to other regions. Germany’s PC market is second to the

UK in Europe. Of the 23 million who play games on smartphones and tablets, 4.6 million are paying for the apps or completing in-app

purchases. These transactions create 94% of the revenue for app developers. Trade shows

such as Gamescom, GDC Europe, and Casual Connect Europe also add to Germany’s appeal for gaming professionals.

Germany is the world’s third largest M&E market with a strong economy including the largest B2B market in Europe and second largest B2B market globally. Video on demand (VOD) is an area of opportunity for licensors, producers and distributors. The gaming market in Germany is the biggest gaming market in Europe with over 34 million active users.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

11

GE

RM

AN

Y

CANADA

The Canadian M&E market will grow between

3.5% CAGR according to PwC to 5.2 % according to Trade.gov in the years between

2015 and 2019 reaching an estimated $58.5 billion. This respectable M&E market is sustained through filming including foreign co-productions, a strong music sector and profitable game developer’s marketplace.

Broadband penetration in Canada is at 86.8%, placing it second in the world’s major economies. The country also helps foster

innovation by providing startups with large subsidies, creating competition for its neighbor to the South.

Similar to other regions, Canada is seeing a

decline in subscription TV penetration hovering at $7.6 billion in revenue. Meanwhile, OTT video

services will claim $1.62 billion by 2020, eating

away its share of subscription TV. OTT and streaming content will grow at 17.4%. Netflix is

expanding while competing with Shomi and CraveTVVideo. Other M&E companies doing well include Digiboo, a rental kiosk company,

and Cineplex, which offers digital rentals.

Internet advertising revenues will rise at 9.8% CAGR hitting $6.17 billion in 2020. The growth of Internet advertising, mobile technology and

video streaming help to contribute to the advertising growth. App-based games hold

opportunity in Canada, known to be second worldwide for gaming development. In fact, 84% of Canadian video game companies are

working on mobile-based projects.

Broadband penetration in Canada is the second among the world’s major economies at 86.8% penetration. Canada is the second worldwide for gaming development creating opportunity for app-based games.

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

12

CA

NA

DA

Recommended Reading

Big Data and IoT

Media, Entertainment Marketers Ramp Up Digital Efforts

Media and Entertainment: Entering New Frontiers of Content & Advertising

Over-the-Top and Video on Demand (VOD)

More Ads Are Being Delivered Via Connected TVs

Global entertainment and media outlook 2016-2020: US edition

Advertising

Digital Media Drives Global Ad Sales to +5.7% Strongest Growth in Six Years, Driven by Social and Search

2016 IAB Video Ad Spend Study

Gaming

The Global Games Market Reaches $99.6 Billion in 2016, Mobile Generating 37%

PwC: Game industry to grow nearly 5% annually through 2020

Predictions for the Biggest Gaming Trends of 2017

Top Media & Entertainment Global Markets

2016 Top Markets Report Media and Entertainment

Global entertainment and media outlook 2016-2020

India- Strong Growth in Digital Segments while Traditional Media Remain Resilient

India's media and entertainment industry expected to grow at 14% CAGR by 2020

1. https://www.wsj.com/articles/more-ads-are-being-delivered-via-connected-tvs-1481626802

2. http://www.pwc.com/us/em/outlook

3. https://www.wsj.com/articles/more-ads-are-being-delivered-via-connected-tvs-1481626802

4. http://venturebeat.com/2016/06/08/the-u-s-and-global-game-industries-will-grow-a-healthy-amount-by-2020-pwc-forecasts/

5. http://www.glixel.com/news/predictions-for-the-biggest-gaming-trends-of-2017-w459225

6. http://www.pwc.com/gx/en/industries/entertainment-media/outlook/data-insights.html

7. http://www.pwc.com/gx/en/global-entertainment-media-outlook/assets/indian-summary.pdf

8. http://www.forbesindia.com/article/special/indias-media-and-entertainment-industry-expected-to-grow-at-14-cagr-by-2020/42823/1

9. https://www2.deloitte.com/content/dam/Deloitte/in/Documents/technology-media-telecommunications/in-tmt-indywood-film-festival-noexp.pdf

10. http://www.pwc.co.uk/industries/entertainment-media/insights/entertainment-media-outlook.html

© 2017, Intertrust Technologies Corporation. All rights reserved.

INT

ER

TR

US

T R

EP

OR

TS

13

RE

CO

MM

EN

DE

D R

EA

DIN

G