Consumers are embracing new media experiences with staggering speed, the report notes. However, the ways in which this presents itself and the pace of change continues to vary by market.
Regional and country variations in current market size and future growth reflect local factors around infrastructure, access availability, structure of the local market place and consumer behaviour.
The report points out that the digital migration and the changes in consumer behaviour have put extreme pressure on existing business models, and will push the industry to radically rethink its approach to monetising content.
Marcel Fenez (pictured), global leader of PwC's entertainment and media practice, advised that the E&M industry needs to tear up their existing business models and embrace the new and emerging opportunties.
"Be it via partnership or collaboration, they need to deliver a superior consumer experience and be sufficiently flexible to capture revenues from an increasing fragmented market. Those who do, will be the drivers of this exciting but challenging industry," he said.
Overall, the E&M market in Ásia Pacific is expected to grow at 6.4 per cent compound annual rate (CAR) through to 2014 to US$475 billion, with Hong Kong and China growing at rates of 4.4 per cent and 12 per cent respectively.