Silicon Valley: Sparked by impressive growth in India and China, global entertainment and media (E&M) industry spending will reach $ 1.7 trillion in 2008, posting a compound annual growth rate (CAGR) of 6.3 per cent, a report said.

The industry's positive momentum will be sparked by an impressive 9.8 per cent CAGR for the Asia/Pacific regional E&M market, which is estimated to reach $ 366 billion in 2008 and globally by improved economic conditions, the availability of new distribution channels, and continued adoption of next-generation technologies, the report said.

After three years of sluggish growth, the E&M industry has begun a solid upturn, with spending rising 4.2 per cent in 2003 to $ 1.2 trillion and growth prospects looking brighter now than they have since the late 1990s, it said.

Growth will pick up to 5.7 per cent globally in 2004 and sustain faster increases through 2008, according to predictions published in the new edition of the annual PricewaterhouseCoopers Global Entertainment and Media Outlook: 2004- 2008 released yesterday (Jun 29, 2004).

"After a few years of economic uncertainty, our projections for industry growth are encouraging across the board, highlighted by particularly swift gains in the video games and Internet advertising and access spending segments," said Wayne Jackson, Global Leader of PricewaterhouseCoopers' Entertainment & Media Practice.