Latin America fast growing market for spending on media and entertainment

theguardian.com reported…The statistics are staggering: last year, a report by PricewaterhouseCoopers concluded that Latin America was set to become the fastest-growing region in the world in terms of spending for media and entertainment over the next five years. Already it had seen a 10.6% growth in annual spending, including sales of computer electronics, music, film, DVDs and entertainment tickets, and a sharp increase in online video consumption.

“The Latin market is now a massive one in entertainment,” says Peggy Dold, founder of entertainment industry marketing strategists Navigation Partners, and former vice-president for International at Univision Music Group. “But the music industry often closes its eyes to what’s happening internationally, especially in non-English language markets. And in the past many of the leaders of the entertainment industry dismissed the Latin market because the industry was focused on record sales, and because so many records were pirated [in Latin American countries] they became less important to the multinationals. But now technology has changed all over Latin America, and it really would be a huge mistake to think with the old-school mindset.” Read Article