You are here: Home - Household Bills - News -

Music, video and games markets were pandemic winners

0
Written by: Emma Lunn
03/03/2021
Lockdown proved a money-spinner for the combined music, video and games market which grew faster than any other leisure sector in 2020.

Retail spending on these sectors was up 18.3%, according to figures from the Entertainment Retailers Association (ERA), as Brits were forced to stay at home.

Spending on music, games and videos reached a record £9.26bn. Games remained the biggest single sector, accounting for 48% of aggregate sales, followed by video (35%) and music (17%).

The fastest growing digital sector in 2020 was video, where sales soared by 37.7% to £2.9bn, driven mainly by the growth of subscription services such as Netflix, Disney+ and Amazon Prime Video.

The sales of video console games were up 7.7% to £638.5m, driven by the launches of the Playstation 5 and Xbox Series.

The headline 18.3% increase in entertainment spending in 2020 was the highest recorded growth rate the UK market has ever seen. The final £9.26bn tally marks the eighth successive year of growth for the sector, mostly driven by streaming.

However, the overall leisure sector – which includes everything from hobbies, sport and eating out to holidays abroad – shrunk 29.1%.

Kim Bayley, CEO of the Entertainment Retailers Association (ERA), said: “The entertainment market was already growing without coronavirus, but with much of the leisure sector shuttered due to lockdown, music, video and games were in the right place at the right time.”

Other leisure sector lockdown winners include entertainment hardware (up 3.7% to £25.7bn), gambling (up 1.3% to £14.9bn) and house and garden (up 1.2% to £18.7bn).

Overseas holidays took the biggest hit, with spending in the sector falling 65.8% to £21.3bn. UK holidays fell 43.8% to £8.9bn, local entertainment 40.8% to £6.3bn, and eating out 40.2% to £37.9bn.

The ERA said that while ‘in home’ leisure spending of all types grew by 2.3% in 2020 to £77.7bn, ‘away from home’ expenditure including eating out, events and holidays declined 38.6% to £154.1bn.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Duvet days and ‘pawternity’ leave among most unusual job perks

Employers are looking to tempt would-be staff members with a range of out-of-the-ordinary job perks, including no-notice days off and...

Close