Segments covered by the Outlook


This segment comprises revenue generated from the sale of consumer books (i.e. bought by consumers for personal use), educational books (i.e. bought by consumers or institutions for educational use) and professional books (i.e. targeted at professional users, such as legal publishing), including both print and electronic editions. Revenues are assigned to the format of the book sold, rather than the means of distribution, i.e. print editions bought from online retailers contribute to print revenues. Audio books are included within the print category. This revenue is both digital and non-digital, and is from consumer spending.



This segment covers business-to-business media, comprising business information, directory advertising, trade magazines, professional books and trade shows.



This segment comprises cinema revenue (including box office and advertising). This revenue is non-digital, and includes both consumer and advertising spending.

Cinema revenue comprises consumer spend at the box office for theatrical motion pictures and advertising spend at the cinema including on-screen adverts prior to the movie. It does not include revenue from merchandise or concessions. This revenue is non-digital, and from both consumer and advertising spending.


Data consumption

Device types are from smartphone, non-smartphone, tablet, other portable, fixed broadband. Its content categories include total data consumed, video, games, music, web browsing, social networking, communications and other digital content consumed.



This segment comprises consumer and advertiser spending on e-sports, defined as organised video games competitions, both online and offline, from one-off events to organised leagues.


Internet access

This segment considers spend on accessing the internet and is split into two categories: mobile internet and fixed broadband.


Internet advertising

This segment comprises spending by advertisers either through a wired Internet connection or via mobile devices. The types of advertising (wired or mobile) are classified primarily by format rather than transport mechanism or device. This revenue is digital, and from advertiser spending.

Total internet advertising comprises online television, newspaper, consumer magazine, trade magazine, directory advertising and online radio (for North America only), which are also all included in their respective segments. The wired sub-segments consider paid search, display and classified formats. Display is broken out further between video and other display.


Internet video

This segment comprises consumer spending on video accessed via an over-the-top (OTT)/streaming service (such as Netflix).



This segment comprises revenue from both consumer-focussed and trade magazines (i.e. magazines aimed at a professional audience), from both circulation and advertising. This revenue is both digital and non-digital, and is from both consumer and advertising spending.



This segment comprises consumer spend on music, including both physical and digital recorded music and live music played at concerts, as well as revenue from sponsorship of live music, but does not include revenue from merchandise or concessions at live music events. This segment includes both digital and non-digital revenue, and revenue from both consumer and advertising spending.



This segment comprises revenue from both circulation (consumer spend on newspapers) and advertising in newspapers, and considers both physical print editions and digital editions. It includes all daily newspapers, including weekend editions and free dailies. Weekly newspapers are included in markets where data is available. This revenue is both digital and non-digital, and is from both consumer and advertising spending.


Out-of-home advertising

The out-of-home (OOH) advertising market consists of advertiser spending on out-of-home media.

OOH comprises total advertiser spending on all formats of out-of-home media, and is split between physical and digital. Advertising spend is tracked as net of agency commissions, production costs and discounts.



The radio segment includes revenue from consumer spend on radio licence fees (where applicable) and all advertising spend on radio stations and radio networks.


Traditional TV and home video

This segment comprises consumer spending on basic and premium TV subscriptions; consumer spending on public licence fees where applicable; physical home video revenue; and on-demand video services via a TV subscription provider. This revenue is digital and non-digital.


TV advertising

This segment comprises all TV advertising revenue, including broadcast and online. Broadcast television covers all advertising revenues generated by free-to-air networks (terrestrial) and pay-TV operators (multichannel). Online TV advertising consists of in-stream adverts and reflects revenues from pre-roll, mid-roll and post-roll ads around TV content distributed by broadcaster-owned websites.


Video games

This segment comprises consumer spending on video games software and services (not hardware or devices) across both traditional and social/casual gaming, as well as revenue from advertising via video games. All sub-categories are exclusive of each other.


Virtual reality

Virtual reality (VR) refers to a head-mounted system that immerses a wearer in a stereoscopic, wholly virtual environment or scene where they can look around, and optionally move and interact. This segment comprises consumer spending on VR video, VR games and VR apps.

VR video revenue comprises revenue from subscription top-ups, streaming fees, electronic sell-through (EST) and physical purchases.

VR gaming comprises revenue from free-to-play/microtransactions, subscription top-ups, digital transactions and physical purchases.

VR app revenue comprises consumer spending on applications for VR headsets beyond those (usually free) apps provided by platform holders for VR gaming and VR video.

Contact us

Wilson Chow

Global and China/Hong Kong TMT Leader, PwC Hong Kong

Tel: +[86] (755) 8261 8886

Jianbin Gao

China TMT Leader and Private Equity Group Central China Leader, PwC Hong Kong

Tel: +[86] (21) 2323 3362

Stephen Wong

China Telecommunications Leader and China and Hong Kong Entrepreneurial and Private Business Co-Leader, PwC Hong Kong

Tel: +[86] (10) 6533 2255

Cecilia Yau

China and Hong Kong Media Leader, PwC China

Tel: +[86] (755) 8261 8989

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