Popularity of women’s sports stressed in tech and media forecast
Women’s elite sports, like football, are attracting growing TV audiences. In 2024, women’s sports are expected to break the billion-dollar revenue barrier for the first time, reaching US$1.3 billion in total forecast revenues. This growth is fuelled by commercial revenue, followed by income from broadcast and matchday sources, consultancy Deloitte predicts in a report on Technology, Media & Telecommunications (TMT).
Football/soccer and basketball are the most popular while cricket, volleyball, and rugby are also showing promising momentum, the report says.
“This increased investment is expected to not only boost revenues but also elevate athletic performance and opportunities for women athletes across levels and ages”, the forecast says.
“More than a decade into the streaming revolution, the media and entertainment (M&E) sector faces the challenge of balancing growth with profitability. Pay TV subscriptions have been declining, along with billions in lost revenue and lower profits.”
Deloitte predicts that leading US streaming video-on-demand providers will more than double their tier offerings from an average of four options in 2023 to eight or more by 2024 going from deluxe ad-free tiers to options with more ads and less content.
User-generated content in gaming is expected to be a game-changer. Platforms are projected to pay out almost US$1.5 billion to content developers in 2024.
“As this space grows, it risks disrupting the dynamics of the gaming industry by making inexpensive 3D content available. The practice could challenge top-tier games and services even as it democratizes content creation, encouraging more favorable economics for both platforms and independent creators.”
Generative AI (Gen AI) chip sales will likely reach over US$50 billion in 2024 and nearly all enterprise software companies will integrate gen AI in at least some of their offerings by the end of 2024, which could boost revenue by US$10 billion.
“As we move into 2024, the transformational capacity of generative AI, sustainability imperatives, and novel revenue paradigms may indelibly shape the TMT landscape,” says Ariane Bucaille, Global Technology, Media & Telecommunications Industry Leader, Deloitte France.
“This coming year is an important moment for the industry; it offers not just growth opportunities but unprecedented challenges that compel us to rethink traditional frameworks and relentlessly innovate. Regulatory landscapes, as well as environmental considerations may also be key, dictating the pace and direction of change. Leaders should be agile, cognizant of these shifts, and ready to act decisively for long-term success.”
GenAI is set to become an integral part of nearly all enterprise software offerings in 2024. The report predicts that many enterprise software companies should experience a revenue uplift at a run rate of US$10 billion by the end of 2024:
“A remarkable milestone for the first year of a new market, but likely short of some expectations as revenues could occur mainly in the back half of the year.”
“The European Union is set to roll out sweeping regulations on AI which are likely to impact and influence markets around the world. 2024 is likely to see a balance between regulatory compliance and innovation in the gen AI industry. Well-crafted policies can create a conducive environment for investment. Key regulations could encompass consent, bias mitigation, and copyright matters”, the forecast says.
“Our predictions underscore the potential of specialized gen AI chips, a market poised to reach over US$50 billion. However, this progress is not without its challenges; EU regulatory developments could serve either as obstacles or catalysts for change. As we stand at this juncture, it’s imperative for industry leaders to navigate these complexities, aligning regulatory compliance with creativity, to fully unlock the transformative power of gen AI”, says Gillian Crossan, Global Technology Sector Leader, Deloitte & Touche LLP.
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