Media
The Media industry in as basic terms as we can put it, is the collection of businesses that allow information to be shared. Information and communication surrounds us offline and online, so this sector bleeds into most other creative industries, such as radio and TV.
A very large portion of the industry is made up of news and current affairs outlets such as newspapers like The Times, websites such as Buzzfeed, TV-based media such as the BBC and even some subgenres of social media.
Today, the media industry is majority known through its split between traditional and digital media; a separation that came about due to the rise of the internet. It’s a competitive new divide in the industry that many media outlets have not survived. The older traditional media outlets (such as the Financial Times) have been forced to invest heavily in a digital presence in order to keep up with new platforms who have taken over the digital media space (such as Buzzfeed).
To quickly define traditional and digital media - traditional media types include newspapers, magazines, TV, Radio and billboards. Whereas digital media types include websites (e.g. news websites), social media and email.
There are a huge variety of roles available in the media industry, a lot that involve transferable skills, which means you might be able to switch and change!
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💯 An average graduate starting salary of £31,500 at major employers (according to High Fliers' The Graduate Market in 2022 report), but for salaries to vary considerably
📶The UK Media Industry is a large employer, with over 15,000 people working in the industry.
🔓A whopping 1.2 million people are employed in jobs connected to the media - as the industry itself has a lot of crossover with other industries.
💡The UK’s market looks set to gain a lot from the recent bounce back of the media industry post-covid. While revenue fell 5% in 2020 due to COVID, Britain’s entertainment and media sector was expected to grow by 9% in 2021 alone.
🌟Continuing this to see a continued annual growth rate of 5% until 2025, the UK is estimated to overtake Germany as the largest entertainment and media market in Western Europe by 2025.
🤝At that point, the UK’s E&M sector would likely be worth £88 billion ($121.86 billion), with only the US, China and Japan worth more globally.
⁉️ The UK Media industry has experienced rapid growth in the last 10 years, with an average annual growth rate of around 15% (compared to 4% in the rest of Europe).
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🖥 The UK Media Industry is constantly evolving, as consumers’ viewing habits and consumption habits change. This coupled with changing delivery models and business models has meant that the traditional media firms have had to adapt or die.
📈The UK’s entertainment and media market is set to continue gaining ground on its closest competitors, according to a new study from PwC.
💿 By 2026, it is expected to be worth almost £100 billion, which will see the national market overtake Germany.
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Learn more on the ERIC app through our industry guides. When you’re ready to explore further, you can start browsing the Media section for opportunities, events, courses and more!