Over the past two years, the media and entertainment industry in the UK has faced significant challenges. Despite this turbulence, Lumina Search has seen this as an opportunity to focus more attention on international markets to create new opportunities for executives abroad and forge a robust global network.
Over the past years as the UK market has experienced a dip of work in the UK, Lumina have seen a meteoric rise of work internationally as shown below.
This balance is now stabilising, with a 50/50 distribution this year, offering renewed hope for the UK market in Q4. This equilibrium not only underscores the resilience of the industry but also highlights the potential for growth and recovery within the domestic market.
During Lumina’s international growth they have worked in a variety of markets, including: Italy, Austria, USA, Saudi Arabia, Germany, Malaysia, Dubai, Netherlands, Spain, Belgium and the Philippines.
We spoke to Steph Hatton, Managing Director about this shift in the market and what is has meant for Lumina:
“Working internationally is a reflection of the footprint of so many of our clients. The shift to more international not only provides opportunities for our UK based network, but also over time we are now able to offer roles to people based all over the world. It’s exciting for us, our candidates and means our loyal clients can continue to work with us all over the globe, plus we get to meet many more clients that we haven’t worked with before.
As the media landscape continues to evolve globally, Lumina has identified several key markets poised for significant growth:
India:
- The country’s entertainment and media industry is anticipated to grow annually by 9.7%, reaching $73.6 billion by 2027.
- The AVoD segment is expected to rise at a CAGR of 24%, hitting $2.6 billion by 2025.
- The video OTT market, led by Amazon Prime Video, Netflix, and Disney+ Hotstar, is set to double from $1.8 billion in 2022 to $3.5 billion by 2027.
- The Indian mobile gaming market is projected to be valued at $7 billion by 2025.
Germany:
- The German media and entertainment market is showing robust growth, with the overall industry projected to experience a compound annual growth rate (CAGR) of 7.3% from 2019 to 2025.
- The video gaming and e-sports sector are also predicted to continue expanding rapidly, their combined market grew by 45% from 2021 to 2022.
- The German government has recently announced it would provide a rebate of up to 30 percent on German production costs for films and high-end series, with funding coming from the federal government and the states.
Saudi Arabia, Riyadh:
- The market is expected to grow from USD 2.55 billion in 2024 to USD 4.20 billion by 2029, at a compound annual growth rate (CAGR) of 10.44%.
- The Saudi government has increased the foreign direct investment (FDI) limit in the sector to 100%, fostering greater international participation.
- The Vision 2030 plan aims to enhance the entertainment sector’s contribution to the GDP to 4.2% and create 450,000 job opportunities by 2030.
- The reopening of cinemas after a 35-year ban has significantly driven growth, with GCAM estimating the industry will be worth USD 1 billion by 2030, featuring 350 cinemas and 2,500 screens.