PwC—known to its close friends as PriceWaterhouseCooper—released its 18th annual “Global Entertainment and Media Outlook” for 2017-2021, which, according to the research firm, is “an in-depth, five-year outlook for global consumer spending and advertising revenues directly related to entertainment and media (E&M) content.” The study finds that, in the words of the report, “Rapid changes. The gap between how consumers want to experience in pay for E&M and how companies produce and disseminate their offerings. E&M companies were accustomed to competing and creating differentiation primarily based on two dimensions: content and distribution. Now, they must focus more intensely on a third: user experience (UX).” PwC observes that traditional, mature segments are in decline; the Internet and digital E&M content is growing, though at a slowing rate; and the next wave of content and entertainment is in areas such as E-sports and virtual reality, which are just beginning to accelerate. Meanwhile, radio revenue is expected to rise from $22 billion in 2016 to $24.1 billion in 2021—a compound annual growth rate of 1.9%.