The cost of creating a home entertainment device has risen to nearly £50m and it is the UK’s cheapest, according to a new report.
The UK is a pioneer in the field of home cinema, but the UK still has a long way to go to compete with Hollywood, according the Home Cinema Market Intelligence Group (HMCIG).
The group is publishing the research to mark its 30th anniversary.
The HMCIG’s research, conducted in 2017, found that the average home cinema system cost £50k in 2017.
That is nearly £3,000 less than the industry average of £80k, and the average cost per user is less than £1,000.
The group’s research also found that home cinema has grown from a small sector of the market to account for more than a quarter of all UK entertainment spending.
Home cinema accounts for more revenue than television, radio, or film-related content combined.
The market is expected to reach $4.4bn in 2021, the report said.
The industry’s biggest competitors, including Sony and Vue, are all pushing hard for more of their content to be streamed live online.
Home Cinema Market intelligence has estimated that home streaming would account for just under 40% of all entertainment spending in 2021.
The report said that the biggest challenge facing home cinema is to make it as cost-effective as possible.
It found that more than half of consumers are still unable to afford a full-time home cinema technician, and half of those are looking for a more convenient way to watch their favourite shows.
However, there is also the potential to make the industry more affordable, the group found.
The most common costs are cable TV and a monthly subscription to Netflix.
It found that nearly half of homes with a TV have an internet connection, compared to just under half of the households with a computer.
The number of homes streaming their favourite programmes from a mobile device or tablet has increased from around 12% to 25% in just five years, the HMCICIG said.HMCICIF said it is a sign that there is demand for a simpler way of watching and accessing entertainment content, and that the sector needs to focus on making its technology more affordable.
The new figures suggest that the industry is ready for the next big market, and it will be interesting to see if the UK can replicate its success in the future.