PwC Canada of Toronto has released a report on the projected growth of the Canadian entertainment and media industries over the next four years. According to the report, called "Global E&M Outlook 2012 - 2016," the Canadian market will grow faster than the US market over this time frame due to higher spending on Internet access and TV subscriptions. The report projects a 6.5% compound annual growth rate for these industries in Canada, compared to 5.2% in the US through 2016. Mobile advertising is projected to grow at a 42.6% per year, with online video advertising at 31.9%, banner ads at 16.8% and search advertising at 13.5%. Internet access will increase at 11.8%, according to the report, with television subscriptions and license fees growing at 8.6%. The report also projects that Canadian spending on Internet advertising will overtake television advertising by 2014 and be 23% larger by 2016. The report also shows an overall increase in the Canadian advertising market of 5% compared to 2% in the US. In 2011, entertainment and media spending in Canadian market grew by 5.7%, according to the report. "The challenge for entertainment and media companies rests not only in monetizing great content, but the growing fact that consumers are now king and their desire for customised experiences and getting content on their terms will require transformation on the part of companies to keep up," said Michael Paterson, a partner in PwC's Canadian entertainment and media practice. "Location-based-marketing, mobile technology and social media are and will continue to be the driving forces behind revenue growth."