To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Contents Foreword 1 The state of UK media and entertainment 2 The UK media and entertainment sector in numbers 4 Local vs global: there’s no place like home 11 Ad funded vs paid for: where does the money come from? 15 Physical vs online: physical pounds to digital pennies? 19 Specialised vs diversified: diversify for revenue, focus for profit 23 Creators vs distributors: valuing the end-to-end trend 27 Aquisitive vs organic: when to build and when to buy? 31 Research methodology 34 Contacts 36 Endnotes 37