PWC suggests 5G-powered consumer and media applications will add $245 billion to the global economy by 2030.

The report, titled The global economic impact of 5G, found that productivity and efficiency gains will drive 5G adoption.

The report claims that the next five years will see modest returns for 5G, as the technology continues to roll out across the globe, but following this period of development countries that have adopted 5G can expect to see huge gains.

The report adds that as 5G networks roll out globally, the technology’s low latency and ultra-fast data transmission may result in more ‘mash-up’ entertainment and media business models, in which different offerings are combined to produce something new based on innovative and collaborative uses of data.

For example, digital platforms are morphing into performance spaces, streaming recorded virtual reality (VR) music performances to replace concerts and festivals cancelled by the pandemic.