PricewaterhouseCoopers’ annual Global Entertainment & Media Outlook traditionally offers a solid overview of the industry. But it has never amended its findings — until now. The economic volatility in global markets has prompted the consultancy to update its 2011-2015 report, originally released in June. Overall, it said the U.S. market was the most consistent region. Here are the shifts in a nutshell:

– Filmed entertainment is experiencing slower growth than initially forecasted. U.S. box office was down 20 percent in the first quarter but by the end of the third quarter was down by just over 2 percent.

– In recorded music, the decline in physical sales has now reached a plateau. U.S. physical sales are down only 3 percent in 2011 compared with the 20 percent decline in 2010. (PwC had originally estimated a 13 percent decrease in U.S. physical music sales for 2011).

– Social network advertising is growing explosively and fueling the overall Internet advertising market, while search advertising is still strong. The U.S. is up more than 20 percent in the first half of 2011.

– U.S. television subscriptions are down and cable companies are introducing discount packages to retain subscribers.

Advertising-wise, the update has comparable growth estimates for the Internet and radio, lower forecasts for TV and out-of-home, and higher forecasts for print and cinema. It also says that while the economic recovery is slower than anticipated, PwC doesn’t expect a “double dip,” even though consumer spending weakness is hampering sales.