The vast nation of Russia is not historically famed for fun.

Ivan the Terrible, Catherine the Great and Uncle Joe Stalin may well have loved partying - but these days are remembered for other, less loveable, character traits.

But, hey Tovaritch, it's time to shed that dour wintry image and break out the party-poppers. PricewaterhouseCoopers, no less, has identified Russia as the fastest-growing entertainment and media market in Europe.

The E&M market, which includes film, video, internet products, print media, sporting events and theme parks surged by 27.4% to $12.45 billion (€10.3bn; £7.09bn) in Russia last year, according to PwC's new report on the sector.

Even so, the fun-loving Russkis were eclipsed by the Brits, Europe's biggest spenders in the E&M sector, who parked their brollies along with their inhibitions and let down their hair in a $74bn orgy of jollification.

Elsewhere on the globe, Japan's $92 billion market topped the Asia Pacific region, while in the People's Paradise of China, the business blossomed 30.6%.

But stand aside all you hoedowners, when it comes to a mega-bash Uncle Sam is the Daddy. The USA dwarfed all contenders with its $525bn entertainment market, accounting for nearly half of the global $1.3 trillion market.

Data sourced from International Herald Tribune Online; additional content by WARC staff