Entertainment & media industry's global revenue touched US $2.8 trillion: PwC report
Sep 24, 2024
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PwC report
From streaming and gaming to advertising and AI, the Entertainment & Media (E&M) industry is set for explosive growth. Curious about what’s driving this boom? Here are some interesting insights about the industry, according to a report by PwC!
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$597 billion more by 2028! Where’s the money coming from?
The E&M industry will add a whopping US$597 billion by 2028! New revenue streams in advertising, streaming, and emerging markets are projected to be the key growth drivers.
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Advertising to the rescue!
By 2026, ad spending is expected to surpass US$1 trillion! With a 6.7% growth rate, companies are scrambling to get their share of the pie. The same can be witnessed in the overwhelming influx of ads on every platform you visit, or place you go to.
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Streaming wars: Who’s winning?
Streaming’s growth is slowing, but ad-funded hybrid tiers, in which consumers agree to view ads in return for paying a lower subscription fee, from Disney+, Netflix, and Amazon Prime are shaking things up. Subscriptions may plateau but streaming ads are booming!
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Gaming is the new goldmine!
By 2028, gaming will hit US$300 billion! With social or casual games leading the charge and ad revenue from gaming soaring, the future of the E&M industry looks bright.
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Asia Pacific is the powerhouse of gaming
48% of gaming revenue in 2023 came from Asia Pacific. By 2028, this region’s gaming market will soar to US$181.8 billion!
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OTT in India
India’s OTT market is thriving and set to explode in the coming years. With a love for sports, especially cricket, JioCinema smashed records with 32M viewers for the IPL final. OTT revenue? US$4.3 billion by 2028!
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Nigeria: Nollywood’s next big leap
Nigeria’s booming entertainment scene leads Africa with a 10.1% growth rate. Nollywood, which churns out 2,500 films a year, is at the heart of this entertainment revolution in the region!
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Generative AI: The gamechanger
Generative AI is transforming E&M, creating efficiency and innovation across industries. It’s not just about faster production—it’s about reinventing how value is delivered!
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What’s Next for E&M?
From AI to gaming and streaming ads, the future of E&M is a wild ride. Ready to see where it goes next? Keep an eye on these trends—they’ll shape how we consume entertainment in 2028 and beyond!
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