The global media & entertainment (M&E) industry is forecast to hit $3.5 trillion in revenues in 2029 as advertising spend surges across platforms, according to PwC’s Annual Global Entertainment & Media Outlook 2025-29.
The M&E industry is projected to grow at a compound annual growth rate (CAGR) of 3.7% until 2029 – a rate above the projected global economic growth average, but below pre-pandemic highs. PwC said the M&E industry revenues in 2024 were $3 trillion.
Economic uncertainty and anaemic consumer spending growth, amid heightened domestic and international competition in the industry, are expected to weigh on M&E growth rates until 2029.
Growth for paid or subscription products is expected to slow – particularly in mature markets – but advertising is forecast to represent a significant driver of revenue growth for the M&E industry at large. It is expected to grow at 6.1% CAGR.
Digital formats, which account for 72% of overall ad revenue in 2024, will rise to 80% in 2029, with new technologies including AI and hyper-personalisation expected to drive this even further. High-growth areas include retail search advertising in e-shopping and advertising in video games.
The report said that AI is impacting the M&E industry in many ways, particularly in the connected TV sector.
In 2020, connected TV advertising revenue equated to just 5.9% of total traditional broadcast TV advertising. In 2024, this figure had jumped to 22%. But with the rise of digital engagement and the prospect of AI-assisted hyper-personalisation, which may lead to greater end-user uptake, connected TV ad revenues will rise to $51bn in 2029 – equal to 45% of traditional broadcast TV advertising.
For now, connectivity remains the largest category of the M&E industry, with spending reaching US$1.3 trillion in 2029, growing at a CAGR of 2.8% and driven mainly by mobile internet service revenue. However, advertising’s growth rates are set to see the gulf between connectivity and advertising spend rapidly narrow by 2029.
Global cinema box office spending is expected to rise from $33bn in 2024 to $41.5bn in 2029.
For the global video gaming industry, revenues are expected to grow to nearly $300bn in 2029 at a CAGR of 5.7%.
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