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Driven by advertising, live events and video games, the glob
According to the news, the global entertainment and media industry outlook of 2025 and 2029, global entertainment & media outlook 2025, 2024, global entertainment and media (e&m) industry revenues have been nearly $30 billion, and as advertising spending has soared, it is expected to exceed $35 billion in 2029.
The entertainment and media industry is expected to achieve a compound annual growth rate (CAGR) of 3.7% by 2029 - a growth rate higher than the average global economic forecast but still lower than the pre-pandemic peak level. Against the backdrop of increasingly fierce competition both within and outside the industry, economic uncertainty and sluggish growth in consumer spending are expected to continue to exert pressure on the growth of the entertainment and media industry throughout the forecast period (up to 2029).
The entertainment and media industry is expected to achieve a compound annual growth rate (CAGR) of 3.7% by 2029 - a growth rate higher than the average global economic forecast but still lower than the pre-pandemic peak level. Against the backdrop of increasingly fierce competition both within and outside the industry, economic uncertainty and sluggish growth in consumer spending are expected to continue to exert pressure on the growth of the entertainment and media industry throughout the forecast period (up to 2029).
As artificial intelligence reshapes the advertising model, advertising will become the engine driving the growth of industry revenue
Against the backdrop of intensified industry competition and restricted consumer spending, especially in mature markets, the growth of paid or subscription-based products has slowed down, and advertising is expected to become an important driver of revenue growth for the entire entertainment and media industry.
Among the three major categories of entertainment and media analyzed (connectivity, advertising, and consumer), advertising is expected to be the fastest-growing area, with a compound annual growth rate of 6.1%, which is three times that of the consumer category (2%).
Over the next five years, the fastest-growing revenue indicators in the entertainment and media industry will all be driven by advertising - including retail advertising (15%), social and mobile streaming video advertising (15%), and in-streaming network advertising on connected TV platforms (14%). Digital advertising formats accounted for 72% of total advertising revenue in 2024 and are expected to rise to 80% by 2029. New technologies, including artificial intelligence and hyper-personalization, are expected to further drive this growth. High-growth areas include retail search advertising in e-commerce (increasing from 32.7% in 2020 to 45.5% in 2029) and video game advertising (rising from 32.8% in 2024 to 38.5% in 2029).
Artificial intelligence is profoundly influencing the entertainment and media industries in many ways. One area where artificial intelligence may drive revenue growth is connected TV (referring to any TV that can be connected to the Internet to stream video content). In 2020, the revenue from connected TV advertising accounted for only 5.9% of the total revenue from traditional radio and television advertising. In 2024, this figure jumped to 22%. With the rise of digital interaction and the prospect of AI-assisted hyper-personalization, it is expected to increase the adoption rate of end users. The revenue of connected TV advertising is projected to rise to 51 billion US dollars by 2029, reaching 45% of the revenue of traditional broadcast TV advertising.
At present, connectivity remains the largest category, with spending expected to reach 1.3 trillion US dollars in 2029, at a compound annual growth rate of 2.8%, mainly driven by mobile Internet service revenue. However, the significant growth rate of advertising will cause the gap between connectivity and advertising spending to narrow rapidly by 2029.
Non-digital revenue, including live music, events and movie box office receipts, drives consumer spending
Consumers may spend more of their free time online, but their entertainment budgets are still more invested offline. In 2024, non-digital forms will account for 61% of consumer income, and it is expected that this spending level will remain roughly stable throughout the forecast period.
Although global box office spending is expected to increase from 33 billion US dollars in 2024 to 41.5 billion US dollars in 2029, consumers' preferences continue to lean towards locally produced films. Globally, the market share of the top five US film companies has dropped from over 60% before the pandemic to 51% in 2024.
Video games remain a highlight of the industry
The global video game industry continues to be the engine of growth for entertainment and media. The global video game market size has exceeded the combined total of the film and music industries. The total revenue in 2024 was 224 billion US dollars. It is expected that the industry size will increase to nearly 300 billion US dollars by 2029, with a compound annual growth rate of 5.7%.
Developing markets continue to lead the growth rate of the entertainment and media industry
Excluding connection revenue (such as mobile service subscriptions), the United States remains the world's largest entertainment and media market in terms of revenue. It is expected that by 2029, its compound annual growth rate will be 3.8%, lower than the global average of 4.2%. Looking at other markets, China, the world's second-largest market, expects its entertainment and media revenue to grow at a compound annual growth rate of 6.1%, mainly driven by the Internet advertising sector, which has a compound annual growth rate of 8.9%. The world's fastest-growing markets remain concentrated in developing regions, including India and Indonesia, both with compound annual growth rates exceeding 7.5%. In India, most of the growth will come from Internet advertising (with a compound annual growth rate of 15.9%), mainly due to the increase in Internet penetration, the promotion of 5G networks, and the wide popularity of social media and short video content.