Global entertainment, media revenue to exceed $3T

investmentnews.com:

Driven by growth in online advertising and live events, global entertainment and media revenue is expected to grow 3.9% annually on average over the next five years, jumping from $2.8 trillion in 2023 to $3.4 trillion in 2028, according to a new report from PricewaterhouseCoopers LLP. 

Ad sales will hit $1 trillion in 2026, it said, and will account for more than half of the industry’s total revenue growth over the next five years.    

Live entertainment, including sports and concerts, are also gaining momentum, according to PwC. Coming out of the pandemic slowdown, global tours of pop stars, from Taylor Swift to Coldplay, and the opening of the Sphere in Las Vegas boosted live music sales by 26% in 2023. 

Gaming will remain one of the fastest growing sectors and is projected to top $300 billion in 2028.

Global cinema revenue is on track to recover from the Covid downturn and in 2026 will surpass the pre-pandemic levels of 2019, according to the report. 

Meanwhile, amid increased competition for subscribers, companies in the streaming industry will lean more heavily on advertising, PwC said. By 2028, ad-based subscriptions will account for about 28% of total streaming revenue.