PwC’s Global Entertainment & Media Outlook 2025–29 projects that global E&M revenues will grow from just under $3 trillion in 2024 to $3.5 trillion by 2029, with a CAGR of 3.7%. While consumer spending remains sluggish (2% CAGR), advertising is driving growth at 6.1% CAGR, fueled by AI-led, personalized delivery models.
Key growth areas include:
- Retail media and social/mobile video ads (15% CAGR)
- Connected TV advertising (14% CAGR), projected to hit $51B by 2029
Digital ads will account for 80% of total ad revenue by 2029. Video game advertising is also booming, growing to 38.5% of gaming revenue.
Despite digital growth, 61% of consumer spend in 2024 still goes to non-digital formats like cinema and live events. Cinema revenue is expected to rise to $41.5B by 2029, driven by local film content.
Video gaming remains the top earner in E&M, growing from $224B in 2024 to $300B by 2029.
Emerging markets, especially India and Indonesia, are leading growth. India’s internet ad market is growing at 15.9% CAGR, boosted by 5G and mobile-first content.
PwC highlights AI and advertising as critical levers for personalized, cost-effective content and future E&M growth.