The global entertainment and media industry is projected to reach $3.5 trillion in revenue by 2029, with an annual growth rate of 3.7%. Increasing economic challenges are causing consumers to limit spending on non-essentials, making advertising vital for revenue. Digital advertising is anticipated to grow from 72% to 80% of overall ad revenue by 2029, driven by AI and hyper-personalization. The connected TV ad revenue is estimated to rise to $51 billion, while video game revenue is expected to reach approximately $300 billion by 2029. Overall, adapting to technological innovations is crucial for the industry's future.
"There's certain general macroeconomic pressures on individuals, families and advertising starts to subsidize a lot of that," said Bart Spiegel, global entertainment and media leader at PwC U.S.
The industry "has always been at the forefront of technological innovation, but companies will need to remain nimble and proactive to embrace the future and satisfy consumers in an ecosystem that rewards creativity and tailored content," Spiegel said.
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