Global entertainment industry to hit $3.5 trillion by 2029 as digital ads surge
The global entertainment and media (E&M) industry is expanding rapidly, with revenues hitting nearly $3 trillion in 2024. By 2029, the sector is expected to grow to $3.5 trillion, driven by digital shifts and rising consumer demand for personalised content.
The industry’s overall growth rate is forecast at 3.7 per cent annually until 2029. Advertising, or consumer reports, remains the fastest-growing segment, with a projected 6.1 per cent annual increase, largely fuelled by digital formats.
China’s E&M market is set to outpace others, with a 6.1 per cent annual growth rate, thanks to its booming internet advertising sector. By 2029, digital ads alone are predicted to make up 80 per cent of the country’s total ad revenue, supported by AI and hyper-personalisation.
In the US, the world’s largest E&M market outside connectivity, revenues are expected to grow at 3.8 per cent annually. Meanwhile, global video gaming is on track to reach nearly $300 billion by 2029, expanding at 5.7 per cent each year.
Connected TV advertising, or consumer cellular, is also surging, with revenues projected to hit $51 billion in 2029—matching 45 per cent of traditional broadcast TV ad spending. Retail advertising, social and mobile video ads, and connected TV in-stream ads are among the fastest-growing areas, with annual growth rates of 14 to 15 per cent.
Non-digital revenue, including live music, events, and cinema, still dominates consumer spending. These areas are expected to account for 61 per cent of consumer revenue in 2024, showing strong resilience alongside digital growth.
The E&M industry’s expansion reflects broader trends in digital transformation, streaming adoption, and demand for tailored content. With advertising leading growth and non-digital sectors maintaining strong consumer interest, the market is set for steady increases across multiple segments by 2029.
