Private Markets Can Withstand Shocks, Blue Owl's Clarke Says
The alternative assets industry is democratizing to allow individuals to take part in a full suite of investments, the firm's global head of institutional capital said in an interview on Bloomberg TV on Tuesday.
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Advertising spend forecasted to grow three times as fast (6.1%) as E&M consumer spending (2%) – as AI set to transform advertising models and drive hyper-personalisation Non-digital categories – such as live music, cinema and events – continues to lead consumer sector revenue, accounting for 61% of sector spending in 2024 Global cinema revenue expected to rise from $33 billion in 2024 to $42 billion in 2029, as international audiences continue to spend more on locally produced films Global video games revenue forecast to grow from $224 billion in 2024 to $300 billion in 2029 – exceeding movie and music industry revenues combined LONDON, July 24, 2025 /CNW/ -- The global entertainment & media (E&M) industry edged towards US$3 trillion in revenue in 2024 and is forecast to hit $3.5 trillion in 2029 as advertising spend surges across platforms, according to PwC's Global Entertainment & Media Outlook 2025-29, released today. The E&M industry is projected to grow at a compound annual growth rate (CAGR) of 3.7% until 2029 – a rate above the projected global economic growth average, but below pre-pandemic highs. Economic uncertainty and anaemic consumer spending growth, amid heightened domestic and international competition in the industry, is expected to weigh on E&M growth rates through the forecast period until 2029. Bart Spiegel, Global Entertainment and Media Leader, PwC US, said: "As the E&M industry continues to be impacted by broader economic uncertainty and constrained consumer spending, advertising is emerging as the leading powerhouse of the global entertainment and media industry's revenues – a transformation expected to continue as AI transforms delivery models, democratises content production, serves highly curated content experiences, and reduces barriers to entry. The E&M 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." Advertising to serve as industry engine for revenue growth as AI transforms advertising models As growth for paid or subscription products slows amid heightened industry competition and constrained consumer spending – particularly in mature markets – advertising is forecast to represent a significant driver of revenue growth for the E&M industry at-large. Of the three major E&M categories analysed (connectivity, advertising, consumer), advertising is expected to grow fastest – three times as fast (6.1% CAGR) as the consumer category (2%). The fastest growing E&M revenue metrics over the next five years are all advertising driven – including retail advertising (15%), social and mobile on-stream video advertising (15%), and connected TV in-stream internet advertising (14%). Digital formats, which account for 72% of overall ad revenue in 2024, will rise to 80% in 2029, with new technologies including AI and hyper-personalisation expected to drive this even further. High growth areas include retail search advertising in e-shopping (rising from 32.7% in 2020 to 45.5% in 2029) and advertising in video games (rising from 32.8% in 2024 to 38.5% in 2029). AI is impacting the E&M industry in many ways. One of the areas in which it is likely to influence revenue growth is in connected TV (any television that connects to the internet to stream video content). In 2020, connected TV advertising revenue equated to just 5.9% of total traditional broadcast TV advertising. In 2024, this figure had jumped to 22%. But with the rise of digital engagement and the prospect of AI-assisted hyper-personalisation, which may lead to greater end-user uptake, connected TV ad revenues will rise to $51 billion in 2029 – equal to 45% of traditional broadcast TV advertising. For now, connectivity remains the largest category, with spending reaching $1.3 trillion in 2029, growing at CAGR of 2.8% and driven mainly by mobile internet service revenue. However, advertising's pronounced growth rates are set to see the gulf between connectivity and advertising spend rapidly narrow by 2029. Non-digital revenue – including live music, events and cinema box office – lead consumer spending Consumers may spend more of their free time online, but they continue to spend more of their entertainment budget offline. In 2024, non-digital formats accounted for 61% of consumer revenue – a level of spend expected to broadly continue through the forecast period. While global cinema box office spending is expected to rise from $33 billion in 2024 to $41.5 billion in 2029, consumers' preferences are continuing to shift toward locally produced films. Globally, the top five US studios' market share has dropped from over 60% before the pandemic to 51% in 2024. Video gaming remains an industry bright spot The global video gaming industry continues to be an engine of E&M growth, with the global video games market exceeding the movie and music industry combined. Total revenues were $224 billion in 2024, with the industry expected to grow to nearly $300 billion in 2029 at a CAGR of 5.7%. Developing markets continue to lead E&M industry growth rates Excluding connectivity revenues (e.g., mobile service subscriptions), the US comfortably leads as the world's largest E&M market by revenue. It is forecast to grow at a CAGR of 3.8% until 2029 – lagging below the global average of 4.2%. Looking elsewhere, E&M revenues in China – the second largest market – will rise at a CAGR of 6.1%, powered primarily by its internet advertising segment, with a CAGR or 8.9%. The fastest growing markets globally continue to be in developing markets, including India and Indonesia, all with CAGRs above 7.5%. In India, much of the growth will stem from internet advertising – which is growing at a CAGR of 15.9% – driven by expanding internet penetration, rising 5G connectivity, and the popularity of social media and short-form video content. Wilson Chow, Global Technology, Media and Telecommunications (TMT) Leader, PwC China, said: "Consumers have never had as numerous or diverse choices of entertainment services on offer, but this competition, paired with economic uncertainty and rising costs, is seeing consumer spend growth stagnate. If entertainment and media businesses are to capture new audiences and generate growth, they must be thinking about the connected ecosystems in which they operate, leveraging the power of advertising and AI, the combination of which is allowing for far more cost-effective and personalised content creation and engagement models." Notes to Editors About the PwC Global Entertainment and Media Outlook 2025-2029 The PwC Global Entertainment and Media Outlook is an annual report covering the industry. A total of 54 countries and territories, spread across North America, Western Europe, Central Europe, Middle East & Africa, Latin America and Asia Pacific, are represented within the Outlook. The 'Rest of MENA' grouping is treated as a territory and comprises Algeria, Bahrain, Jordan, Kuwait, Lebanon, Morocco, Oman and Qatar. This year, it expands its coverage with the inclusion of Mauritius and Oceania as a reported region. These 54 territories account for around 74% of the global population, and the sum of all territories generates the 'total' estimate. The forecasting process begins with the collection of accurate and comprehensive historical data from publicly available sources such as trade associations and government agencies, which are cited when used directly. To supplement this, proprietary insights are gathered through interviews with industry associations, regulators, and leading market players. This combination of public and private data ensures a robust foundation for building forecasts. About PwC At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We're a tech-forward, people-empowered network with more than 370,000 people in 149 countries. Across audit and assurance, tax and legal, deals and consulting we help build, accelerate and sustain momentum. 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