According to PwC Global E&M Outlook 2024–2028, advertising, which surpassed consumer spending in 2023, is projected to top US$1 trillion in 2026, and will grow at a 6.7% CAGR through 2028—when ad spending will be nearly double the 2020 total.
In 2023, the entertainment and media (E&M) industry recovered its balance. In the face of economic headwinds and technological disruptions, total global revenue rose 5% to US$2.8 trillion in 2023—easily outpacing overall economic growth. Over the next five years, the E&M complex will grow at a more muted 3.9% CAGR; in 2028, total revenues will top US$3.4 trillion.
With advertising accounting for 55% of total E&M industry growth over the coming five years, it is poised to become a more important part of companies’ business models—even for those that had previously avoided ad revenues. For strategic reasons, all participants in the E&M industry need to become more proficient at selling ads—and more effective at making them generate value for all participants in the ecosystem.
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