Jeddah Post
Business

Global media and entertainment industry to reach $2.4 trillion by 2023

A growing dependence on innovation and artificial intelligence (AI) is evident in the global media and entertainment services sector. PricewaterhouseCoopers (PwC) estimates the sector will reach US$2.4 trillion next year, with a compound annual growth rate (CAGR) of 3.8 percent since 2015. In its report, PwC forecasts that the media sector will grow by a CAGR of 5 percent, amounting to $2.6 trillion by 2025, with gains of $542.2 billion in web content, search portals, and social media segments; $79.2 billion in TV broadcasting, $83.3 billion in movies and videos, and $32.6 billion in newspapers and magazines.

Global media and entertainment industry to reach $2.4 trillion by 2023In its report on the global media and entertainment services sector, Artificial Intelligence Specialist points out the growing international share of AI in 2022 will be almost $8.4 billion, according to Analytics Insight, while Grandview Research expects it to rise to $99.48 billion in 2030. Media and entertainment’s AI market was valued at $10.4 billion in 2021, and Future Market Insights estimates that it will grow to $132.16 billion from 2022-2032 by a CAGR of 26 percent.

According to the report, the UAE’s publishing sector has grown 150 percent during the current decade. It will reach $650 million by 2030, accounting for 25 percent of total subscriptions in digital media outlets throughout the Middle East and North Africa. In 2026, the UAE’s Digital Music segment is expected to generate $89 million in revenue, with a CAGR of 9.46 percent, resulting in $62 million in revenue this year. Niko Partners estimates that the entertainment industry in the UAE will grow 9 percent from 2021 to 2028. In addition, the value of the games market will increase to $3.14 billion by 2025 at a CAGR of 13.8 percent.

In its report, Investing in Media and Entertainment in the UAE, the Ministry of Economy summarized several international reports on the country’s media and entertainment industry. Dubai Media City has over 122 channels and nearly 33,000 media specialists, according to the report. Over 600 companies, 130 entrepreneurs, and over 5,000 media specialists are housed in Abu Dhabi’s Free Media Zone. As part of the Abu Dhabi Investment Authority’s strategy worth over AED30 billion, the Yas Creative Hub will employ more than 16,000 people by 2031.

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