China’s Entertainment Industry Set To Grow At Double The Rate Of U.S. Over Next Four Years – Report

deadline.com:

China‘s entertainment and media industry is set to close the gap on the U.S. over the next four years, according to PWC‘s latest Global Outlook.

Advertising and consumer spending revenues in the world’s second most populous country will shoot up by more than 7% to $362.5B by 2028, according to the report, rising at almost double the rate of the U.S., although the American industry’s figure will remain significantly higher at $808.4B. “The U.S., representing more than one-third of global spending in 2023, remains the world’s biggest entertainment and media market for the combined advertising and consumer spending markets by a wide margin,” said PWC. “But this scale brings with it maturity and hence relatively slower growth.” China’s entertainment industry has been expanding in recent years and PWC said its “continued strong growth means it’s steadily closing the gap on the U.S.

in terms of market size, although tight government regulation can make investing there more complex than in other territories.” The fastest growing markets between this year and 2028 will be Indonesia and India, the report forecasted, predicting “rapid growth” over the coming years in these territories.

PWC highlighted that each of these nations has its own distinctive market dynamics, pointing to India becoming the world’s fastest-growing OTT video-streaming market over the period serving its “vast, diverse and widely dispersed population, many of whom are obsessed with sports content in general, and cricket in particular.” By 2028 and having grown by more than 8%, India’s industry will be worth just shy of $100B, the report said, with Indonesia’s a little way behind.