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• 26 Mar 2024
• Research & Ideas

How Humans Outshine AI in Adapting to Change

Could artificial intelligence systems eventually perform surgeries or fly planes? First, AI will have to learn to navigate shifting conditions as well as people do. Julian De Freitas and colleagues pit humans against machines in a video game to study AI's current limits and mine insights for the real world.

• 29 Feb 2024

Beyond Goals: David Beckham's Playbook for Mobilizing Star Talent

Reach soccer's pinnacle. Become a global brand. Buy a team. Sign Lionel Messi. David Beckham makes success look as easy as his epic free kicks. But leveraging world-class talent takes discipline and deft decision-making, as case studies by Anita Elberse reveal. What could other businesses learn from his ascent?

• 29 Aug 2023
• Cold Call Podcast

As Social Networks Get More Competitive, Which Ones Will Survive?

In early 2023, TikTok reached close to 1 billion users globally, placing it fourth behind the leading social networks: Facebook, YouTube, and Instagram. Meanwhile, competition in the market for videos had intensified. Can all four networks continue to attract audiences and creators? Felix Oberholzer-Gee discusses competition and imitation among social networks in his case “Hey, Insta & YouTube, Are You Watching TikTok?”

• 21 Apr 2023

The $15 Billion Question: Have Loot Boxes Turned Video Gaming into Gambling?

Critics say loot boxes—major revenue streams for video game companies—entice young players to overspend. Can regulators protect consumers without dampening the thrill of the game? Research by Tomomichi Amano and colleague.

• 07 Apr 2023

When Celebrity ‘Crypto-Influencers’ Rake in Cash, Investors Lose Big

Kim Kardashian, Lindsay Lohan, and other entertainers have been accused of promoting crypto products on social media without disclosing conflicts. Research by Joseph Pacelli shows what can happen to eager investors who follow them.

• 03 Jan 2023

Wordle: Can a Pandemic Phenomenon Sustain in the Long Term?

Wordle went from a personal game, created by a developer for his girlfriend, to a global phenomenon with two million users in just a few months. Then The New York Times made an unexpected bid to acquire it. But will Wordle outlast other pandemic pastimes? Harvard Business School senior lecturer Christina Wallace discusses the journey of software engineer and accidental entrepreneur Josh Wardle in the case, “Wordle.”

• 15 Nov 2022

Why TikTok Is Beating YouTube for Eyeball Time (It’s Not Just the Dance Videos)

Quirky amateur video clips might draw people to TikTok, but its algorithm keeps them watching. John Deighton and Leora Kornfeld explore the factors that helped propel TikTok ahead of established social platforms, and where it might go next.

• 23 Nov 2021

The Vinyl Renaissance: Take Those Old Records Off the Shelf

If listeners today can stream just about any song they want, why are so many music aficionados still buying records? Ryan Raffaelli and Gold Rush Vinyl CEO Caren Kelleher discuss the resurgence of vinyl. Open for comment; 0 Comments.

• 17 Mar 2021
• Working Paper Summaries

Consuming Contests: Outcome Uncertainty and Spectator Demand for Contest-based Entertainment

Analysis of Australian Football League data shows that the uncertainty of game outcomes has a large, positive causal effect on stadium attendance. These findings show how competitive balance is important for contest designers in general and sports leagues in particular.

• 04 Jan 2021

The Twofold Effect of Customer Retention in Freemium Settings

Many digital products offer “freemiums”: that is, part of the product for free, often with advertising, and an enhanced customer experience for payment. This research, in a mobile game context, shows the importance of recognizing the short- and long-term effects on customer retention when managing the tradeoffs between free and paid aspects of freemium products.

• 03 Apr 2019

Learning or Playing? The Effect of Gamified Training on Performance

Games-based training is widely used to engage and motivate employees to learn, but research about its effectiveness has been scant. This study at a large professional services firm adopting a gamified training platform showed the training helps performance when employees are already highly engaged, and harms performance when they’re not.

• 27 Feb 2019

Judgment Aggregation in Creative Production: Evidence from the Movie Industry

Selecting early-stage ideas in creative industries is challenging because consumer taste is hard to predict and the quantity to sift through is large. Using The Black List that ranks scripts annually based on nominations from film executives, this study shows that aggregating expert opinions helps reduce quality uncertainty and can influence high-budget production.

• 04 Jun 2018

Think of it as Professors in Cars Having Coffee

Has the art of civil debate returned? In the new Harvard Business School podcast series After Hours, professors Youngme Moon, Felix Oberholzer-Gee, and Mihir Desai discuss issues ranging from gun control to voice-activated digital assistants. Open for comment; 0 Comments.

• 26 Feb 2018

The Airbnb Effect: Cheaper Rooms for Travelers, Less Revenue for Hotels

Hotels enjoy their highest profits when rooms are most in demand, like during holidays and big events. Unfortunately for them, Airbnb is taking away some of that pricing power, according to new research by Chiara Farronato and Andrey Fradkin. Open for comment; 0 Comments.

• 12 Oct 2017

Telemundo: The Fastest Growing TV Network in the United States

Telemundo is the fastest-growing television network in the United States, but Chairman Cesar Conde must attract millennials to the fold. In this podcast, Henry McGee discusses Telemundo's David and Goliath rise. Open for comment; 0 Comments.

• 18 May 2017

Reversing the Losing Streak on Sesame Street

When CEO Jeffrey Dunn took over Sesame Street in 2014 with a new mission to “Make kids smarter, stronger, and kinder,” skepticism ran high as Big Bird's hair. In this podcast, Rosabeth Moss Kanter, who wrote the case with Ryan Raffaelli, talks about reversing a losing streak, answering foundational questions like, “Who are we if we make this deal?” Open for comment; 0 Comments.

• 19 Jan 2017

Can Wynton Marsalis and Lincoln Center Save Jazz Music?

With its listenership in steep decline, jazz legend Wynton Marsalis is looking to rebrand the genre and engineer its comeback. Rohit Deshpande discusses his recent case study on the effort. Open for comment; 0 Comments.

• 06 Oct 2016

The Munich Oktoberfest: From Local Tradition to Global Capitalism

Professor Juan Alcacer discusses how the Oktoberfest brand has been transplanted around the globe, whether copycat festivals help or hurt its reputation, and to what extent its original hosts could or should be profit-motivated. Open for comment; 0 Comments.

• 08 Sep 2016

How Netflix Built its House of Cards (and Changed TV Forever)

The TV drama "House of Cards" not only made Netflix a major entertainment player, but it changed the viewing habits of millions of watchers. In this Cold Call Podcast, Anita Elberse discusses her case study on the impact of this pioneering series and the small production company behind it. Open for comment; 0 Comments.

• 29 Jan 2013

Creating the Perfect Super Bowl Ad

Professor Thales S. Teixeira says TV viewers lose purchasing interest when ads get too caught up in entertainment. His advice for the perfect pitch: tie together a good story and a compelling brand. Closed for comment; 0 Comments.

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Pop Culture

How our entertainment changed in 2020.

Aisha Harris

Stephen Thompson

NPR's Michel Martin talks with Aisha Harris, host of the Pop Culture Happy Hour podcast, and NPR Music's Stephen Thompson, about how the events of 2020 have forever changed the entertainment industry.

MICHEL MARTIN, HOST:

2020 was - what can I say that hasn't been said? It was a lot, to say the least, from the start of the pandemic to the quarantines to the killings of George Floyd and Breonna Taylor and the protests that those deaths and others sparked to the counterprotests over mandates and shutdowns. The past year was, as we said, a lot.

And for many people, entertainment is an escape from the realities of daily life. But entertainment can also be a reflection of life. We wanted to know how the entertainment industry reflected this tumultuous year, so we've called two of our in-house experts on all things pop culture, Stephen Thompson and Aisha Harris, both from NPR's Pop Culture Happy Hour podcast.

Welcome to you both. Thank you both so much for joining us.

STEPHEN THOMPSON, BYLINE: Thanks for having us.

AISHA HARRIS, BYLINE: Thank you.

MARTIN: Well, you know, for many of us, 2020 had us locked inside, glued to our TV sets, looking for something to binge-watch. I mean, so, Aisha, I'll start with you.

How did - and that includes movies - right? - because a lot of us couldn't go to movie theaters or didn't want to go to movie theaters, so all the movies we were experiencing was on television. So how did those industries, television and the movies - first of all, how did they react to the events of 2020? Aisha, what effect did it have on the way they did their business? And how do you think they responded?

HARRIS: Well, it definitely became a year where we didn't have those big blockbusters that the industry, the movie industry, seems to rely on every summer. We had movies like "Wonder Woman" being moved and shifted to video on demand at the end of the year. And so without that, you have the industry wondering, OK, what are we going to do?

Even before the year started, there was concern - all this discussion about streaming and the streaming wars and how it's going to affect the movie industry and the fact that fewer and fewer and people were already going to the movie theaters in the last few years. And so I think this just kind of accelerated the pace of movie theaters' sort of crumbling infrastructure.

And it'll be interesting to see going forward how they move past this. I think people are going to definitely want to go back as soon as they possibly can, but that doesn't mean it's going to work out for the movie theater industry in the long run.

MARTIN: Stephen, what about you? When you're thinking about the way artists in music responded to the moment, like, what comes to mind? Like, I'm thinking about some specific songs responding to a specific moment, like "I Can't Breathe" by H.E.R. What about you? What comes to mind?

THOMPSON: Well, I think there are a lot of moments to respond to. And I think musicians attacked a lot of them from a lot of different angles. I mean, if you're talking about the pandemic and kind of the isolation that that brought about, Taylor Swift made two albums in quarantine that were quite well-received and that were in many places quite beautiful.

You have a group called SAULT - that's S-A-U-L-T - a British kind of R&B, jazz kind of genre-blending group - made two fantastic records that came out in 2020. One is called "Untitled (Rise)." The other is called "Untitled (Black Is)." "Black Is" in particular is this hour-long ode to the Black experience that approaches its subject from so many different angles and with such righteousness and rage and beauty.

You feel these albums, and they're speaking to the moment - sometimes they're made before the specific flashpoints that we're talking about, but they really speak to them in remarkable ways. Run The Jewels put out a record called RTJ4 that came out on June 3 - like, kind of right in the middle of when the George Floyd protests were coming up. And that album had been made months and months ahead of time, but it managed to speak to the moment in a really, really striking way.

(SOUNDBITE OF SONG, "WALKING IN THE SNOW")

RUN THE JEWELS: (Singing) And you so numb you watch the cops choke out a man like me until my voice goes from a shriek to whisper, I can't breathe. And you sit there in house on couch and watch it on TV.

MARTIN: Aisha, what about you? What about sort of in - movies have such a long tail, so maybe let's focus on TV here. How did TV respond to this moment? I mean, I know that, for example, the shows like "Cops" and "Live PD" were canceled, I think pretty much in response to the fact that many people felt that those storylines were, you know, wildly inappropriate or were so biased or for whatever reason.

But just overall, like, how do you think television responded? And did anybody capture the moment, in your view, particularly well? And I'm also interested if you think anybody blew it and just didn't get it right.

HARRIS: Well, I think one thing that remains to be seen is "Brooklyn Nine-Nine," which is a show that I love, but I also have long had reservations about loving, in part because it depicts this, you know, ragtag group of Brooklyn police officers being goofy and doesn't really - it kind of doesn't jibe with this current conversation that we're having about policing and police reform. And so they have actually - the creators, Mike Schur and also the cast have talked about how this upcoming season, they're planning to address it head-on.

So we're seeing shows like that really start to wrestle with it and say, like, we can't ignore this anymore. We really need to confront this. And so I think if any show is going to be able to do it, it'll be that one.

You know, we've also seen lots of discussion - I know you and I have talked about "The Bachelorette" and the way in which they've discussed that. It's not a show that I watch, but I think it's interesting that even a show as frothy as that can't even sidestep the conversation that's happening.

So I don't know. I feel like it was a moment that was happening in the summer, and I feel like it's ebbed a little bit. So I think the further we move away from the George Floyd protests, the less I feel like it's going to be something that continues to reverberate. But I'm cautiously optimistic on that front.

MARTIN: Before we let each of you go, I mean - this is - it's really not fair to ask reporters to predict because it's your job to, you know, describe, you know, what is and to tell us about it. But I am interested in whether - you know, we're all thinking about what changes we've all experienced, what might last, what we would want to last and what we can just please never see again.

And I'm just wondering if I could just ask each of you to say if there's something that happened this year that you'd like to see as a result of everything we've gone through, that you'd like to see more of in the future, that you hope will continue in the areas that each of you covers. Aisha, you want to start?

HARRIS: Sure. I just think this is a really great year for women filmmakers. And this has been something - it's not like there haven't been women filmmakers before, obviously, but I think, especially in a year when so many movie releases were shuffled around and everything, I think, you know, it was easy to say, oh, there were no good movies this year, but there were.

And a lot of them were by women filmmakers like Garret Bradley, who created a really fascinating, beautiful documentary about the prison industrial system from a very personal point of view called "Time." And that's - you can find that on Amazon Prime. You had Radha Blank making "40-Year-Old Version," which is a great, funny movie that I highly recommend everyone see. There were just lots of really great films by women filmmakers, and so I hope you continue to see that going into 2021 and beyond.

MARTIN: Stephen, is there anything that, you know, despite the fact that last year was terrible, and nobody would wish this, you know, on their worst enemy - but are there some things that happened as a result of COVID, perhaps, in the world of music that you hope might continue?

THOMPSON: Well, I think that 2020 did give musicians - it kind of forced a lot of musicians to connect with fans in new and kind of personal ways and create performances that really had a real intimacy to them. I think the world of live shows streamed over the Internet has been a very, very mixed bag. But I think the fact that musicians are learning how to create a sort of facsimile of a live experience over the Internet does have real potential to create some great performances and some great art.

I think that everybody in music is really kind of white-knuckling and holding on, hoping that live music can come back, in part to kind of prop up this economy. But I think that creatively, musicians becoming better at working from home and creating from home just has the capacity to bring about a lot of new and exciting art.

MARTIN: That was Stephen Thompson and Aisha Harris from the NPR Pop Culture Happy Hour podcast. Stephen Thompson, Aisha Harris, thank you so much for speaking with us.

And happy New Year to you both. It's got to be a better one than the past one.

THOMPSON: Well, let's hope so.

HARRIS: Happy New Year.

THOMPSON: Thank you, Michel.

HARRIS: Thanks.

Copyright © 2021 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

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• 1 Sep, 2021 | 14:05
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The U.S. Advertising Sectors Are Leading The Recovery Of The Media Industry In 2021

The spread of the delta variant has slowed the recovery in ooh entertainment, not clear what the post-pandemic global film industry will look like, the inevitable decline of linear television, it's still too early to pick winners and losers in the streaming wars, industry consolidation has accelerated due to the need for greater content and geographic scale, credit measures--what to do with all that cash.

We're nearly two-thirds of the way through 2021 and the U.S. media and entertainment industry is still working to put the effects of the COVID-19 pandemic behind it. That said, the recovery in the advertising-focused media sectors has been more robust than in other sectors because advertising spending began recovering in the third quarter of 2020 and will, in aggregate, surpass pre-pandemic levels (in 2019) by the end of 2021. The out-of-home (OOH) entertainment sectors haven't fared as well as those focused on advertising because the previously encouraging pace of recovery in these sectors has been modestly slowed by consumer and government reactions to the spread of the delta coronavirus variant. While we still expect OOH entertainment revenue to recover in 2022, it could take until 2023, or beyond, for the credit metrics of the participants in this segment to fully recover given their higher debt levels following pandemic.

For the rest of the year, we will remain focused on the pace of the recovery in OOH entertainment, the post-pandemic future of the film industry, and--most importantly--when the credit measures of industry participants will return to pre-pandemic levels. In addition to these topics, our focus will return to the same industry-specific themes that were front and center as of the end of 2019: the secular pressures affecting traditional linear TV as audience ratings decline and advertising shifts to digital platforms; determining the winners and losers in the global streaming service wars; and industry consolidation. We expect these key topics to dominate our conversations for the remainder of the year and into 2022.

Since the start of the second half of 2020, U.S advertising spending across most media segments has rebounded at a strong clip. We now expect U.S. advertising revenue to rise by 14.5% in 2021, which is a significant increase from our previous 7.8% growth forecast. This stronger-than-expected recovery is due to the continued expansion of advertising on digital platforms, which--other than in April 2020 when digital advertising declined--hasn't missed a beat despite the pandemic. We raised our expectation for 2021 digital advertising growth to 25%, which is well ahead of our previous expectation of 12%. In addition, the recovery in spending on local and national TV advertising and billboards is outpacing our previous expectations. On the other hand, we anticipate the level of spending on radio advertising will only return to 90% of 2019 levels by the end of 2022 before continuing to decline. Further, we don't forecast transit advertising will recover to pre-pandemic levels until 2022/2023. For a longer discussion of current U.S. advertising trends, please see " Rebooting The U.S. Media Sector: Double-Digit Advertising Growth Can Thank Digital ," published Sept. 1, 2021, on RatingsDirect.

Through the first six months, the OOH entertainment sector improved at a faster pace than we had anticipated. This reflected the quick relaxation of social distancing and attendance restrictions by governments and health authorities as large portions of the population received vaccinations, COVID-19 case counts declined, and--most importantly--consumers showed a strong desire to escape their homes and attend concerts and sporting events and visit theme parks. However, based on recent industry announcements cancelling fall concert tours or delaying the theatrical releases of some upcoming films, we believe the recovery of the U.S. OOH entertainment sector has modestly slowed amid elevated consumer health and safety concerns related to the spread of the delta variant and new government-imposed mandates requiring masks, proof of vaccination to enter entertainment venues, and event capacity restrictions. Despite these near-term concerns, we believe the OOH entertainment sector's recovery is outpacing our previous assumptions.

We believe the strong demand for entertainment options indicates that our concerns about potential consumer reluctance to re-engage socially were inaccurate. Starting in 2022, we expect most OOH entertainment sectors to expand at a faster rate than the legacy advertising-based media sectors as consumers embrace experiential entertainment over passive legacy entertainment. We assume concerts, theme parks, sports, and other live action events (such as e-sports) will benefit from this trend. Movie theaters, on the other hand, are the one OOH entertainment sector that is unlikely to return to pre-pandemic consumer engagement levels because movie studios are increasingly prioritizing film distribution via streaming services rather than theatrical release.

Even before the pandemic, the global film industry was under intense secular pressure because studios were pushing for more flexibility around the length of the exclusive theatrical release window. In addition, an increasing number of films (most notably dramas and comedies) skipped theaters and were released directly on streaming services. Then the pandemic struck, which severely affected the entire film industry and accelerated the preexisting secular shifts. For example, for the 455-day period from Feb. 28, 2020, (the release of Universal's "The Invisible Man") to May 28, 2021 (the release of Disney's "Cruella" and Paramount's "A Quiet Place Part II"), no major films (except for Warner Bros.' film slate including "Tenet", "Wonder Woman 1984", and "Godzilla vs. Kong") were released in theaters. Even as theaters have begun reopening and the backlog of movie releases begins to clear, we believe the pandemic will lead to permanent changes in the film industry. This is because recent trends, including the growing importance of in-house video streaming services to the media companies, the new shorter (most likely settling in at 45 days versus the historical 75-90 day) exclusivity window, and the potential for non-exclusive theatrical windows, has shifted the balance of power toward the film studios and away from theater operators. While the theaters need film releases to survive, the media companies now have other release options for their films and are less reliant on traditional theatrical releases. That said, the studios still need theatrical release to "eventize" their big budget, high-profile films and the theaters do have some opportunities, including to work with Netflix, Apple, Amazon, and other independent streaming services to release their films in theaters (despite the likelihood for a shortened release window) and by expanding their offerings to encompass non-film events, such as concerts and sports.

This secular shift in the film industry has also changed the role of movie studios within global media companies. While their role as primary content creators remains unchanged, studios no longer have final say in how their content is distributed, be it by theatrical release, through an in-house streaming service, or by selling it to a third-party streaming service. While Walt Disney Co. is the only media company to officially organize its operations around this strategy, other media companies are increasingly taking a similar approach. These changes will affect their revenue and profitability and determine how the movie industry recovers from the pandemic, which could have long-term negative ramifications for our credit ratings on both movie studios and exhibitors.

While the pace of cord cutting has been modestly slower than we forecast thus far in 2021, the audience ratings for linear TV are deteriorating at an alarming pace. According to Nielsen, total day audience ratings declined by 15% year-over-year for the four major English-language broadcast networks and by 18% for the cable networks despite the return of original programming and sports. Clearly, consumers are watching less linear TV and this increasingly includes sports (for example, ratings for the 2020 Tokyo Summer Olympics declined by 40% versus the 2016 Rio Summer Olympics), news, and special events (the ratings for the Academy Awards declined by nearly 56%). Not only do we not forecast that this rate of decline will improve, we believe it is far more likely to accelerate. The media companies are increasingly prioritizing placing new content on their owned direct-to-consumer (DTC) streaming services rather than putting them on their legacy linear TV networks, which could accelerate the pace of audience losses. In addition, we believe the ratings declines for linear TV could worsen because the media companies are increasingly adding sports programming (both the NFL and NHL have included streaming rights in their broadcast TV packages) and news (WarnerMedia is preparing to launch CNN+ in 2022 to compete against Fox's Fox Nation streaming service) to their DTC streaming services. Over time, these audience declines will further weaken the operating and financial performances of linear TV operators. On the advertising side, the reduction in viewership will likely weaken the demand from advertisers and pressure industry pricing, which is something that we have been concerned about for years but have yet to see materialize. In addition, declining audiences will impact the networks' carriage negotiations with the pay-TV distributors. While we are already seeing this with the regional sports networks (RSNs) and premium cable networks, we believe the runway for the broadcast networks and local TV stations is longer. Coupled with paid-TV subscriber declines, distributors will push back harder on per-subscriber price increases, which will likely begin to reduce affiliate revenue--the bedrock of the media industry's cash flows.

It is still the beginning stages of the rise of DTC streaming services, thus we believe it is too early to assess their long-term performance metrics or pick winners and losers. All the major media companies have finally launched their own domestic DTC streaming services (ViacomCBS' rebranding and relaunch of CBS AllAccess as Paramount+ on March 4, 2021, being the most recent). The last 18 months have also been unique because the pandemic kept people in their homes. While this unexpected captivity led to very strong new subscriber growth, it also shut down most film and TV production, which may have negatively affected the streaming services' subscriptions in the first half of this year due to the lack of new content to attract sign ups and consumers' gradual returned to their pre-pandemic lifestyles. We believe the new content production pipeline is now almost fully open and note that streaming services already rolled out a lot of new content in the second half of the year, which will likely support their new subscriber growth and retention. However, the pace of their operating losses--as media companies continue to spend billions on their DTC streaming services for content, technology, and marketing--will be equally as important for their credit quality. We anticipate that media companies could increase their spending beyond their current guidance if they see opportunities to attract more subscribers. While likely a positive for new subscriber growth, this increased spending could depress both their EBITDA and cash flow and delay their ability to reach break even on their DTC streaming services. We don't expect this delay to affect our credit ratings on most media companies unless the increase in their spending is significant or occurs in conjunction with another action that elevates their leverage. In many cases, the media companies have already recognized the potential for elevated spending and higher leverage and have been taken actions to build a leverage cushion.

Media has historically been a national industry with only a few companies achieving truly global prominence. Netflix and its global streaming service changed that paradigm. Now, any company that wants to compete directly with Netflix talks about securing both more content and greater geographic scale (preferably global). As Netflix has expanded, the company has put tremendous competitive pressure on regional media companies that don't have the depth of content or the subscriber scale to compete head to head. Over the last few years, we've taken several ratings actions on smaller non-U.S. media companies, including Brazil's Globo Comunicacao e Participacoes S.A., that have materially weakened their credit profiles by trying to roll out their own DTC streaming services to compete against Netflix and other global streaming companies.

In light of the importance of increased scale, the pace of industry mergers and acquisitions (M&A) has intensified this year due to several major media transactions, including Discovery's proposed merger with WarnerMedia, Amazon's proposed acquisition of MGM, and Univision's proposed merger with Grupo Televisa's content and media assets. All three companies have global aspirations and these transactions, which include both film and TV libraries and content production capabilities, will help address the seemingly insatiable appetite for content to feed their global streaming services. In addition, several smaller independent production companies have put themselves up for sale. One company, Hello Sunshine, was purchased by a newly formed media venture backed by Blackstone Group.

Aided by the favorable conditions in the debt markets and the rise of non-traditional companies flush with cash (such as special-purposed acquisitions companies [SPACs]), we expect the level of M&A activity to remain robust across the entire industry as industry players (media companies, sponsors, and tech companies) evaluate their strategies and consider how to meet their needs. While the large global media companies will look at every possible transaction, we don't expect them to aggressively pursue these smaller companies given their preference for internal content investments over leveraging acquisitions, as well as the steep valuations that these potential acquisition targets are demanding. Thus, we expect more non-traditional media companies to get involved, such as with the Hello Sunshine transaction. Given the high costs of building out a new streaming service, we expect some media companies to follow Comcast's and ViacomCBS' lead and look for partners to share the costs.

As the global economy continues to recover, the immediate risk facing our credit ratings on most media companies has diminished significantly. Through the first eight months of the year, we have taken significantly more (a 3-1 ratio) positive ratings actions (raising ratings or revising outlooks from negative to either stable or positive) than negative actions on companies in the industry. As the economy continues to recover, we could take additional positive rating actions if media companies remain disciplined and return their credit metrics to pre-pandemic levels.

Companies that sought extra liquidity by issuing incremental debt or preferred equity in 2020 must now determine what to do with the excess cash on their balance sheets. We don't expect the vast majority of these companies to use the cash to fund special dividends to their shareholders, to purchase stock, or to pay down their upcoming maturities. Instead, we expect most companies to prioritize the cash to fund organic growth opportunities, increase their content investments, or to fund capital investments. We understand the strategic rationale behind this decisions and believe that these investments could enhance their credit quality over the long term. Still, this would likely delay the recovery in their credit measures. Therefore, we would likely refrain from upgrading those companies that we downgraded during the pandemic until their metrics return to pre-pandemic levels.

Related Research

• Rebooting The U.S. Media Sector: Double-Digit Advertising Growth Can Thank Digital , Sept. 1, 2021
• Despite The Pandemic, There Are Good Signs Ahead For U.S. Outdoor Advertising , July 8, 2021
• The Global Music Industry Is On Track To Hit A New High Note When It Comes To Revenue Growth , June 16, 2021
• Consequences Of And Lessons Learned From The AT&T-WarnerMedia-Discovery Transaction , May 25, 2021
• The Post-Pandemic Recovery Will Be Coming Soon To A U.S. Movie Theater Near You , April 29, 2021
• How The Decline In The U.S. Television Ecosystem Could Squeeze Credit Ratings , April 22, 2021
• Gauging The Business Risks Of Local U.S. TV Broadcasters , April 15, 2021
• Rebooting The U.S. Media Sector: 2021 Advertising Trends Are Nicely Up, With Some Sectors Lagging , April 12, 2021
• The U.S. Broadcast Radio Sector's Recovery Is Now Set To Drag Into 2022 , March 4, 2021
• Here's What The U.S. Media And Entertainment Sector Has In Store For 2021 , Jan. 6, 2021

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The Impact of Generative AI on Hollywood and Entertainment

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Carolyn Geason-Beissel/MIT SMR | Getty Images

One of the many topics involving generative AI that is receiving a lot of attention is its potential effects on Hollywood and the entertainment industry. It’s an obvious concern because generative AI can create the types of outputs that the industry uses — text (in the form of stories, scripts, ad copy, and reviews), marketing campaigns, and moving and static images. Segments of the industry are facing economic pressures, which increases the demand for productivity and less-expensive “product.” And a high percentage of current entertainment is derivative of past content, which makes it well suited for generative technologies that are trained on … past content.

It’s still early days for generative AI-created entertainment, but it’s clear that something big is happening. A recent Wall Street Journal article noted that widely available AI tools can suggest storylines, character arcs, and dialogue; it even includes an interactive module that lets readers see for themselves how easily ChatGPT can write a basic script when given a few prompts. The article also raises questions about image intellectual property: “If a user prompts an AI tool to build a new character influenced by say, SpongeBob, should the original creators have to grant permission? Who owns it? Can the new work itself be copyrighted?”

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Generative AI was used in making the 2022 film Everything Everywhere All at Once , and we know how that turned out . Tom recently wrote about the use of generative AI to create movie and TV backdrop images . There are already generative AI systems that can create videos, although they are short and relatively primitive. AI is being used to provide data-driven predictions about how unusual storylines will land with viewers .

So, what does this mean for the industry? There are many different components to this question, as a new report from Variety Intelligence Platform suggests. In May, the Writers Guild of America (WGA) went on strike, primarily over film and TV writers’ income from streaming services programming , but it also demanded that production companies “ regulate use of material produced using artificial intelligence or similar technologies.” Because there are so many uncertainties about what will happen when and how with the technology, we spoke with two experts on the topic. Both are based in — not surprisingly — Los Angeles, and both are involved with centers at the University of Southern California (USC). However, they don’t work together, and they have very different approaches to the technology.

Resolutely Against Generative AI

Jonathan Taplin is director emeritus at the Annenberg Innovation Lab at USC. He’s had a long career in the entertainment industry and was previously a tour manager for musicians, including Bob Dylan and The Band. In addition, he’s been a film producer, a banker, and a writer. His latest book, The End of Reality: How Four Billionaires Are Selling a Fantasy Future of the Metaverse, Mars, and Crypto , will be released in September. As you might infer from the title, he’s not a fan of how big tech firms’ generative AI tools are being developed or promulgated.

“The way they train their models is by ingesting everything on the internet, with no concern for copyright,” Taplin told us. “Google has a music-generation AI trained on every audio file on YouTube. You can issue a prompt like ‘Write me a song that sounds like Taylor Swift, sad ending, up-tempo,’ and the resulting song sounds somewhat like her. Someone could include it in a video game or a bar scene in a movie for free.” Generative AI could do the same kind of repurposing with video content owned by the studios, he added.

Taplin’s primary concern is that generative AI will replace some of the work done by human writers, artists, photographers, and other creative professionals in the arts and entertainment industry. He also believes that it will exacerbate problems that are already bringing the film and TV industry down. “The biggest problem in the movies is too many formulas. There is a lack of originality, and that’s why the industry isn’t performing,” he said. Generative AI, he added, is only capable of producing even more formulaic content and will make the predictability worse. “Entertainment relies on new ideas, and this technology can’t produce them,” Taplin added.

He said he’s concerned that generative AI will continue to reduce the number of performers who can make a living in their fields. The majority of entertainment revenue already goes to a very small percentage of artists. This is the reality for musicians , especially on streaming services , and is echoed in Hollywood in the huge box office revenues generated by a handful of leading actors in blockbuster films. When you get an “algorithmic economy,” Taplin said, “the algorithms narrow the funnel, with outsize paychecks for a few.” He’s hopeful that a collective licensing regime — similar to what’s in place for music sampling — will emerge to protect artists when their content is used to train generative AI.

Embracing Generative AI, With Some Concerns

Yves Bergquist is director of the AI & Neuroscience in Media Project at USC’s Entertainment Technology Center , which is funded by Hollywood studios. You can guess that his opinion of generative AI is probably much more favorable than Taplin’s. It is, although he said he does have some concerns about AI’s potential effects on the media and entertainment industry: “It’s a completely revolutionary technology” characterized by misinformation and “some insanity.”

We asked Bergquist whether movie studios would embrace generative AI. Parts of them are already doing so, he said. “Some groups within the studios are highly technologically savvy, such as the chief technology officers and all of the visual effects artists and technicians. They are very sophisticated and are already working with generative AI companies. The studios do a lot of the postproduction work in films — particularly in animation — and there is a lot of pressure to bring costs down. The postproduction companies have a software development culture, so they will embrace generative AI.”

He also believes that many production companies will embrace the technology because they are already shooting on large LED-based screens and will need generative images for them. Bergquist said he expects that tools offering virtual actors and voice synthesis will be most aggressively adopted by short-form creators who distribute their work on TikTok or YouTube and by video game producers. “Streaming channels, digital ads, games — that’s what kids watch these days,” he noted. “The media industry no longer has a monopoly on entertainment.” Makers of hardware (such as cameras) are experimenting with generative in-camera visual effects as well.

“The postproduction companies have a software development culture, so they will embrace generative AI.”

The business side of traditional movie studios is sometimes more reluctant to embrace AI, Bergquist observed, simply because they don’t have the same kind of culture of data or software. “It’s being bolted onto organizations and people who aren’t ready,” he said. Even the new streaming studios, like Netflix and Prime Video, have experienced a lot of growing pains in their AI journeys.

Bergquist said that before the WGA strike started in May, many screenwriters told him that they view the likes of ChatGPT as a “great creative assistant tool” but not something that will replace human writers. “It’s good at brainstorming ideas, but it will output only average content,” Bergquist asserted. “It’s nowhere near capable of the symbolic abstraction necessary for script development, and it can’t output a script with narrative structure and character arcs.” At least not now. Future language models with higher levels of intelligence and new paradigms for AI might be able to do so.

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Bergquist thinks generative AI will have enormous effects not only on entertainment but also on education. He believes that schools, including the School of Cinematic Arts at USC, need to quickly ramp up their teaching to keep pace with the frenzy of new generative AI tools that are released nearly every week. Bergquist is preparing courses himself on the technology for the Society of Motion Pictures and Television Engineers, an organization that represents technologists in media.

Are Both Experts Right?

Although Taplin and Bergquist seem to have very different views on generative AI, they might both be right about its impacts. Economic pressures may entice the industry — at least some sectors of it — to embrace these new tools. Generative AI will lead to dramatic changes in production and postproduction, distribution, and intellectual property ownership. The technology may not be good for traditional artists and the companies that employ them, but it is likely to lead to significant changes in the industry over the next few years — hopefully some for the better along with some for the worse. Perhaps the only purely good news is that neither expert expects that humans will be entirely replaced anytime soon.

About the Authors

Thomas H. Davenport ( @tdav ) is the President’s Distinguished Professor of Information Technology and Management at Babson College, a visiting professor at Oxford’s Saïd Business School, and a fellow of the MIT Initiative on the Digital Economy. He is coauthor of Working With AI: Real Stories of Human-Machine Collaboration (MIT Press, 2022). Randy Bean ( @randybeannvp ) is an industry thought leader, author, founder, and CEO and currently serves as innovation fellow, data strategy for global consultancy Wavestone. He is the author of Fail Fast, Learn Faster: Lessons in Data-Driven Leadership in an Age of Disruption, Big Data, and AI (Wiley, 2021).

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US Edition: Global Entertainment & Media Outlook 2023–2027

Resetting expectations, refocusing inward and recharging growth.

For the entertainment and media industries, 2022 marked an important inflection point. PwC’s 24th annual Global Entertainment & Media Outlook offers an in-depth, five-year forecast of evolving forces that will likely shape an industry on track to be a $2.9 trillion market by 2027. Here’s a snapshot of what we found.

The next E&M era

US E&M sector revenue is expected to increase over the next five years, and we’ll see particularly strong growth in certain key segments. Change, however, remains the one constant for E&M companies. While participants in these markets have always had to be nimble and resilient to changes, the stakes are definitely rising.

As we look ahead, evolving consumer behavior, a shifting regulatory environment, and disruptions posed by new technologies will create new tensions and open up new possibilities: studios and streaming players, for example, are shifting their viewpoint on revenue; the ad campaign experience will continue to innovate; the video game industry is expected to bounce back with new tech; AI will continue to unfold vast possibilities, and new challenges.

Whatever pathways open up, the imperative will be to lean into innovative thinking. The entertainment and media industry has always been, at root, a creative endeavor. And in the coming years, armed with powerful technology, leaders will have to be more creative about how they create, distribute and monetise products and services.

Segment highlights

• Internet advertising
• Video gaming
• The metaverse
• Music, radio and podcasts

The US remains the focal market of the global streaming wars with revenue of US$49.4bn in 2022. By the end of the forecast period in 2027 the US will reach US$75.5bn – more than threefold growth in a decade – dwarfing the next-biggest market, China, at US$25.9bn. However, the US OTT market overall has seen a seismic shift, as years of breakneck subscriber growth supercharged by the COVID-19 pandemic has slowed. The forecast period highlights the increasing saturation of the US market and the future commercial challenges that pose for pure-play OTT and traditional cable and TV companies in the sector. As a result, there will be a new era with a focus on return on investment and profitable business models.

Though growth will slow over the next five years, the US will continue to retain its position as the largest global advertising market, reaching US$271.7bn by 2027. Internet advertising is expected to evolve over the next ten years into a broader category of Web 3.0 and “metaverse advertising,” which will encompass online 3D advertising, VR advertising and perhaps other IOT advertising channels and spaces, along with new ad formats such as branded NFTs. Generative AI technology also has the potential to disrupt the Internet advertising sector overall, evolving the consumer paths of discovery, and impacting commerce and engagement with content. Brands, agencies, ad tech firms and publishers who are able to capitalize on these growing trends will see improved margins and increased market share.

The composition of the video games market in the US typifies that of a modern Western nation, with a rapidly growing social and casual gaming sector and a robust traditional gaming sector that exhibits slower overall growth as it transitions away from physical media to digital sales and microtransactions. The largest generator of social and casual revenue in the US is in-app games advertising, having surpassed app-based social and casual gaming in 2022.

Although technology’s biggest players remain committed to the metaverse, they are showing more restraint in terms of their strategy, investment priorities and how they position the metaverse as a commercial proposition. Many are now reassessing their direction, with expensive hardware projects under scrutiny and significant cutbacks affecting metaverse operations. Despite these short-term challenges, however, the metaverse industry is gaining development traction, and for businesses, the implications of an immersive, persistent and decentralized digital world could be enormous.

Total music, radio and podcast revenue in the US was worth US$49.4bn in 2022, an increase of 17.2% on the previous year’s US$42.1bn. Revenue is forecast to rise at a 2.5% CAGR to total US$55.8bn in 2027. The growth vehicle to watch in this segment, however, is the hidden power of spoken word audio. The US is home to the largest podcast advertising market globally, with the number of monthly listeners rising by 7.1% in 2022 to reach 157mn. Over the next five years, the listener base will increase at a 3.3% CAGR to reach 185mn in 2027.

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Entertainment Values pp 11–22 Cite as

What Is Entertainment? The Value of Industry Definitions

• Christy Collis 5  
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Part of the book series: Palgrave Entertainment Industries ((PAEI))

Entertainment is a significant industry, but there is no clear definition of the term ‘entertainment’. Before we can study and understand the entertainment industry, a definition of the term is required. Collis draws on her research with entertainment industry professionals to determine the industry definition of ‘entertainment’. From an entertainment industry perspective, entertainment is defined and characterised by its audience-centred, commercial nature, rather than by its content, its genre, its audience, or the kind of emotional response it may or may not elicit from its consumers.

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Collis, C. (2017). What Is Entertainment? The Value of Industry Definitions. In: Harrington, S. (eds) Entertainment Values. Palgrave Entertainment Industries. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-47290-8_2

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Consumer attitudes towards media and technology in the United States as of November 2022, by user type

Most commonly forgotten media subscriptions in the U.S. 2022

Ranking of the most forgotten types of media subscriptions in the United States as of May 2022

Human- vs. AI-driven media content preference among U.S. adults 2023

Preference for human-driven vs. AI-driven media content according to adults in the United States as of February 2023

Live entertainment

• Premium Statistic Most expected types of live events according to adults in the U.S. 2022
• Premium Statistic Share of Americans who booked tickets for music events / concerts 2023, by age
• Premium Statistic Live music concert genres enjoyed by adults in the U.S. 2023
• Premium Statistic Attendance at music festivals among adults in the U.S. 2023
• Premium Statistic Virtual live music attendance in the U.S. 2021-2022
• Premium Statistic Most common sports to watch live in the U.S. 2022
• Premium Statistic Reasons for not going to sports events among NFL fans in the U.S. 2022

Most expected types of live events according to adults in the U.S. 2022

Leading types of live events highly anticipated by adults in the United States as of September 2022

Share of Americans who booked tickets for music events / concerts 2023, by age

Share of Americans who booked tickets for music events / concerts / festivals as of December 2023, by age

Live music concert genres enjoyed by adults in the U.S. 2023

Leading genres of music enjoyed during live concerts according to adults in the United States as of August 2023

Attendance at music festivals among adults in the U.S. 2023

Share of adults who have attended a music festival in the United States as of September 2023

Virtual live music attendance in the U.S. 2021-2022

Share of respondents who attended a virtual live music event in the United States in 2021-2022

Most common sports to watch live in the U.S. 2022

Most popular sporting events to attend live in the United States as of February 2022

Reasons for not going to sports events among NFL fans in the U.S. 2022

Reasons for not attending sporting events among NFL fans in the United States as of July 2022

Museums, art exhibits, theaters

• Premium Statistic Share of museum-goers visiting a museum in the U.S. 2020-2023, by frequency
• Premium Statistic Share of Americans who booked tickets for museums / art exhibitions 2023, by age
• Premium Statistic Favorite activities when visiting a museum in the U.S. 2017-2022
• Premium Statistic Share of Americans who booked tickets for theater / ballet / opera 2023, by age
• Premium Statistic Attendance at Broadway shows in New York 2006-2023, by category

Share of museum-goers visiting a museum in the U.S. 2020-2023, by frequency

Share of museum-goers visiting a museum in the previous year in the United States from 2020 to 2023, by frequency

Share of Americans who booked tickets for museums / art exhibitions 2023, by age

Share of Americans who booked tickets for museums / art exhibitions as of December 2023, by age

Favorite activities when visiting a museum in the U.S. 2017-2022

Preferred activities when visiting a museum in the United States in 2017 and 2022

Share of Americans who booked tickets for theater / ballet / opera 2023, by age

Share of Americans who booked tickets for theater / ballet / opera in the past 12 months as of December 2023, by age

Attendance at Broadway shows in New York 2006-2023, by category

Total attendance at Broadway shows in New York, United States from 2006 to 2023, by category (in 1,000s)

Amusement and theme parks

• Basic Statistic Visitation at leading amusement and theme parks in the U.S. 2019-2022
• Basic Statistic Total attendance at waterparks in the U.S. 2019-2022
• Basic Statistic Popularity of amusement parks in the United States Q3 2022
• Basic Statistic Popularity of amusement parks in the United States Q3 2022, by age
• Basic Statistic Popularity of amusement parks in the United States Q3 2022, by gender

Visitation at leading amusement and theme parks in the U.S. 2019-2022

Leading amusement and theme parks in the United States from 2019 to 2022, by attendance (in millions)

Total attendance at waterparks in the U.S. 2019-2022

Attendance at leading water parks in the United States from 2019 to 2022 (in millions)

Popularity of amusement parks in the United States Q3 2022

Popularity of amusement parks in the United States as of 3rd quarter 2022

Popularity of amusement parks in the United States Q3 2022, by age

Popularity of amusement parks in the United States as of 3rd quarter 2022, by generation

Popularity of amusement parks in the United States Q3 2022, by gender

Popularity of amusement parks in the United States as of 3rd quarter 2022, by gender

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Impact of artificial intelligence (AI) in the media and entertainment industry

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Masum Choudhury , Sandeep Prabhu , Ali Kareem Sabri , Haydar Abdulameer Marhoon; Impact of artificial intelligence (AI) in the media and entertainment industry. AIP Conf. Proc. 27 September 2023; 2736 (1): 060012. https://doi.org/10.1063/5.0171147

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Emerging AI advancements will have a massive influence on the worlds of media and entertainment. While most people are focused on technologies such as Virtual Reality and Augmented Reality that are entertainment-related, the technical change of how media experiences are generated is perhaps more astounding. We speculate on how and where these technologies will have an impact on our lives. This research adopts Quantitative Method. A survey was done online taking a sample of 150+ participants. Also, a systematic review of research papers, articles related to consultation papers published by authors, second research on topics, ideas and analysis of industry experts. This article will examine some of the ways in which artificial intelligence (AI) influences the stories we consume about AI’s application in media platforms. Now, the advent of Artificial Intelligence in the media and entertainment will change the way audiences interact with movies, TV shows, sports, games and videos and discover new ways to create and share content. AI, according to industry experts, will be the next stage of industrial revolution.

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Media and Entertainment Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Media and Entertainment Industry Overview is Segmented by Type (Print Media (Newspaper, Magazines, Billboard, Banner, Leaflets & Flyers), Digital Media (Television, Music & Radio, Electronic Signage, Mobile Advertising, Podcasts), Streaming Media (OTT Streaming, Live Streaming)) and Geography (North America (United States, Canada), Europe (United Kingdom, Germany, France, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia Pacific), Latin America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Media and Entertainment Market Size

Need a report that reflects how COVID-19 has impacted this market and its growth?

Media and Entertainment Market Analysis

The Media & Entertainment Market is expected to register a CAGR of 7.80% during the forecast period.

The market size was estimated at USD 27.72 billion in the current year and it is expected to reach USD 40.36 billion in five years.

Rapid technological developments have transformed the media and entertainment industry and its integration of new disruptors, leading to profitable growth in all sectors.

• Social media impacts the industry, and traditional sector players are shifting to electronic platforms, driving their ad spending in this field. Digital technologies and platforms have significantly benefited the sector in facilitating the effective creation, distribution, and consumption of content, revolutionizing market growth.
• There have been several significant changes in the media landscape. The media environment and consumption have rapidly changed with the rapid development of information technologies and new communication devices. A significant shift in content supply has occurred in the media worldwide. It is not just that the content and media channels have evolved but have also changed their nature.
• Also, smartphone penetration, low data tariff, and investments in original and regional digital content are favorable factors for digital access and content supply, respectively, for driving online consumption across the media & entertainment industry.
• However, several countries have been called upon to take action against these acts and to introduce various legislation aimed at combating infringements of intellectual property rights, protection of copyrighted material, blocking unlawful websites as well as all forms of illicit cyber activity given the emergence of differing pirated content on several media outlets.
• Businesses are suffering significantly from an increased spread of COVID-19 throughout the regions. Several initiatives are being launched by some players in the region aimed at mitigating this situation, which will lead to a positive impact on the media and entertainment market.

Media and Entertainment Market Trends

Streaming media sector is gaining traction due to emergence of ott media across online platform.

• Video streaming, mainly referred to as OTT, has taken the Media and Entertainment (M&E) industry by storm in the last decade. The studios that used only to create content and were dependent on broadcasters and distributors for reaching consumers are going directly to consumers (D2C). Similarly, broadcasters that have always depended on cable or DTH companies to distribute their programs and content now take it to consumers.
• In addition, OTT platforms like Apple, Amazon, Google, and Samsung are being launched by companies in adjacent and entirely other sectors. These changes have brought about a drive for vertical integration, which has caused hyper M&A activity mainly driven by access and control of good content and direct contact with consumers. With OTT, anyone can reach consumers directly without reliance on a cable or direct television provider or movie theatre company using short content hours and an internet site or app.
• OTT players are increasingly populating the market dominated by free-to-air, direct-to-home (DTH) broadcasting until now. GCC countries are increasingly investing in upgrading technology due to various nations' broadband initiatives to support OTT videos. An increasing number of broadcasting networks such as Starz Play, icflix, Istikana, and Netflix, operating globally and locally, offer subscription-based VOD services for viewers in the region.
• Demand for better streaming media services is expected to be boosted by the growing popularity of high-quality videos in terms of clarity. The main growth driver for global media and entertainment content will also be an increase in OTT service providers, i.e., Netflix and Amazon, focusing on delivering 3D movies and expanding the popularity of 4K UHD content, thus positively impacting market development.

North America to Register the Largest Growth Region During the Forecast Period

• North America's media and entertainment sector, which includes motion pictures, television shows & commercials, streaming content, music and aural recordings, broadcasts, radio or book publishing, and its evolving social media presence in this region, is the world's largest growing industry.
• Digital formats are increasingly becoming a part of media consumption in North America. The possibility of accessing media content of your choice has been made available thanks to the growing number of devices supporting digital and OTT platforms and increasing Internet speed. There has been a tremendous rise in media consumption in the country, with both traditional and digital media growing significantly.
• In the coming years, users will look to home theatre and other audio systems to get a real film experience as they become increasingly interested in watching films through online television services, increasing the studied market segment.
• Internet penetration has disrupted the distribution and consumption channels for digital media. The country's data consumption has increased due to better network coverage and advanced communications technologies like 3G, 4G, or LTE.

Media and Entertainment Industry Overview

The media & entertainment market landscape is highly competitive and consists of prominent players leading across the industry. Regarding market share, some of the major players currently dominate the market. However, with the advancement in emerging network technology (5G) across OTT services, new players are increasing their market presence, expanding their business footprint across emerging economies.

In July 2023, Axel Springer SE announced their acquisition of Bayard Advertising. This strategic acquisition combines Appcast's award-winning programmatic technology with Bayard's full-service recruitment marketing capabilities, significantly expanding Appcast's offerings to optimize companies' entire recruitment marketing processes. With the addition of Bayard, The Stepstone Group reinforces its position in the world's largest recruiting market.

In October 2022, Eros International PLC announced a collaboration with the ('MISA') to develop regional investment opportunities and projects. ErosMedia is committed and determined to create and produce content, enabling specialized knowledge transfer and mounting feature films and episodic web series - a whole spectrum content ecosystem enabled for web 3.0. in the region.

Media and Entertainment Market Leaders

DreamWorks Animation SKG

Warner Media LLC

Walt Disney Company

News Corporation

Discovery Communications Inc.

*Disclaimer: Major Players sorted in no particular order

Media and Entertainment Market News

• July 2023: Viacom Inc and Pernod Ricard India, in partnership with Wavemaker India, are delighted to announce yet another extraordinary collaboration for their groundbreaking music intellectual property, 'Royal Stag Packaged Drinking Water Boombox.' This innovative venture signifies the fusion of two distinct genres, Bollywood melodies, and Hip Hop, resulting in a one-of-a-kind musical experience that is poised to captivate audiences nationwide
• October 2022: Verbit, to meet today's special and specific needs, demands, and expectations of media professionals around the world, has launched several new superior automatic captioning products based on its ASR or hybrid technology, which are reliable, flexible, and highly accurate.

Media and Entertainment Market Report - Table of Contents

1. INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness - Porter's Five Force Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Buyers/Consumers

4.2.3 Threat of New Entrants

4.2.4 Threat of Substitute Products

4.2.5 Intensity of Competitive Rivalry

5. MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Growing Need for Fast Internet Connectivity With Ultra-Low Latency for OTT Media

5.1.2 Rising Application of Multimedia Services Across Emerging Economies

5.1.3 Streaming Media Sector is Gaining Traction Due to Emergence of OTT Media Across Online Platform

5.2 Market Restraints

5.2.1 Negative Statistics Due to the Regulatory Risks and Technological Changes

6. MARKET SEGMENTATION

6.1 By Type

6.1.1 By Print Media

6.1.1.1 Newspaper

6.1.1.2 Magazines

6.1.1.3 Billboard

6.1.1.4 Banner, Leaflets & Flyers

6.1.1.5 Other Print Media

6.1.2 By Digital Media

6.1.2.1 Television

6.1.2.2 Music & Radio

6.1.2.3 Electronic Signage

6.1.2.4 Mobile Advertising

6.1.2.5 Podcasts

6.1.2.6 Other Digital Media

6.1.3 By Streaming Media

6.1.3.1 OTT Streaming

6.1.3.2 Live Streaming

6.2 By Geography

6.2.1 North America

6.2.1.1 United States

6.2.1.2 Canada

6.2.2 Europe

6.2.2.1 United Kingdom

6.2.2.2 Germany

6.2.2.3 France

6.2.2.4 Rest of Europe

6.2.3 Asia Pacific

6.2.3.1 China

6.2.3.2 India

6.2.3.3 Japan

6.2.3.4 Rest of Asia Pacific

6.2.4 Latin America

6.2.5 Middle East & Africa

7. COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 News Corporation

7.1.2 DreamWorks Animation SKG

7.1.3 Eros International PLC

7.1.4 Discovery Communications Inc.

7.1.5 Warner Media LLC

7.1.6 Comcast Corporation

7.1.7 Viacom Inc.

7.1.8 Walt Disney Company

7.1.9 Facebook, Inc.

7.1.10 Pearson PLC

7.1.11 Bertelsmann SE & Co. KGaA

7.1.12 Axel Springer SE

7.1.13 Ogilvy & Mather Pvt Ltd.

7.1.14 Dentsu Inc.

7.1.15 BBDO Worldwide

• *List Not Exhaustive

8. INVESTMENT ANALYSIS

9. MARKET OPPORTUNITIES AND FUTURE TRENDS

Media and Entertainment Industry Segmentation

The Media and Entertainment (M&E) industry has multiple segments that combine into one vertical: movies/cinema, television, music, publishing, radio, internet, advertising, and gaming.

The Media and Entertainment Industry is segmented by type (print media (newspaper, magazines, billboards, banners, leaflets & flyers), digital media (television, music & radio, electronic signage, mobile advertising, podcasts), streaming media (OTT streaming, live streaming)) and geography (North America (United States, Canada), Europe (United Kingdom, Germany, France, rest of Europe), Asia Pacific (China, India, Japan, rest of Asia Pacific), Latin America, and Middle East and Africa).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Media and Entertainment Market Research FAQs

What is the current media & entertainment market size.

The Media & Entertainment Market is projected to register a CAGR of 7.80% during the forecast period (2024-2029)

Who are the key players in Media & Entertainment Market?

DreamWorks Animation SKG, Warner Media LLC, Walt Disney Company, News Corporation and Discovery Communications Inc. are the major companies operating in the Media & Entertainment Market.

Which is the fastest growing region in Media & Entertainment Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

Which region has the biggest share in Media & Entertainment Market?

In 2024, the North America accounts for the largest market share in Media & Entertainment Market.

What years does this Media & Entertainment Market cover?

The report covers the Media & Entertainment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Media & Entertainment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

What are the future trends in the Media & Entertainment (M&E) Market?

Key trends in the Media and Entertainment Market are: a) Focus on direct-to-consumer (D2C) models b) Interactive content c) Demand for regional content d) Integration with emerging technologies

What is the fastest-growing segment in the Media and Entertainment Market?

The fastest-growing segment in the Media and Entertainment Market is Digital media due to growing online content consumption, social media engagement, and increasing mobile users.

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Media and Entertainment Industry Report

The global media and entertainment market is witnessing remarkable growth across various segments like movies, music, video games, and social media, fueled by advancements in 5G, digitalization, and cloud storage. This evolution towards service-based entertainment emphasizes the need for innovative content and efficient distribution to remain competitive. With the surge in e-sports and online streaming demand, the market is expanding, although content piracy presents challenges. Films and wired connections dominate the market segmentation, with North America leading due to technological investments and a strong digital infrastructure. To thrive, companies must adapt to consumer preferences and technological shifts. For detailed insights, Mordor Intelligence™ offers comprehensive market share, size, and revenue growth rate analysis, including forecasts and historical overviews available as a free report PDF download.

Media & Entertainment Market Report Snapshots

• Media & Entertainment Market Size
• Media & Entertainment Market Share
• Media & Entertainment Market Trends
• Media & Entertainment Companies
• Media & Entertainment News

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Regions & Countries

Entertainment, 5 facts about americans and sports.

About half of Americans (48%) say they took part in organized, competitive sports in high school or college.

By a wide margin, Americans say football – not baseball – is ‘America’s sport’

More than half of Americans (53%) say America’s sport is football – about twice the share who say it’s baseball (27%).

Teens and Internet, Device Access Fact Sheet

Today, nearly all U.S. teens (96%) say they use the internet every day. And the share of teens who report being online “almost constantly” has roughly doubled since 2014-2015 (24% vs. 46%).

Most Americans don’t closely follow professional or college sports

About six-in-ten Americans (62%) say they follow professional or college sports not too or not at all closely.

True crime podcasts are popular in the U.S., particularly among women and those with less formal education

True crime stands out as the most common topic of top-ranked podcasts in the United States.

A Profile of the Top-Ranked Podcasts in the U.S.

True crime is the most common topic, making up 24% of top-ranked podcasts; 15% of the top podcasts focus on news. The next most common topics are politics and government (10%); entertainment, pop culture and the arts (9%); and self-help and relationships (8%).

Online Religious Services Appeal to Many Americans, but Going in Person Remains More Popular

About a quarter of U.S. adults regularly watch religious services online or on TV, and most of them are highly satisfied with the experience. About two-in-ten Americans (21%) use apps or websites to help with reading scripture.

Americans name a long, diverse list of podcasts they listen to most

A new Pew Research Center survey reveals that podcast listening is highly fragmented, and no one podcast dominates.

Podcasts as a Source of News and Information

Roughly half of U.S. adults say they have listened to a podcast in the past year, including one-in-five who report listening at least a few times a week. Most podcast listeners say this experience includes hearing news, which they largely expect to be mostly accurate. Large shares of listeners say they turn to podcasts for entertainment, learning or having something to listen to while doing something else.

Teens, Social Media and Technology 2022

The landscape of social media is ever-changing, especially among teens who often are on the leading edge of this space. A new survey of American teenagers ages 13 to 17 finds that TikTok has established itself as one of the top online platforms for U.S. teens, while the share of teens who use Facebook has fallen sharply.

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About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts .

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Big Tech companies form new consortium to allay fears of AI job takeovers

AI might not be coming for all jobs, but it might be coming for some. 

UPS’s largest layoff in its 116-year history was the result of, in part, new technologies, including AI , CEO Carol Tomé said during an earnings call in February. Meanwhile, IBM plans to pause hiring for roles it thinks could soon be automated by AI, CEO Arvind Krishna told Bloomberg last year.

Workers aren’t optimistic about the future. In a recent survey from McKinsey, 25% of business professionals said that they expect their employer to lay off staff as a result of AI adoption . And, well, their pessimism isn’t misplaced. According to one estimate, around 4,000 workers have lost their jobs to AI since May . And in a poll from Beautiful.ai, which makes AI-powered presentation software, nearly half of managers said that they’re hoping to replace workers with AI .

But a cohort of Big Tech vendors and consultancies — called the AI-Enabled ICT Workforce Consortium (ITC) — aims to push back against the notion that AI will lead to job losses, citing the need for re-skilling and upskilling within the information and communication technology (ICT) industry specifically.

The ITC is being led by Cisco with support from Google, Microsoft, IBM (conspicuously), Intel, SAP and Accenture. The ITC’s mandate is to explore AI’s impact on jobs while enabling people to find AI-related training programs and connecting businesses to “skilled and job-ready” workers, a spokesperson told TechCrunch in a briefing.

“The ITC’s unique approach will research and evaluate the impact of AI on specific job roles, including skills and tasks, and recommend training for an AI-enabled ICT workforce,” the spokesperson said. “Consortium members and advisers share a common perspective that a greater sense of urgency is required to understand the impact of AI on key job roles within the ICT Industry.”

In the first phase of its work, the ITC will evaluate the impact of AI on 56 ICT job roles and provide training recommendations for the roles affected. These 56 roles, which the ITC hasn’t disclosed yet, were selected for their “strategic significance” in the broader ICT ecosystem and AI’s impact on the tasks required to perform the roles, the spokesperson said, as well as roles that offer “promising entry points” for low-level workers.

“These job roles include 80% of the top 45 ICT job titles garnering the highest volume of job postings for the period February 2023–2024 in the U.S. and five of the largest European countries by ICT workforce numbers (France, Germany, Italy, Spain and the Netherlands),” the spokesperson said. “Collectively, these countries account for a significant segment of the ICT sector, with a combined total of 10 million ICT workers.”

If the goal is to allay fears of a mass AI threatening of livelihoods, tech incumbents will need to deliver a lot more than vague promises and reports.

The ITC intends to publish its findings in a report this summer. And, beyond that, it hasn’t quite figured out a roadmap.

“The Consortium will determine its ‘phase 2’ scope in mid-2024,” the spokesperson said. “As we progress towards phase 2, the Consortium may consider extending invitations to other organizations and institutions to join our collaborative efforts in supporting the success of an AI-enabled ICT workforce.”

And therein lies the problem with industry consortiums like this.

If the goal is to allay fears of a mass AI threatening of livelihoods, tech incumbents will need to deliver a lot more than vague promises and reports. IBM has pledged to skill 2 million people in AI by 2030; Intel has said it’ll upskill over 30 million with AI in the same timeframe.

“Consortium members have established forward-thinking goals with skills development and training programs to positively impact over 95 million individuals around the world over the next 10 years,” the spokesperson said.

Yet it’s not clear how many AI roles will be available then.

According to a recent analysis by Lightcast, a labor market analytics firm, the demand for AI roles is decreasing, not increasing. In 2022, AI-related positions made up 2% of all job postings in the U.S. In 2023, that figure dipped to 1.6%. 

“Consortium members commit to developing worker pathways particularly in job sectors that will increasingly integrate artificial intelligence technology,” the spokesperson said. “It’s a voluntary and transparent effort across companies to assess the impact and identify paths for upskilling and reskilling of technology roles most likely to be impacted by AI … We intend for this work to produce real, tangible recommendations that will address business and worker needs.”

I’ll reserve some judgment until we see those “real, tangible” recommendations. But I’d hope that, whatever form they take, they’re accompanied by courses of action — or any action, really. Big Tech has big promises to keep, particularly where it concerns the future of work and the tech industry’s role in shaping it.