Despite economic headwinds, technological disruption and increased geographic and industry competition, the global entertainment and media (E&M) industry grew in 2023, with total revenues rising 5% in 2023 to $2.8 trillion, according to PwC . By 2028, entertainment & media is expected to hit and projected to hit $3.
4 trillion. The E&M industry’s rate of growth for 2023 outpaced overall 3.2% global economic growth cited by the International Monetary Fund for 2023.
It’s worth noting the numbers in the forecast don’t yet include the impact of generative AI, as it still isn’t quite clear exactly how it will impact the economy in various ways. And when it comes to games, PwC — a big accounting and professional services firm — the industry grew 4.3% in 2023.
Total video game and esports revenue is expected to grow another 8.2% in 2024. This is why PwC classifies gaming as one of four major opportunities for growth in entertainment and media.
That may sound overly optimistic to those who have been watching game industry layoffs, but it’s worth noting this category includes not only PC and console game revenue, but also esports, social/casual games, mobile games, ad revenue and cloud/subscription game revenue. Lil Snack & GamesBeat GamesBeat is excited to partner with Lil Snack to have customized games just for our audience! We know as gamers ourselves, this is an exciting way to engage through play with the GamesBeat content you have already come to love. Start playing.
