Media and Entertainment

The digitization of content and ongoing innovations in technology will continue to drive growth and force changes in the media and entertainment industry. Publishers and broadcasters alike will continue to experiment with new revenue streams, particularly to reap the benefits from digital subscriptions and online advertisements. Overall, the global media and entertainment industry is expected to grow to $3.4 trillion by 2028, according to a PricewaterhouseCoopers report (PwC).

The coronavirus pandemic disrupted growth in the media and entertainment industry in 2020. Some sectors of media and entertainment fared better than others, though. For example, the social distancing requirements forced the shutdown of live entertainment, but in turn increased the demand for over-the-top video and data consumption, meaning that film and television delivered via the Internet grew during the pandemic. Streaming services are expected to continue growing. In 2023, there were 1.6 billion subscriptions worldwide to streaming services, and that number was projected to reach 2.1 billion by 2028, according to PwC.

There will be a slowdown in growth in some sectors of the media and entertainment industry, as the high demand for some services during the pandemic, such as podcasts, have since eased. PwC predicts consumer spending for entertainment and media will grow only modestly through 2028. Advertising spending, however, will be a growth hotspot in the next few years. "... the real growth story, the biggest opportunity, lies in what companies are willing to pay to reach consumers, whether they are on their phones, playing games, on the road, or on e-commerce sites. Advertising, which surpassed consumer spending in 2023, is projected to top $1 trillion in 2026, and will grow at a 6.7 percent compound annual rate through 2028–when ad spending will be nearly double the 2020 total." The revenue from advertising-supported video on demand is poised to almost double by 2028. Streaming-device manufacturers such as Amazon, Apple, Google, and Roku are expected to continue expanding in the connected televisions and streaming channels business.

The publishing industry continues to experience a decline in advertising revenue and drop in readership due to the increased availability of free online content. The U.S. magazine and newspaper industry is projected to decline at a compound annual rate of 1.23 percent from 2025 through 2029, according to Statista. Greater demand for online content on mobile devices, tablets, televisions, and game consoles will increase public exposure to news syndicates. These companies have adapted to the changing media environment by using online technologies that have made content less expensive to produce and faster and easier to distribute to customers. Trade magazines will continue to recoup some of their losses through digital ad revenue. The U.S. digital advertising market is expected to grow by 50 percent from 2024 to 2028, from $303 billion in 2024 to $452 billion in 2028.

The book publishing industry has had slow growth in recent years, with about .6 percent compound annual growth between 2020 and 2025. According to an IBISWorld report, the market size of the global publishing industry has grown slower than the overall economy. E-books are also expected to continue growing and online publications and services will offer the most opportunities for employment. The global digital publishing market is expected to have strong growth (more than 13 percent annually) from 2024 to 2028, to reach nearly $138.8 billion.

The Bureau of Labor Statistics (BLS) predicts that editors will experience a 2 percent decline in employment growth through 2033. Online media will offer some job opportunities but the continued decline in demand for traditional editing jobs in print newspapers and magazines will offset the overall employment growth in the publishing industry. In 2023, approximately 114,200 editors were employed in the publishing industry, and the BLS predicts that number will drop to 11,900 jobs by 2033. Writers and authors will experience average employment growth, about 5 percent, through 2033. Writers, authors, and editors who are adept at writing and working online and on social media, with various electronic and digital tools, will have improved changes of finding work.

Broadcast television will continue to experience significant changes as television continues to be more interactive and customized for viewers. The trend toward online viewership of TV is expected to continue. Traditional TV advertising spending in the U.S. was expected to have a compound annual decline of more than 3.8 percent from 2025 through 2030. On the other hand, connected TV ad spending was expected to grow from an estimated $33.35 billion in 2025 to reach $46.89 billion by 2028. Advertisers will continue to face intense competition to gain viewers' attention through various media and mobile devices. Global TV revenue is expected to continue to decline in the coming years. Pay TV will continue to face keep competition from streaming platforms such as Amazon Prime Video, Disney+, and Netflix, and struggle as more people are cord-cutting to reduce their expenses. In 2023, approximately 58 million households in the U.S. had traditional pay TVs, and that number was projected to drop to 41 million by 2028.

Radio and television broadcast announcers will have a 4 percent decline in employment growth, whereas broadcast, sound, and video technicians will average employment growth through 2033, according to the Department of Labor (DOL). There are approximately 47,500 broadcast announcers and disc jockeys, and 146,100 broadcast, sound, and video technicians employed in the United States. News analysts, reporters, and journalists will have heightened competition in the hunt for work as employment for them is predicted to decline by 3 percent in the coming years. The consolidation of broadcast networks has decreased the need for experienced reporters, announcers, and technicians, and many will seek work in stations with medium and smaller markets, which means newcomers to the field will face more competition. Many radio stations are also relying on voice-tracking or “cyber jocking,” which enables announcers to pre-record their segments rather than airing them live. This reduces the staff needed during air time for editing material and doing other off-air technical and production work.

On the positive side, the growth of Internet radio stations may create new opportunities for broadcast professionals. According to a report by the research company Technavio, the global radio market will have annual growth of about 3 percent from 2024 though 2028. "Access to the latest music and live updates is driving market growth, with a trend towards online radio services." Internet radio stations have lower startup costs than land-based radio stations, and it’s relatively cheap for them to identify and reach their target demographic and listening audience. The DOL forecasts that the increase of national news and satellite stations will increase the demand for more local radio and television stations. The increased demand for online news and podcasts may also create some new employment opportunities for media and entertainment workers.

The film industry will have slow growth in the next few years. An increase in distribution channels for motion pictures and an expanding global market will be the key contributors to growth. The Bureau of Labor Statistics forecasts that producers and directors will experience about 8 percent growth in employment through 2033, which is faster than the average for all professions. Approximately 167,900 producers and directors worked in the United States in 2023; by 2033, the BLS forecasts 181,500 will be employed in the business. Since the pandemic, there has been increased demand for more movies and television shows, as well as a growth in demand from audiences overseas for American-made movies. Production companies are also experimenting with various methods for content delivery, such as online television and with mobile devices, which could open up more jobs for producers and directors in the future. Also, the growth of Internet-only platforms, such as streaming services, will increase the demand for television and film production workers and directors. More independent films are expected to be made in the next few years, and self-employed producers and directors will directly benefit from this, with job growth expected.

Film and video editors will have average employment opportunities in the next few years, with 3 percent employment growth through 2033. The growth of streaming services and the increase in special effects will create more opportunities for film and video editors. Camera operators will have 2 percent employment growth, with this growth potentially limited by the use of robotic cameras and the popularity of amateur film footage. Most job openings will be in Los Angeles and New York City. Competition for jobs will continue to be intense, however, as there are usually more people interested in broadcasting and motion picture work than there are jobs to fill.