According to a PwC report, the country's entertainment and media industry is expected to grow at a 9.7 percent annual rate, reaching $73.6 billion by 2027. PwC said on Tuesday in a report titled 'Global Entertainment & Media Outlook 2023-2027' that evolving consumer preferences, increased internet access, and emerging technologies are rapidly reshaping the Entertainment and Media (E&M) industry, the 24th annual analysis and forecast of E&M spending by consumers and advertisers across 53 territories in 13 sectors.

In accordance with the industry, 2022 will be a watershed moment. The total global E&M revenue of $2.32 trillion decreased sharply from 10.6 percent in 2021 to 5.4 percent in 2022. This sluggish E&M growth is due to a drop in consumer spending.

For some key sectors, the Covid-19 surge in uptake and revenue peaked. For example, podcasts, which were among the industry's major success stories during the pandemic, fell by an estimated 80% in 2022.

The global slowdown was exacerbated in advertising, with the internet advertising segment – by far the single largest contributor to overall advertising revenues – experiencing sluggish growth in 2022, according to the report.