Global Entertainment & Media Outlook 2025-2029: Hong Kong summary

August 2025

PwC’s Global Entertainment and Media Outlook 2025-2029 Hong Kong Summary indicates that the entertainment and media (E&M) industry is set for sustained growth, with a 2.26% compound annual growth rate (CAGR), reaching US$15 billion in 2029. These projections for Hong Kong come as companies adapt strategies to align with local priorities, and as the E&M industry navigates trade uncertainties and shifting consumer preferences globally. Over the next five years, Hong Kong’s E&M industry will continue its shift from consumer spending to advertising spending, consistent with global trends. This ongoing transition is forecast to see advertising’s share of the local sector’s expenditure rise from roughly one-fifth in 2020 to nearly one-third by the end of the decade.

Hong Kong’s E&M companies are increasingly migrating toward advertising and subscription models, reflecting a significant shift in the industry’s revenue strategy. As digital platforms and streaming services outpace traditional media, consumers are seeking personalised and immersive experiences, encouraging companies to provide high-quality content and services that captivate and drive spending. Consequently, Hong Kong’s media groups are revitalising their strategies to prioritise continuous digital revenue streams over one-time transactions. This adaptation, focused on delivering engaging consumer experiences, paves the way for enduring growth in the digital age.

GenAI is poised to have a greater influence on many key sectors over this forecast period, especially advertising, by acting as an amplifier of ingenuity. Looking broadly across E&M sectors, GenAI has already begun to enhance cost efficiency in back-office operations, significantly increasing profitability and company valuations. However, the transformative power of AI has the scope to surpass previous technologies by fostering new business models and delivering unparalleled personalised and engaging experiences for customers.