Seizing growth opportunities in a dynamic ecosystem
在动态生态系统中抓住增长机会

In 2023, the entertainment and media (E&M) industry recovered its balance. In the face of economic headwinds and technological disruptions, total global revenue rose 5% to US$2.8 trillion in 2023—easily outpacing overall economic growth. Over the next five years, the E&M complex will grow at a more muted 3.9% CAGR; in 2028, total revenues will top US$3.4 trillion.
在 2023 年，娱乐和媒体（E&M）行业恢复了平衡。面对经济逆风和技术干扰，2023 年全球总收入增长了 5%，达到 2.8 万亿美元——远远超过整体经济增长。在接下来的五年中，E&M 综合体将以更温和的 3.9%年均增长率增长；到 2028 年，总收入将超过 3.4 万亿美元。

In aggregate, the industry’s ship seems to be sailing through calm seas on an even keel. But the surface is continually roiled by cresting waves and deep troughs, with dangerous shoals and reefs lurking everywhere. Disruption, presenting opportunities and risks, continues to break over the sector. Linear value chains are disaggregating as we move into a world dominated by digital ecosystems. The content boom driven by rapid streaming growth has come to a halt. Generative AI is promising to deliver efficiency and productivity gains while powering new ways of doing business across and between multiple industries. It all adds up to widespread uncertainty. In PwC’s 27th Annual CEO Survey, 57% of E&M CEOs, compared with 45% of all CEOs, said their current business path would no longer be viable in ten years.
总体而言，行业的船似乎在平稳的海面上航行。但表面上却不断被涌起的波浪和深深的沟壑搅动，危险的浅滩和暗礁无处不在。破坏性因素带来了机遇和风险，继续冲击着这个行业。随着我们进入一个以数字生态系统为主导的世界，线性价值链正在解构。由快速流媒体增长驱动的内容繁荣已停止。生成性人工智能承诺在推动多行业之间新商业模式的同时，带来效率和生产力的提升。这一切都加剧了广泛的不确定性。在普华永道第 27 届年度首席执行官调查中，57%的娱乐与媒体首席执行官表示，与所有首席执行官中 45%的比例相比，他们当前的商业路径在十年内将不再可行。

The good news? In 2028, an additional US$597 billion in revenues will be available to E&M industry participants, compared with 2023. And the key to taking a share of these growing revenue pools will rely on business model reinvention (BMR), which has evolved from a strategic option into an existential imperative. BMR goes beyond tinkering around the edges to boost margins by a few basis points or seek incremental growth. Rather, the necessity is to reimagine how your company creates, delivers and captures value. This involves fundamental changes to how businesses make money, serve customers, and address the geographic and business sectors that are growing most rapidly.
好消息？到 2028 年，娱乐与媒体行业参与者将比 2023 年多出 5970 亿美元的收入。而获取这些不断增长的收入池的关键在于商业模式重塑（BMR），这已从一种战略选择演变为一种生存的必要。BMR 不仅仅是微调边缘以提高几个基点的利润或寻求增量增长。相反，必要的是重新构想您的公司如何创造、交付和捕获价值。这涉及到企业赚钱、服务客户以及应对增长最快的地理和商业领域的根本变化。

PwC’s Global E&M Outlook 2024–2028 provides a compass for leaders as they navigate the coming years. It serves as a comprehensive global guide to which segments and markets will grow, which will founder, and which are in danger of sinking. As companies reinvent their business models, they have to understand precisely where—in which regions and in which subsectors—new pools of revenues will form. We’ve identified four major areas of opportunity.
普华永道 2024-2028 年全球娱乐与媒体展望为领导者在未来几年中提供了方向。它作为一份全面的全球指南，指出哪些细分市场和行业将增长，哪些将失败，以及哪些面临沉没的危险。随着公司重新构建其商业模式，他们必须准确了解在哪些地区和子行业中将形成新的收入池。我们已确定四个主要的机会领域。

It’s increasingly challenging to drive revenue growth by selling E&M products directly to users. Of the three major categories—consumer spending, connectivity, and advertising—consumer spending is both the smallest and slowest growing. The connectivity category, what people pay for fixed and mobile services, topped US$1.1 trillion in 2023. Growing only modestly through 2028—as people remain willing to spend more to ensure they have access to all that the E&M industry has to offer—it will continue to be the largest category. (Note: Reported and forecast data for connectivity are higher this year than in previous versions of the Outlook. The definition has been expanded from an imputed share of service revenues to include all service revenues as reported by the largest industry players.) But the real growth story, the biggest opportunity, lies in what companies are willing to pay to reach consumers, whether they are on phones, playing games, on the road, or on e-commerce sites. Advertising, which surpassed consumer spending in 2023, is projected to top US$1 trillion in 2026, and will grow at a 6.7% CAGR through 2028—when ad spending will be nearly double the 2020 total.
直接向用户销售电子和媒体产品以推动收入增长变得越来越具有挑战性。在消费者支出、连接性和广告这三大类中，消费者支出既是最小的也是增长最慢的。连接性类别，即人们为固定和移动服务支付的费用，在 2023 年达到了 1.1 万亿美元。到 2028 年，尽管人们仍愿意花更多的钱以确保能够访问电子和媒体行业所提供的一切，但其增长仅为适度，仍将是最大的类别。（注：今年连接性的报告和预测数据高于以往版本的展望。定义已从服务收入的隐含份额扩展为包括所有由行业最大参与者报告的服务收入。）但真正的增长故事，最大的机会，在于公司愿意为接触消费者支付的费用，无论他们是在手机上、玩游戏、在路上还是在电子商务网站上。广告在 2023 年超过了消费者支出，预计到 2026 年将超过 1 万亿美元，并将在 2028 年以 6.7%的年均增长率增长——届时广告支出将几乎是 2020 年总额的两倍。

With advertising accounting for 55% of total E&M industry growth over the coming five years, it is poised to become a more important part of companies’ business models—even for those that had previously avoided ad revenues. For strategic reasons, all participants in the E&M industry need to become more proficient at selling ads—and more effective at making them generate value for all participants in the ecosystem. Changes to the way businesses approach the ad business will be seen in three key areas: The monetisation of data will fuel more sophisticated advertising models. There will be closer connections between the discovery of products and services and their purchase and consumption. And companies will have to understand how global privacy regulations impact growth.
随着广告在未来五年占整个娱乐与媒体行业增长的 55%，它将成为公司商业模式中更重要的一部分——即使对于那些之前避免广告收入的公司。出于战略原因，娱乐与媒体行业的所有参与者需要在销售广告方面变得更加熟练——并且在使广告为生态系统中的所有参与者创造价值方面变得更加有效。企业在广告业务上的方法将会在三个关键领域发生变化：数据的货币化将推动更复杂的广告模型。产品和服务的发现与其购买和消费之间将有更紧密的联系。公司还必须理解全球隐私法规如何影响增长。

Despite headwinds including limited ad budgets, discussion of regulation, and continuing geopolitical and economic uncertainties, internet advertising grew 10.1% in 2023, adding US$52.5 billion in new revenues. After rising at a 9.5% CAGR through 2028, internet advertising will account for 77.1% of total ad spending. And of the ten Outlook components projected to exhibit the fastest growth over the forecast period, most fall under the umbrella of internet advertising. The fastest-growing is retail/other display internet advertising revenue, which consists mostly of non-video display ads on retailers’ apps and websites. This pool is growing especially fast in more mature e-commerce markets like the US, where it will rise at a CAGR of 21.6% to US$31.7 billion in 2028, from US$11.9 billion in 2023.
尽管面临广告预算有限、监管讨论以及持续的地缘政治和经济不确定性等逆风，2023 年互联网广告增长了 10.1%，新增收入 525 亿美元。预计到 2028 年，互联网广告将以 9.5%的年均增长率增长，占总广告支出的 77.1%。在预测期内，预计将展现最快增长的十个展望组成部分中，大多数属于互联网广告的范畴。增长最快的是零售/其他展示型互联网广告收入，主要由零售商应用程序和网站上的非视频展示广告组成。在美国等更成熟的电子商务市场中，这一领域的增长尤其迅速，预计到 2028 年将以 21.6%的年均增长率增长至 317 亿美元，而 2023 年为 119 亿美元。

This broad advance of ad revenues underlines the wider opportunities for other E&M players. Addressable, measurable ads delivered on TV screens will become a vital contributor to the revenues of direct-to-consumer online video providers. Online connected TV (CTV) ads, which are served during video programming, are projected to double, from US$20.5 billion in 2023 to US$41.2 billion in 2028. Retail media players are increasingly experimenting with ‘shoppable TV’ advertising, which makes it possible for consumers to buy products direct from ads on television and on videos—an opportunity underlined by US retailer Walmart’s purchase of smart TV manufacturer Vizio in February 2024. As more consumer attention migrates away from traditional television to user-generated, short-form content, advertisers may need to follow this migration with approaches that go beyond the 30-second or 15-second spot. These may include relying more on influencers, offering experiential promotions, and tapping into new technologies that enable creative messaging.
广告收入的广泛增长突显了其他娱乐与媒体参与者的更大机会。可寻址、可测量的广告在电视屏幕上投放，将成为直接面向消费者的在线视频提供商收入的重要来源。在线连接电视（CTV）广告预计将翻倍，从 2023 年的 205 亿美元增长到 2028 年的 412 亿美元。零售媒体参与者越来越多地尝试“可购物电视”广告，使消费者能够直接从电视和视频上的广告中购买产品——这一机会在美国零售商沃尔玛于 2024 年 2 月收购智能电视制造商 Vizio 时得到了强调。随着更多消费者的注意力从传统电视转向用户生成的短视频内容，广告商可能需要采用超越 30 秒或 15 秒广告的方式来跟随这一迁移。这可能包括更多依赖影响者、提供体验式促销以及利用新技术来实现创意信息传递。

The streaming world, the subject of so much attention in recent years, neatly encapsulates the industry’s broader challenge. Usage and consumer uptake of the core offering is continuing to increase—albeit at a lower rate than in recent years—but companies are having greater difficulty getting people to pay more for digital goods and services. As the number and range of streaming services proliferate, a form of market saturation has begun to kick in. Global subscriptions to over-the-top (OTT) video services will rise to 2.1 billion in 2028 from 1.6 billion in 2023—representing a 5.0% CAGR. But global average revenue per OTT video subscription will barely budge, rising from US$65.21 in 2023 to US$67.66 in 2028.
流媒体世界，近年来备受关注，恰如其分地概括了行业面临的更广泛挑战。核心产品的使用和消费者接受度持续增加——尽管增速低于近年来——但公司在让人们为数字商品和服务支付更多方面遇到了更大的困难。随着流媒体服务的数量和种类激增，市场饱和的形式已经开始显现。全球 OTT 视频服务的订阅量将从 2023 年的 16 亿上升到 2028 年的 21 亿——年均增长率为 5.0%。但全球 OTT 视频订阅的平均收入几乎没有变化，从 2023 年的 65.21 美元上升到 2028 年的 67.66 美元。

This plateauing effect is already pushing leading streamers to reshape their business models and find new revenue streams beyond subscriptions. The big three Western global players in the streaming sector—Disney+, Netflix and Amazon Prime Video—all rolled out ad-funded ‘hybrid tier’ offerings, in which consumers agree to view ads in return for paying a lower subscription fee. In an expanding number of markets worldwide, many smaller or regional players are following suit. The introduction of an ad-based variant is often accompanied by other measures to boost revenues, ranging from cracking down on sharing of passwords to investing in ‘appointment viewing’ content, such as live sports, to attract both subscribers and advertisers.
这种平台效应已经迫使领先的流媒体服务商重塑他们的商业模式，并寻找超越订阅的新收入来源。西方流媒体行业的三大巨头——Disney+、Netflix 和 Amazon Prime Video——都推出了广告资助的“混合层”产品，消费者同意观看广告以换取较低的订阅费用。在全球越来越多的市场中，许多较小或地区性的参与者也纷纷效仿。引入基于广告的变体通常伴随着其他措施来提升收入，从打击密码共享到投资于“预约观看”内容，如直播体育赛事，以吸引订阅者和广告商。

As subscription revenue growth levels off, global advertising VOD (AVOD) revenue will continue to grow at double-digit rates through 2028—for a five-year CAGR of 14.1%. By 2028, advertising will account for about 28% of global streaming revenues, up from 20% in 2023.
随着订阅收入增长趋于平稳，全球广告视频点播（AVOD）收入将继续以两位数的速度增长，预计到 2028 年五年复合年增长率为 14.1%。到 2028 年，广告将占全球流媒体收入的约 28%，而 2023 年为 20%。

The business model reinvention underway in the OTT space also includes a wave of consolidation and rationalisation initiatives. Disney+ Hotstar in India was created in 2020, after Disney acquired Star India’s parent company, 21st Century Fox. After several challenging years, in February 2024, Disney’s Star India struck a US$8.5 billion merger with Viacom18, a unit of the conglomerate Reliance Industries, which owns the larger Jio OTT platform. India’s fragmented OTT market—which will be the world’s fastest growing in the next five years, with total revenue hitting US$4.3 billion in 2028—is ripe for consolidation, with around 101 million paid subscribers and 58 OTT platforms, about half of which are regional players operating in local languages. Speculation about deals is being fuelled by the increasing involvement of international E&M companies in India. To name one example, Warner Bros. Discovery opened its GCC (Global Capability Center) in Hyderabad in September 2023.
OTT 领域正在进行的商业模式重塑还包括一波整合和合理化举措。Disney+ Hotstar 于 2020 年在印度成立，此前迪士尼收购了星空印度的母公司 21 世纪福克斯。在经历了几年的挑战后，迪士尼的星空印度在 2024 年 2 月与信实工业集团旗下的 Viacom18 达成了 85 亿美元的合并，后者拥有更大的 Jio OTT 平台。印度的 OTT 市场碎片化——预计在未来五年将成为全球增长最快的市场，2028 年总收入将达到 43 亿美元——正处于整合的良好时机，拥有约 1.01 亿付费用户和 58 个 OTT 平台，其中约一半是以地方语言运营的区域性参与者。国际娱乐与媒体公司在印度日益增加的参与推动了对交易的猜测。举一个例子，华纳兄弟探索公司于 2023 年 9 月在海得拉巴开设了其全球能力中心（GCC）。

In developed markets, by contrast, a different form of consolidation is taking place: the return of the bundle. With customers reluctant to endlessly expand their subscription purchases, major players are slowly reconstituting a version of the cable offering. In the US, Disney and Warner Bros. Discovery have teamed up to offer a Disney+-Hulu-Max bundle, and Disney, WBD and Fox Corp. are launching a live sports bundle called Venu Sports. Comcast is offering its TV and broadband customers a service called StreamSaver, bundling Peacock, Netflix and Apple TV+. And in a complete reversal, we are starting to see early indications that IP owners/creators are migrating back to potential licensing deals with streaming competitors to generate incremental margin.
在发达市场，正在发生一种不同形式的整合：捆绑服务的回归。由于客户不愿意无休止地扩展他们的订阅购买，主要参与者正在慢慢重组一种有线电视服务的版本。在美国，迪士尼和华纳兄弟探索公司联手推出了一个迪士尼+-Hulu-Max 捆绑包，迪士尼、WBD 和福克斯公司正在推出一个名为 Venu Sports 的直播体育捆绑包。康卡斯特为其电视和宽带客户提供了一项名为 StreamSaver 的服务，捆绑了 Peacock、Netflix 和 Apple TV+。而且，完全相反的是，我们开始看到早期迹象，知识产权所有者/创作者正在回归与流媒体竞争对手的潜在许可交易，以产生增量利润。

The global obsession with gaming continues to produce rising revenues, even as some companies that expanded rapidly in the covid era have reduced employment. Global video games revenue—which includes esports, still a very small component—reached US$227.6 billion in 2023, up 4.6%. It’s among the fastest-growing large sectors in the E&M universe, with revenue on track to top US$300 billion in 2028—more than double its level in 2019. Although the pace of annual growth will decline as the segment matures, in 2028, gaming will account 9% of the entire E&M industry.
全球对游戏的痴迷继续带来收入增长，即使一些在疫情期间迅速扩张的公司已经减少了就业。2023 年，全球视频游戏收入（包括电子竞技，仍然是一个非常小的组成部分）达到了 2276 亿美元，同比增长 4.6%。这是 E&M 领域中增长最快的大型行业之一，预计到 2028 年收入将超过 3000 亿美元，是 2019 年水平的两倍多。尽管随着该领域的成熟，年增长速度将会下降，但到 2028 年，游戏将占整个 E&M 行业的 9%。

Historically, revenues from video gaming have been dominated by subscriptions and purchases of games. But advertising is gaining prominence. Of the two main revenue sources, app-based social/casual gaming revenue (US$82.9 billion) was narrowly ahead of in-app games advertising revenue (US$72.4 billion). By 2028, the latter will rise at a 15.4% CAGR globally to US$147.9 billion in 2028, while the former will grow at just a 5.15% CAGR, to US$106.6 billion. By 2028, social/casual gaming will account for more than three-quarters of the overall global video games and esports market.
历史上，视频游戏的收入主要来自订阅和游戏购买。但广告正日益受到重视。在两个主要收入来源中，基于应用的社交/休闲游戏收入（829 亿美元）略高于应用内游戏广告收入（724 亿美元）。到 2028 年，后者将在全球以 15.4%的年复合增长率增长，到 2028 年达到 1479 亿美元，而前者仅以 5.15%的年复合增长率增长，达到 1066 亿美元。到 2028 年，社交/休闲游戏将占全球视频游戏和电子竞技市场的四分之三以上。

Gaming is a global business. But the culture of gaming—and the business models that support it—varies significantly from country to country. The biggest region globally for total video games and esports revenue is Asia Pacific. (The Asian Games, held in Hangzhou in the fall of 2023, included esports as an official medal event for the first time.) In 2023, video gaming in the region generated revenues of some US$109.6 billion, 48.1% of the segment’s global total. By 2028, the region will account for US$181.8 billion in gaming revenues, or 54.4% of the total.
游戏是一个全球性的产业。但游戏文化及其支持的商业模式在各国之间差异显著。全球视频游戏和电子竞技收入最大的地区是亚太地区。（2023 年秋季在杭州举行的亚运会首次将电子竞技作为正式奖牌项目。）在 2023 年，该地区的视频游戏收入达到了约 1096 亿美元，占该细分市场全球总额的 48.1%。到 2028 年，该地区的游戏收入将达到 1818 亿美元，占总额的 54.4%。

The leading region is not a monolith. Within Asia Pacific, total video games and esports revenue in Indonesia is projected to rise at a CAGR of 16.0% through 2028, which makes it the third-fastest-growing video games market (tied with Pakistan). The Indonesian Government is strongly supporting the industry’s development in the country, working to help it resolve challenges in areas such as funding, talent, infrastructure and regulation. In Japan, where video gaming is hugely popular across all age groups, gaming benefits from its close association with the traditional Japanese anime content that’s gaining a growing global audience.
领先地区并非一成不变。在亚太地区，预计到 2028 年，印度尼西亚的电子游戏和电子竞技收入将以 16.0%的年均增长率增长，这使其成为第三大增长最快的电子游戏市场（与巴基斯坦并列）。印度尼西亚政府正在大力支持该行业在国内的发展，努力帮助其解决资金、人才、基础设施和监管等方面的挑战。在日本，电子游戏在各个年龄段都非常受欢迎，游戏受益于与传统日本动漫内容的紧密关联，这些内容正在获得越来越多的全球观众。

As the gaming sector grows, investments in new products, new technologies and new business models will increase. Nintendo is likely to release the next generation of its popular Switch console in 2025. To appeal to younger demographics, companies are focusing on more compelling collaborative, social game play. And in February 2024, Disney and Epic announced a deal to work together to create an ecosystem that would envelop Fortnite and the worlds of Pixar, Marvel and Star Wars.
随着游戏行业的发展，对新产品、新技术和新商业模式的投资将会增加。任天堂可能会在 2025 年发布其受欢迎的 Switch 游戏机的下一代产品。为了吸引年轻人群体，公司们正专注于更具吸引力的合作社交游戏玩法。2024 年 2 月，迪士尼和 Epic 宣布达成合作协议，共同创建一个将包围《堡垒之夜》以及皮克斯、漫威和星球大战世界的生态系统。

Just as the growth potential in video gaming varies by region and country, the same divergence of opportunity applies across different E&M markets more generally. The matrix below charts country-by-country E&M revenue against its projected growth rates. (It’s important to note that this chart excludes connectivity revenue, which we feel would blur the picture.) The biggest pools of revenue growth lie in two principal areas: regions that are already big and growing relatively rapidly, and those that are relatively small and growing extremely quickly. And for many major players, low per capita spending power in some markets poses a challenge.
正如视频游戏的增长潜力因地区和国家而异，E&M 市场的机会差异也更为普遍。下面的矩阵绘制了各国 E&M 收入与其预计增长率的关系。（重要的是要注意，这张图表不包括连接收入，我们认为这会模糊整体情况。）最大的收入增长池主要集中在两个领域：已经相对较大且增长迅速的地区，以及相对较小且增长极快的地区。对于许多主要参与者来说，某些市场的人均消费能力低是一个挑战。

The US, representing more than one-third of global spending in 2023, remains the world’s biggest E&M market for the combined advertising and consumer spending markets by a wide margin. But this scale brings with it maturity and hence relatively slower growth, which is projected to run at a 4.3% CAGR through 2028—behind the global rate of 4.6%.
美国在 2023 年占全球支出的三分之一以上，仍然是广告和消费支出市场的最大市场，差距很大。但这种规模带来了成熟，因此相对较慢的增长，预计到 2028 年年均增长率为 4.3%，低于全球 4.6%的增长率。

Among the larger markets showing rapid growth, the clear stand-outs are Indonesia and India, followed by China, at a 7.1% CAGR. By 2028, China’s advertising and consumer spending revenues (US$362.5 billion) will be less than half of those in the US (US$808.4 billion). Each of these territories has its own distinctive market dynamics. India will be the world’s fastest-growing OTT video-streaming market over the forecast period, serving its vast, diverse and widely dispersed population—many of whom are obsessed with sports content in general, and cricket in particular: Reliance’s JioCinema app attracted a record 32 million viewers for the 2023 Indian Premier League (IPL) final between Chennai Super Kings and Gujarat Titans. And China’s continued strong growth means it’s steadily closing the gap on the US in terms of market size, although tight government regulation can make investing there more complex than in other territories.
在快速增长的较大市场中，印尼和印度是明显的佼佼者，其次是中国，年均增长率为 7.1%。到 2028 年，中国的广告和消费支出收入（3625 亿美元）将不到美国（8084 亿美元）的一半。这些地区各自拥有独特的市场动态。印度将在预测期内成为全球增长最快的 OTT 视频流媒体市场，服务于其庞大、多样化和广泛分散的人口——其中许多人对体育内容，尤其是板球内容情有独钟：信实的 JioCinema 应用在 2023 年印度超级联赛（IPL）决赛中吸引了 3200 万观众，比赛双方为钦奈超级王者和古吉拉特泰坦。而中国的持续强劲增长意味着它在市场规模上正稳步缩小与美国的差距，尽管严格的政府监管可能使得在中国投资比在其他地区更为复杂。

Among the relatively small markets that show extremely rapid growth, Nigeria (10.1% CAGR through 2028) leads the way. It has a predominantly young population of 220 million consumers, and is widely acknowledged as Africa’s leading E&M hub, home to the world-renowned Nollywood movie industry, which produces around 2,500 films annually. Growth in Turkey’s E&M industry (9.5% CAGR through 2028) is bolstered by widespread use of social media.
在相对较小的市场中，尼日利亚（2028 年前年均增长率 10.1%）处于领先地位。它拥有 2.2 亿消费者的年轻人口，并被广泛认为是非洲领先的电子与媒体中心，拥有世界著名的好莱坞电影产业，每年制作约 2500 部电影。土耳其的电子与媒体行业（2028 年前年均增长率 9.5%）的增长得益于社交媒体的广泛使用。

E&M is a realm in which real-life, in-person, increasingly tech-enabled experiences—music performances, theatre, cinema, sports and more—matter a great deal. And in the wake of the covid pandemic, IRL (in real life) events have been enjoying something of a revival. Live music revenues rose by 26.0% in 2023, and accounted for more than half of the overall music market. The growth in live music was skewed towards large events such as the tours by Taylor Swift, Beyoncé, Coldplay and Elton John. The opening of the Sphere in Las Vegas in September 2023 highlighted the ways in which live experiences are getting an immersive tech upgrade. Alongside a strong showing from live music, cinema also performed well globally in 2023, with a 30.4% year-on-year increase in spending at the box office. The ‘Barbenheimer’ combo of Oppenheimer and Barbie grossed a total of US$2.4 billion. Together, movie box office and live music ticket sales represented well over one-third—38.6%—of 2023’s net increase in consumer spending on E&M worldwide. Global cinema revenues are poised to surpass their pre-pandemic, 2019 levels in 2026.
E&M 是一个现实生活中、面对面、日益依赖技术的体验领域——音乐表演、戏剧、电影、体育等——非常重要。在新冠疫情之后，现实生活中的活动正在经历某种复苏。2023 年，现场音乐收入增长了 26.0%，占整体音乐市场的一半以上。现场音乐的增长偏向于大型活动，如泰勒·斯威夫特、碧昂丝、酷玩乐队和艾尔顿·约翰的巡演。2023 年 9 月，拉斯维加斯的 Sphere 的开幕突显了现场体验如何获得沉浸式技术升级。在现场音乐表现强劲的同时，2023 年全球电影也表现良好，票房支出同比增长 30.4%。‘Barbenheimer’组合的《奥本海默》和《芭比》总共收入 24 亿美元。电影票房和现场音乐票务销售合计占 2023 年全球消费者支出净增长的三分之一以上——38.6%。全球电影收入预计将在 2026 年超过 2019 年疫情前的水平。

Having exploded onto the scene in the past couple of years, generative AI (GenAI) brings major implications—including both opportunities and challenges—for companies across E&M. The US cut of PwC’s most recent CEO Survey shows that nearly half of US CEOs see GenAI boosting profits this year, with 61% expecting it to improve the quality of their products and services.
在过去几年中，生成性人工智能（GenAI）迅速崛起，对娱乐和媒体行业的公司带来了重大影响，包括机遇和挑战。普华永道最近的首席执行官调查显示，近一半的美国首席执行官认为 GenAI 将在今年提升利润，61%的人预计它将改善他们产品和服务的质量。

Thus far, much of the discussion surrounding AI in E&M has focused on reducing and controlling costs—rather than driving new revenue streams. GenAI-driven text generation tools can translate concepts into stories and generate credible human dialogue, turn text into visuals and storyboards, and create animated 3D models from 2D videos or static images. GenAI can also add value in post-production by making editing quicker and easier. In Japan, anime and comic producers are using AI to streamline and accelerate their production processes. In Indonesia, too, GenAI is being deployed as a productivity engine for creative processes.
到目前为止，围绕 E&M 中人工智能的讨论主要集中在降低和控制成本上，而不是推动新的收入来源。GenAI 驱动的文本生成工具可以将概念转化为故事并生成可信的人类对话，将文本转化为视觉效果和故事板，并从 2D 视频或静态图像创建动画 3D 模型。GenAI 还可以通过使编辑更快更容易来为后期制作增加价值。在日本，动漫和漫画制作商正在使用人工智能来简化和加速他们的制作过程。在印度尼西亚，GenAI 也被作为创意过程的生产力引擎进行部署。

The need to control the use of AI tools and AI-generated content—and to avoid undercutting creators’ rights and payments—were key factors in the 2023 Hollywood writers’ strike, and in the subsequent deal struck with the Writers Guild of America. Going forward, the speed at which high-quality content can be produced will continue to increase as the related costs decline.
控制人工智能工具和人工智能生成内容的使用——并避免削弱创作者的权利和报酬——是 2023 年好莱坞编剧罢工的关键因素，以及与美国编剧协会达成的后续协议。展望未来，随着相关成本的下降，高质量内容的生产速度将继续提高。

The open question remains precisely how GenAI will translate into higher revenues and help companies accelerate their pursuit of revenue pools. One high-potential area lies in the highest-growth sector: advertising. GenAI is increasingly being integrated into content creation and advertising tools. Here its application has tended to focus initially on extracting small pieces of information and generating summaries in subsectors such as sports media.
开放的问题仍然是，GenAI 将如何转化为更高的收入，并帮助公司加速追求收入池。一个高潜力的领域在于最高增长的行业：广告。GenAI 正越来越多地被整合到内容创作和广告工具中。在这里，它的应用最初倾向于提取小块信息并在体育媒体等子行业中生成摘要。

To date, many of the applications of GenAI have focused on speed, efficiency and reducing costs. As we look ahead, in a dynamic that the forecast doesn’t quite capture yet, industry participants will have to focus on how this powerful technology can lead to greater value creation. GenAI offers users a powerful flywheel for experimenting, iterating, and scaling new solutions and processes. In advertising, GenAI can be used to quickly develop creative approaches for different contexts—and then to iterate and refine rapidly in response to consumer attention and uptake. If GenAI can be harnessed to offer new experiences, and create new revenue streams, the growth potential is even greater.
迄今为止，许多 GenAI 的应用集中在速度、效率和降低成本上。展望未来，在一个预测尚未完全捕捉到的动态中，行业参与者将不得不关注这项强大技术如何带来更大的价值创造。GenAI 为用户提供了一个强大的飞轮，用于实验、迭代和扩展新的解决方案和流程。在广告领域，GenAI 可以快速开发适用于不同情境的创意方法，然后迅速迭代和完善，以响应消费者的关注和接受。如果 GenAI 能够被利用来提供新的体验，并创造新的收入来源，增长潜力将更大。

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