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    Home»News»Advertising»PwC: Italian Entertainment & Media Market to Reach €58.4 Billion by 2028
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    PwC: Italian Entertainment & Media Market to Reach €58.4 Billion by 2028

    Video and Online Gambling Among Top Contributors as Advertising Revenue Expected to Grow by 4.7% in 2023, PwC Reports
    October 24, 20243 Mins Read
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    PwC: Italian Entertainment & Media Market to Reach €58.4 Billion by 2028
    PwC: Italian Entertainment & Media Market to Reach €58.4 Billion by 2028
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    PwC: Italian Entertainment & Media Market to Reach €58.4 Billion by 2028

    Video and online gambling sectors are among the top contributors. Advertising revenue expected to grow 4.7% this year, according to PwC’s latest report.

    Market Value and Growth Projections

    The Italian Entertainment & Media (E&M) market is projected to reach €58.4 billion by 2028, with a compound annual growth rate (CAGR) of 3.1% from 2023 to 2028. The market saw growth in 2023, reaching €50.1 billion, a year-over-year increase of 3.7% compared to 2022.

    Consumer Spending and Leading Segments

    Consumer spending is expected to grow at a CAGR of 2.6% from €38.1 billion in 2023, with video and online gambling sectors being the key contributors, accounting for 16% and 12.6% of total market growth, respectively.

    Advertising Revenue Growth

    Advertising revenue in the E&M market will grow at a CAGR of 4.7%, from €12 billion in 2023, with video advertising being a key driver, contributing over 31% of total ad revenues. In 2023, overall advertising revenue rose by 9.3%, driven largely by online advertising, which accounted for 54.5% of ad revenues, amounting to €6.5 billion.

    Insights from PwC’s 16th Annual Report

    The findings come from the 16th edition of PwC’s Entertainment & Media Outlook Italy 2024-2028 report. It provides analysis and projections for 14 key market segments, including cinema, music, radio, video (linear TV and OTT), online gambling, periodicals, newspapers, business-to-business (B2B), out-of-home (OOH) advertising, online advertising, video games, AI, virtual reality (VR), augmented reality (AR), and the Metaverse.

    New Focus on Online Gambling

    This year’s report features a new focus on online gambling and betting, highlighting its significant growth. The online gambling market in Italy reached €4.8 billion in 2023 and is expected to grow at a CAGR of 10.9%, reaching €8 billion by 2028. Sports betting and online casinos are leading this surge, with sports betting growing at 12.4% CAGR and online casinos at 10.4% CAGR.

    Digital Transformation in E&M

    Digital components made up 84% of total revenues in the Italian E&M market in 2023, a figure expected to rise with a CAGR of 4.6% by 2028. The rise of artificial intelligence (AI) is also noted as a major area of investment for CEOs in the industry, contributing to the ongoing digitalization of the market and offering opportunities for innovation and cost reduction.

    Resilience in a Challenging Environment

    Despite global economic challenges, such as inflation and international conflicts, the Italian E&M market continues to demonstrate resilience. By 2028, the market is expected to outpace Italy’s real GDP growth, which is forecast to grow at just 1% annually.

    Technological Influence on the Sector

    The report emphasizes the impact of new technologies on the sector’s growth, especially in the areas of AI, digital infrastructure, and mobile platforms. These innovations are driving new opportunities for consumer engagement and operational efficiency across all segments of the industry.

    Conclusion

    The Italian E&M market remains a dynamic and evolving ecosystem, with strong growth forecast across key sectors such as video, online gambling, and digital advertising. As the industry continues to embrace digital transformation and technological innovation, the market is poised for significant expansion in the coming years.

    Digital Transformation Entertainment & Media Online Gambling
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