Advertising revenue rate slows as macroeconomic pressures continue: PwC 2024 Entertainment and Media Outlook

July 31, 2024 5:35

Despite macroeconomic challenges, revenue for the media and entertainment industry in Australia in 2023 was up 2.8% year-on-year, while a “content boom” is expected to come in 2025, according to PwC’s 2024 Entertainment and Media Outlook.

Revenue rose to AU$62.3 billion in 2023, compared to AU$60.6 billion the previous year.

While the revenue growth has remained positive, the rate at which is has grown has slowed down, due to increasing pressures including rising inflation, interest rate hikes and the cost-of-living crisis. 2023 saw a rate of just 2.8%, compared to 2022’s 6.6%.

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Lauren McNamara

Lauren McNamara is a freelance journalist. She previously spent three years at Mumbrella, most recently as the associate editor. She left her staff role in August 2025.

Topics

advertising revenue Entertainment and Media Outlook Louise King PWC revenue

1 COMMENTS

Realist 1 Aug 24

Yikes, the flashback to 2013 really paints a picture of the how even more bleak the future is for traditional advertising outfits. It’s a firm reminder not to buy into to the sales chiefs rhetoric, constantly provide reassurance that we’ve already seen the bottom of the market.

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