PwC’s latest Global Entertainment & Media Outlook reveals that the global entertainment and media (E&M) industry reached a value of $2.8 trillion in 2023, marking a 5 percent increase. The industry is projected to grow at a compound annual growth rate (CAGR) of 3.9 percent, reaching around $3.4 trillion by 2028.

Key Trends and Opportunities:

Advertising Growth: Advertising spending is expected to surpass $1 trillion by 2026, contributing significantly to E&M industry growth. Companies need to enhance their advertising strategies to leverage this key revenue stream effectively.

Connected TV Advertising: The market for connected TV advertising is set to double, growing from $20.5 billion in 2023 to $41.2 billion by 2028. This shift necessitates innovative approaches to advertising, including influencer collaborations and the use of new technologies.

Streaming Service Evolution: As streaming service revenues plateau, companies must adapt their business models. PwC forecasts a rise in global OTT subscriptions to 2.1 billion by 2028 and an increase in advertising revenue within the streaming sector. Hybrid models and bundling strategies will be essential for continued growth.

Integration with Risk Cognizance’s GRC Solutions:

While Risk Cognizance does not currently offer marketing tools, the company is leveraging PwC’s industry insights to find the best marketing solutions and align its GRC offerings with evolving industry trends. Risk Cognizance is also implementing AI across several critical areas:

Document Management: AI is used to enhance the efficiency and accuracy of document handling, ensuring compliance and streamlining access controls.

Attack Surface Management: AI-driven tools help identify and manage vulnerabilities across digital and physical attack surfaces, improving overall security posture.

Risk Management Platform: AI is integrated to assess and manage various risks more effectively, offering predictive analytics and insights for better decision-making.

Third-Party Risk Management: AI assists in evaluating and mitigating risks associated with third-party vendors, enhancing due diligence processes.

Ticket Management: AI optimizes the handling of support tickets, improving response times and resolution rates.

Dark Web Monitoring: AI technologies monitor the dark web for potential threats and data breaches, providing proactive risk mitigation.

Ransomware Susceptibility Assessment: AI evaluates an organization’s vulnerability to ransomware attacks, helping to implement robust defenses.

By incorporating AI into these products, Risk Cognizance aims to enhance its GRC solutions, ensuring they meet the evolving needs of clients in the dynamic E&M industry and beyond. The insights from PwC’s report guide Risk Cognizance in optimizing its solutions and strategies to address emerging risks and capitalize on industry opportunities.