Streaming, digital ads to drive media market to $117.6b by 2030

OTT revenue is forecast to rise to $3.76b throughout the forecast period.

Hong Kong’s entertainment and media (E&M) market is projected to reach $117.6b (US$15b) by 2030 at a compound annual growth rate (CAGR) of 3.71% from 2025, as streaming and internet advertising drive expansion.

The rate is above the projected 3.42% global CAGR over the same period, according to a PwC report.

“Strong performances in Internet advertising and over-the-top (OTT) video are powering the next wave of growth,” said Cecilia Yau, Media Industry Leader at PwC China.

OTT video is expected to be the fastest-growing E&M segment at a 6.8% CAGR, followed by internet advertising at 6.5% and music at 5.8%.

The city’s OTT market generated $2.70b (US$345m) in 2025 and is forecast to reach $3.76b (US$479m) by 2030. Subscription video-on-demand accounted for $1.94b (US$247m) of revenue and is projected to grow 7.46% annually through the forecast period.

Subscription services are expected to account for 74.1% of Hong Kong OTT revenue by 2030, up from 50% in 2021.

Internet advertising is expected to grow at a 6.51% CAGR, with video advertising expanding faster at 8.51%. Video’s share of Hong Kong internet advertising revenue is projected to increase to 28.52% by 2030 from 22.15% in 2021.

“The rapid expansion in the local Internet advertising sector, particularly through video advertising, highlights the transformative impact of digital strategies that effectively capture audience interest,” said Andrew Wong, E&M Industry Partner at PwC Hong Kong.

“Globally, artificial intelligence (AI) is reshaping advertising by managing, targeting and customising campaigns with an enhanced understanding of consumers,” he added.

Meanwhile, the city’s music market is forecast to grow 5.8% annually to $2.98b (US$380m) by 2030, ahead of the 4.7% global growth rate, partly due to a larger international concert calendar and Kai Tak Sports Park.

PwC also expects generative AI to affect content creation, distribution and revenue generation across advertising, music, film, and OTT video.

“Generative AI is transforming how E&M companies create, distribute, and monetise their assets. While AI enhances efficiency and personalisation, human creativity remains indispensable for delivering content that resonates authentically with audiences,” said Beretta Ching, E&M Industry Partner at PwC Hong Kong.