New York is the world’s media capital. That’s the result of a recent PwC report titled “Cities of Opportunities” which compares the size of the entertainment & media sector across 30 metropolises around the world. The report takes into account consumer spending on internet access, media and entertainment as well as on- and offline advertising spending.
With estimated entertainment & media spending of $19.7 billion in 2014, New York dethroned Tokyo, which used to have the world’s largest E&M sector until very recently. PwC predicts New York’s E&M sector to grow at an average annual rate of 4.5% between 2013 and 2018, extending its lead on Tokyo which is expected to grow only marginally in the meantime.
With New York, Los Angeles and Chicago all among the Top 10, the United States is the only country to have more than one city on the list. According to PwC's predictions, the U.S. E&M market will remain the largest in the world for the foreseeable future with total spending reaching $724 billion in 2018.