Global spending for media and entertainment to rise steadily

Worldwide spending for entertainment is expected to steadily rise over the next five years as consumers increasingly use smartphones and tablets and as Brazil, China and India further develop into vibrant media markets.

Consulting firm PricewaterhouseCoopers has predicted that global spending for media and entertainment will reach $2.2 trillion in 2017, compared with $1.6 trillion in 2012. The U.S. is expected to remain the largest media market, with spending increasing 4.8% annually to reach $632 billion in 2017, up from the nearly $500 billion spent last year. Digital media — fueled by the expansion in ownership of smart devices — is expected to account for 43% of all media spending in the U.S. by 2017. That's up from 31% of the total in 2012. Latin America is expected to become the fastest-growing region over the next five years, with 10.6% annual spending growth. Asia Pacific countries are expected to notch annual growth of 6.5%.