While traditional media are under pressure, digital advertising is driving the Belgian Entertainment and Media industry  

24 July 2025– Diegem. The Belgian Entertainment and Media (E&M) industry edged towards 15.675 billion euros in revenue in 2024 and is forecast to hit 17.232 billion euros in 2029 as advertising spend surges across platforms, according to PwC’s Annual Global Entertainment and Media Outlook 2025-2029. ““As the E&M industry continues to be impacted by broader economic uncertainty and constrained consumer spending, advertising is emerging as the leading powerhouse of the global entertainment and media industry’s revenues – a transformation expected to continue as AI transforms delivery models, democratises content production, serves highly curated content experiences, and reduces barriers to entry. The E&M industry has always been at the forefront of technological innovation, but companies will need to remain nimble and proactive to embrace the future and satisfy consumers in an ecosystem that rewards creativity and tailored content.” says Patrick Boone, Chairman of PwC Belgium. 

The global Entertainment and Media industry is projected to grow at a compound annual growth rate (CAGR) of 3.7% until 2029 – a rate above the projected global economic growth average, but below pre-pandemic highs. Belgium's growth is projected at a 1.91% (CAGR), well below the global average and among the five slowest-growing territories in the outlook. 

Economic uncertainty and anaemic consumer spending growth, amid heightened domestic and international competition in the industry, is expected to weigh on global E&M growth rates through the forecast period until 2029. For Belgium specifically, growth is under pressure due to changing consumer behaviour resulting in declining traditional TV revenue, and newspaper, consumer magazine and books revenue. While other Belgian E&M platforms are growing slowly but steadily, digital advertising is the main driver for growth in the industry. ​ 

Growth areas 

Internet advertising is driving growth with an estimated increase of 7.3% CAGR between 2024 and 2029. Video is the fastest growing market category, with an expected increase at a 10.3% CAGR. The biggest part of the market is other display, which makes up more than half of all revenue (51.2%). This is followed by paid search (23.9%), video (15.8%) and classified (9.1%). 

After years of significant growth, the rise in revenue is expected to slow down in every segment (music and radio) at a 1.4% CAGR. As advertising revenue is increasingly diverted into podcasts and music-streaming services, radio revenue is expected to decrease at a –0.2% CAGR. ​ 

After the turbulent COVID-19 period, the Belgian live music scene is back on its feet. ​ Foreseen growth is decreasing from 2.6% in 2025 to 1.16% in 2029. 

Belgium’s total video games and esports revenue was 818 million euros in 2024 and is forecast to exceed one billion euros in 2029 after an increase at a 4.9% CAGR. Year-on-year growth in 2024 was negative at -1.5%, down from 4.7% the previous year. Positive growth will resume in 2025 at 5.8% before dipping to 0.7% in 2027. Following this, growth will accelerate once more, rising to 4.2% at the end of the five-year forecast period. ​ 

Almost 70% of Belgium’s video games revenue derives from social and casual gaming, which will rise from 568 million euros in 2024 to 733 million euros in 2029 after increasing at a 5.2% CAGR. By comparison, Belgium’s traditional gaming sector will undergo an uneven period over the next five years, but the sector does ultimately exhibit growth, rising from 239 million euros in 2024 to almost 286 million euros in 2029 at a 3.6% CAGR. ​ 

Confronted with challenges 

There’s a limited decline to just 33.12 million euros in the annual value of the overall market by 2029. Growth in the pay TV sector will almost balance the significant decline in the TV ad market. ​ Total TV revenue will suffer a minor decrease, despite a significant fall at a –2.4% CAGR in broadcast TV advertising revenue and a –2.5% CAGR terrestrial advertising. Belgium’s pay TV sector has the most impact on the overall market. TV subscription revenue will rise at a 0.7% CAGR, making Belgium one of a handful of Western European markets to show growth. ​ 

Subscription TV, which will account for 68.2% of total TV revenue by 2029, will see a slight contraction in household numbers at a -0.8% CAGR to 3.8 million. 

Total revenue from consumer books in Belgium was 298 million euros in 2024 and it will shrink at a -0.4% CAGR to 292 million euros by 2029. Revenue from electronic books will grow, with an increase at a 2.4% CAGR expected, but this won’t be enough to offset declining revenue in the print sector, which will decrease at a -2.9% CAGR. ​ 

Newspaper revenue in Belgium will decline at a -5.6% CAGR over the forecast period, falling from 702 million euros to 528 million euros. The sharpest drop will be in print advertising revenue, where a decrease at a -11.2% CAGR is expected, while print circulation revenue will fall at a -7.1% CAGR. There will be digital growth, with ad revenue increasing at a 2.3% CAGR, compared with an increase at an 8.1% CAGR for circulation revenue. 

Total consumer magazine revenue in Belgium was 306 million euros in 2024 and it will decline at a -2.2% CAGR over the forecast period, falling to 275 million euros. The biggest decrease will be in print advertising revenue, where a decrease at a -10.2% CAGR is expected, compared with a decrease at a -4.0% CAGR for print circulation. Meanwhile, digital ad revenue will increase at a 5.6% CAGR, compared with an increase at a 2.9% CAGR for digital circulation.

*^{Numbers (EUR – million) shown are rounded.} 

About the PwC Global Entertainment and Media Outlook 2025-2029 

The PwC Global Entertainment and Media Outlook is an annual report covering the industry. This year, it expands its coverage with the inclusion of Mauritius and Oceania as a reported region. AVOD revenue is now broken down by broadcaster and non-broadcaster across all markets, with FAST vs. non-FAST data available in 20 markets. The B2B segment includes more detailed business information revenue for 10 markets. A total of 54 territories, spread across North America, Western Europe, Central Europe, Middle East & Africa, Latin America and Asia Pacific, are represented within the Outlook. The ‘Rest of MENA’ grouping is treated as a territory and comprises Algeria, Bahrain, Jordan, Kuwait, Lebanon, Morocco, Oman and Qatar. These 54 territories account for around 74% of the global population, and the sum of all territories generates the ‘total’ estimate. The forecasting process begins with the collection of accurate and comprehensive historical data from publicly available sources such as trade associations and government agencies, which are cited when used directly. To supplement this, proprietary insights are gathered through interviews with industry associations, regulators and leading market players. This combination of public and private data ensures a robust foundation for building forecasts. 

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