Minerva Investment Management Society

Equity Research Report

Industry Analysis: M&E Industry

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Summary

Our Equity Research team is pleased to present our latest thematic report on the Media & Entertainment (M&E) industry, "Media & Entertainment Industry: March 2026 Outlook—Structural Shifts, Growth Drivers and Valuation Outlook". After years of expansion fueled by easy capital and volume-driven strategies, the next leg of industry growth looks less about content scale and more about operating model reinvention, capital efficiency, and value spread sustainability. M&E is currently a ~$2.9T revenue industry (2024) with a path to ~$3.5T by 2029 (3.7% CAGR), generating approximately $577bn in incremental revenue. Growth is concentrating in high-margin digital pools—specifically internet advertising (11-15% CAGR), social video, and gaming—while legacy physical segments like print and physical media continue to face structural declines. The strategic playbook for 2026–2030 centers on AI-enabled operating leverage to reshape production and discovery, a pivot from "growth-at-all-costs" toward margin discipline, and selective consolidation to challenge dominant platforms. We see the cleanest risk-adjusted profiles in pure streaming leaders with attractive ROIC-WACC spreads and Music/Sports IP owners with long-duration royalty streams, whereas hybrid media and traditional distribution require greater selectivity due to elevated leverage and structural transition stress.

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Details

Published
28 March 2026
Division
Equity Research
Type
Equity Research Report
Pages
23
Authors
5

Cite this report

Minerva Investment Management Society (2026). Industry Analysis: M&E Industry. Equity Research. https://minervaims.org/archive/industry-analysis-m-and-e-industry-2026

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