The entertainment industry is constantly growing and evolving through new trends, technology, and individuals taking the world by storm. A lot is going on–everything, everywhere, and all at once 🙂 

At LÜK, we love everything related to production (we’re a production payroll and management tool, after all) so we’re here to share a curated list of production statistics in the entertainment, media, and fashion industries. Including performance statistics, shifting consumer behaviors, and just some interesting, fun facts, this post is guaranteed to enlighten and inform. 

We hope you have as much fun reading it as we did writing it! 

Entertainment & Media Production Statistics to Know

Let’s begin! 

1. The U.S. media and entertainment industry accounts for almost 7% of the U.S. GDP.

The U.S. media and entertainment industry currently accounts for 6.9% of the U.S. GDP. This is a major rebound from the hit it took by the COVID-19 pandemic.

2. The U.S. media and entertainment industry is the largest in the world.

Though the U.S. media and entertainment industry is the largest in the world, it has a lower CAGR than China, India, and Indonesia. China has the second-largest entertainment and media industry, with a CAGR of 6.1%. India is ranked fifth with a CAGR of almost 9.5%, and Indonesia sits at fifteenth having a CAGR of 12.46%.

3. By 2026, global spending in media and entertainment is expected to grow by almost 19%.

According to global projections, media and entertainment spending is expected to grow by 18.9% from 2022 to 2026. Much of this growth is due to increasing data consumption.

4. Streaming services are the largest sector of the Music and Entertainment industry.

The projected revenue for streaming services this year is $316.1 billion and is expected to reach $462.9 billion over the next four years.

5. Unsurprisingly, almost 80% of Gen Z spend more time on streaming services than any other platform.

Over 76% of Gen Z watch TV shows and movies on streaming platforms like Netflix, Hulu, and other streaming apps connected to their TVs.

6. However, millennials aren’t far behind, with 74% enjoying their streaming services too.

Millennials are right behind Gen Z at 74 percent. They are the second largest demographic that prefers streaming services and the demographic that watches the least network TV. 

These numbers are almost double the amount of Baby Boomers that use streaming services, which comes in at 40%.

7. About 1.4 million Americans work in the entertainment industry.

There are close to 1.4 million Americans working in the entertainment industry, up from 1.32 million in 2019. Common roles and jobs in entertainment are casting directors, production coordinators, set designers, and more.

8. FX artists are some of the highest-paid behind-the-scenes workers in the entertainment industry.

According to ZipRecruiter, the highest-paid workers in the entertainment industry are FX artists, who create visual effects for movies, videos, and television. Other high-paying jobs include executive producer, photo producer, and ghostwriter.

9. Comparatively, the average salary of a professional model is $84,000 per year in the United States.

Salary for models still depends on their projects and location–and this doesn’t include supplemental income from sponsorships or affiliate marketing. However, the median salary is reported to be $84,000. The states that offer the highest salaries for professional models are New York, Massachusetts, Maine, and West Virginia.

10. Almost 60% of professional models have a bachelor’s degree.

Beauty and brains for the win: 59% of professional models have earned a bachelor’s degree, with an additional 13% having earned an associate’s degree and a further 5% having achieved a master’s degree. 

11. Victoria’s Secret holds the Guinness World Record for the most expensive fashion show.

The 2016 Victoria’s Secret fashion show cost nearly $20 million. The show hosted 51 models, including Kendall Jenner, Adriana Lima, and Karlie Kloss, and held performances featuring Lady Gaga, The Weeknd, and Bruno Mars.

12. This makes sense since Kendall Jenner is currently the highest-paid model in the world.

Kendall Jenner is the highest-paid model in the world, raking in $40 million annually with a net worth of $60 million. Kendall Jenner is no stranger to the spotlight and has been the face of countless editorials, commercials, and runways. 

Following close behind Jenner are veteran models Chrissy Teigen and Gisele Bundchen. 

13. There are over 7,000 modeling agencies in the U.S. alone.

The exact number of modeling agencies in the U.S. is 7,352. The state with the most number of modeling agencies is California, with 1,553 agencies and businesses. New York and Florida are second and third in the country for the state with the most modeling agencies. 
Some of the most well-known agencies include Ford Models, Elite Model Management, and IMG Models.

14. So it’s no surprise the fashion industry makes up 2% of the world’s GDP.

The global fashion industry is valued at 1.7 trillion dollars as of this year. In the U.S. alone, the fashion industry is worth $343.7 billion and is expected to grow by almost 2% in the next 4 years. 

15. As of 2022, the U.S. music industry created a market size of $43 billion. 

The music industry did well these past few years, creating a market size of 43 billion dollars. The U.S. is home to the largest music industry in the world and is one of the countries with the most radio play and streaming. 

16. And the U.S. movie industry was recorded to be worth almost $91.4 billion. 

The movie industry is steadily rising despite theaters being closed during the pandemic. The movie industry is expected to see 4.1% growth by 2025. 

Other media industries include: 

• Gaming: $145.7 billion
• Television: $210.4 billion
• Music: $26.2 billion
• Book Publishing: $40.9 billion
• Podcast: $18.5 billion

 17. The most expensive movie ever made is Star Wars: The Force Awakens

Made by J.J. Abrams, Star Wars: The Force Awakens is the most expensive movie ever made, with a $447 million budget. The movie generated $2 billion at the box office, making it the highest-grossing film of 2015, and is still the highest-grossing film at the domestic box office nearly a decade later. 

Other movies that top the list include: 

• Avatar: Way of Water
• Avengers: Endgame
• Jurassic World: Fallen Kingdom
• Pirates of the Caribbean: On Stranger Tides

18. Global box office revenue reached a record $42.5 billion in 2019.

Thanks to international audiences, global box office revenue reached new heights in 2019. However, since the COVID-19 pandemic, revenue dropped dramatically, only reaching back up to $26 billion in 2022. It’s projected to reach over $30 billion in 2023, thanks to box office hits like Barbie and Oppenheimer. 

Upcoming Trends in the Media & Entertainment Industry

Some of the most popular and upcoming trends to keep an eye on this year.

1. Data and AI will be used to predict audience behavior and anticipate their needs, preferences, and desires. 

The media and entertainment industry will start to rely on AI and data to find, create, and suggest content for their viewers. Through its implementation, we’ll be able to foresee audience behavior, expectations, and preferences. 

It empowers the decision-making process within the entertainment industry for its participants and creators, providing them with the necessary tools to enhance and adjust promptly.

2. Gender-fluid fashion will become more popular and accessible.  

Gender-fluid or gender-neutral fashion will become more popular with Gen Z and younger generations. Retailers and brands will start making clothes that can be worn by anyone and focus on more inclusive sizing.

3. More body-positive, diverse, and inclusive models on the runway.

The runway will start to showcase more inclusive modeling for women and men of all shapes and sizes. This has been a hot topic in the modeling world these past few years, and brands are starting to incorporate more models of different skins, body types, and identities into their campaigns.  

4. Podcasts will become more mainstream in the U.S.

This year, the number of podcast listeners is expected to grow to 164 million. In 2022, it was recorded that there are 144 million regular podcast listeners in the U.S. alone. The annual growth for podcasts from 2019 to 2023 is 17 percent, with more than 3 million active podcasts as of January 2023. 

5. Red will be the color of Fall 2023.

Expect more red dresses, accessories, and shoes on the rack this fall season. This fall will not only consist of earthy, neutral, and muted tones. Instead, the fashion industry is turning to red to liven things up. 

This bold hue has been making its rounds on the runway with major fashion brands like Prada and Valentino and is expected to make its way onto the shelves of major retailers. 

6. The video streaming service industry will continue to grow. 

The video streaming service industry is expected to reach an annual revenue of $137 billion by 2027, showing a yearly growth rate of almost 9.5 percent. Also, due to the success of major streaming platforms like Crunchyroll, Hulu, and Netflix, we can expect to see more streaming service platforms debut in the coming years. 

Manage Creative Production Like a Pro

As a producer, you’ve got to stay on top of everything. This includes contractor payments, production insurance, hiring talent, and more. Learning where the industry is going is a major part of that. 

But LÜK is here to offer more: our modern software is re-imagining the production process in ways that prioritize creatives. We provide an effortless way to plan, produce, and pay–so you can take back your time and create the high-quality content you love. 

Casting, booking, contractor payroll, employer of record, workers’ comp…LÜK can do it all. 

We’d love to show you how it works!