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Rebecca Zisser / Axios

Over the next five years, the annual global growth rate for the media and entertainment industry will be 4.2%, PriceWaterHouse Coopers estimates — slower that the predicted growth rate of global GDP. Revenue streams that have historically driven growth within the industry (like print advertising, music downloads and cinemas) are losing market share in the global economy as cheaper, more efficient digital mediums replace them, like digital advertising, music streaming and digital home video.

Why it matters: We're already starting to see the fundamental changes to advertising and movies play out in real time, with traditional media markets around the globe taking a hit:

  • Agencies report major losses, WPP — the world's biggest advertising agency and holding group — saw shares fall over 10% after it reported that ad spend for the remainder of the year is expected to drop due to political volatility in the U.K. and U.S. and economic volatility in key markets, like Russia, Brazil and China. Havas Group, another major ad agency, missed on Q2 earnings, blaming lowered ad spend from clients suffering from economic issues in emerging markets, like Brazil, Mexico, India and China. They also noted spending cuts in the consumer packaged goods (CPG) category — a big, industry-wide trend.
  • Traditional media continues to fall: Nine Entertainment Co., a major Australian TV network, posted a $160 million loss for the last fiscal year due mostly to a weak advertising market. (Worth noting: CBS announced it would acquire TEN on Monday.) On the movie front, box office revenue was down 70% this month compared to this time last year, as moviegoing in the U.S. continues to plateau.

Sound smart: The media and entertainment industry's biggest growth drivers — online video, video games, internet access and digital advertising — are growing rapidly, but not at a rate that's enough to support the major declines of traditional media, almost all of which were down year over year last quarter.

Go deeper

Updated 3 hours ago - World

Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

The latest: Haitian police inspector Frantz Champagne identified the 400 Mawozo gang as the group responsible, in a statement to AP.

Hollywood union reaches deal with studios to avert strike

Photo: AaronP/Bauer-Griffin/GC Images

A Hollywood workers' union reached a tentative deal with studios, networks and streamers that will guarantee better working conditions, meal breaks and increased wages for low-paid workers, the International Alliance of Theatrical Stage Employees (IATSE) announced Saturday night.

Why it matters: The deal, which still needs to be ratified by IATSE members, will avert a nationwide strike by film and television workers that was set to start Monday. It would have been the first strike in the union's 128-year history.

Bill Clinton released from hospital following treatment for non-COVID infection

Photo: Tasos Katopodis/Getty Images/Bloomberg via Getty Images

Former President Bill Clinton was discharged from the University of California, Irvine Medical Center on Sunday, nearly a week after he was admitted for a non-COVID-related infection, according to his spokesperson Angel Ureña.

What they're saying: "His fever and white blood cell count are normalized and he will return home to New York to finish his course of antibiotics," wrote Dr. Alpesh Amin, who has been overseeing the team of doctors treating Clinton. "On behalf of everyone at UC Irvine Medical Center, we were honored to have treated him and will continue to monitor his progress."

Worth noting: Clinton had a urinary tract infection that spread to his bloodstream, per CNN.

  • The California-based medical team had been administering IV antibiotics and fluids, and was in constant communication with Clinton's New York team, including his cardiologist, according to the former president's physicians.
  • President Biden spoke by phone with Clinton on Friday to see how he was doing, and the catch-up included a discussion of recent politics.