A Future Exploration Network report predicts that the global media and entertainment market will increase from US$1.7 trillion to $5.7 trillion, according to a report by MarketWatch.

The demand for media services seems to be growing as people look towards the mobile technology industry, according to MarketWatch. Average media consumption is estimated to increase to 13 hours per day by 2020, the report predicted

"Even with this extraordinary pace of growth, many media organizations are struggling. Television, radio, print, and Internet are all being fragmented into smaller markets as new competitors enter the market. New media channels, including mobile and outdoor are further fragmenting our attention," Ross Dawson, chairman of Future Exploration Network, told MarketWatch.

The Future of Media Report 2008 was released to compliment to the Future of Media Summit 2008, held last week. Issues covered include the future of journalism, targeted advertising and the future of the media, MarketWatch reported Friday.