Report: Global entertainment and media will hit $2 trillion in 2011

“Global Entertainment and Media Outlook: 2007-2011” also showed that digital media, especially online and wireless, are the key growth drivers, accounting for nearly half of the industry's growth over the five-year period. But in bad news for print, the report found that in 2009, the U.S. Internet advertising and access spending will exceed the spending on newspaper publishing.

The U.S., though still the largest, is the media market with slowest growth around the world, at an estimated 5.3 percent compound annual growth rate, compared with an estimated CAGR of 13.5 percent in the Asia Pacific, the fastest-growing region.