New York—Driven by consumer spending, the global entertainment and media industry is expected to grow at a 5.0% compound annual growth rate between 2009 and 2014, rising to $1.7 trillion from $1.3 trillion, according to the "Global Entertainment and Media Outlook: 2010-2014" report released Tuesday by PricewaterhouseCoopers. In the U.S., the entertainment and media market is expected to grow at a 3.8% CAGR over the same period, increasing to $517.0 billion from $428.0 billion.

The outlook for the b-to-b sector of entertainment and media is not so sunny, although there are bright spots. PwC anticipated that total b-to-b advertising will decrease from $22.1 billion in 2009 to $21.6 billion in 2014, a 0.5% compound annual decline.

Some of the projected decline is attributable to trade magazine print advertising, which fell 22.1% in 2009 to $7.6 billion and is projected to total $6.8 billion in 2014, a 2.2% compound annual decline.

PwC said advertising on trade magazine websites will reach $1.6 billion in 2014,up from $1.0 billion in 2009 for a 9% CAGR. Another bright spot is that end-user spending on print trade magazines and b-to-b websites will increase at a 1.0% CAGR to $1.5 billion in 2014 from $1.4 billion in 2009.

“What's happening right now is that there's a decline in print, and the replacement uptake on the digital side, while that's growing, the margins there are not as good as in print,” said Timothy Corrigan, PwC partner.