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20 Most Valuable Media Companies In The World

In this article, we will take a detailed look at the 20 Most Valuable Media Companies In The World with insights into market capitalization. To see the top five countries in the list, click 5 Most Valuable Media Companies In The World.

The media industry comprises multiple segments: movies/cinema, television, music, publishing, radio, internet, advertising, and gaming. Trends and drivers vary across sub-segments, geographies, and consumer segments, making the industry unique. Sub-verticals compete, complement, and combine to meet the ever-increasing global demand for entertainment and information.

Notably, the media and entertainment industry is transforming, with traditional and new media continuing to coexist. Interactivity, digitization, multiple platforms, devices, and globalization have reshaped the industry in the past decade. The media industries reached an inflection point in 2022, with revenue growth slowing to 5.4% from 10.6% in 2021. This trend is expected to continue, with revenue growth declining sequentially each year for the next five years. By 2027, revenue growth is projected to be just 2.8%, slower than the overall economic growth rate of 3.1% forecast by the IMF. This slowdown is attributed to several factors, including increased competition from new entrants, changes in consumer behavior, and economic uncertainty and inflation. The industry is now facing the challenge of adapting to the changing landscape and finding new ways to monetize its content and services.

The Media and Entertainment Industry’s Resilience in the Post-Pandemic Landscape

The coronavirus pandemic caused significant growth setbacks for the media and entertainment industry in 2020. While the impact varied across different sectors, the industry faced challenges due to the pandemic’s restrictions and shifting consumer behaviors. Conversely, the demand for over-the-top (OTT) video streaming services and data consumption surged as people turned to digital platforms for entertainment during the pandemic. This trend fueled growth in film and television delivered via the Internet. Given this, Subscription Video-on-Demand (SVOD) revenues are expected to surge, reaching twice the size of the box office by 2024. Advertising spending, however, is anticipated to grow at a slower pace compared to consumer spending in the coming years. Digital advertising is expected to grow at an annual rate of 4.8% through 2024.

A Look Into Media Industry 

The media industry depends on multiple external factors and technological developments, such as wireless and mobile devices, digitization, internet access speeds, cloud storage, consumer analytics, and social media. Meta Platforms Inc. (NASDAQ:META), with a current market cap of $873.67 billion, the parent company of Facebook, Instagram, and WhatsApp, holds an undisputed position as the largest social media company, commanding the largest user base and exercising significant influence over how people connect and engage online.

Meta Platforms Inc. (NASDAQ:META) has revolutionized how people connect, consume information, and engage with media. Meta’s influence extends beyond social media as it ventures into augmented reality (AR) and virtual reality (VR) with its Meta Quest platform. Meta Platforms Inc. (NASDAQ:META) invested heavily in its Reality Labs division in 2021, dedicating a total of $10.2 billion to developing virtual reality (VR) and augmented reality (AR) products. This substantial investment reflects the company’s commitment to these emerging technologies.

In the Q3 2023 earnings call, Meta Platforms Inc. (NASDAQ:META) announced that its monthly active user base across all its apps has surpassed 3.9 billion. AI will be the company’s primary investment focus in 2024, encompassing engineering and computing resources. However, Meta aims to minimize new headcount growth. Consequently, the company will prioritize AI projects over non-AI initiatives, reallocating internal resources accordingly. Meta estimates that Reels has driven a remarkable 40% increase in time spent on Instagram since its launch, attributed to ranking and product enhancements. Furthermore, recommendation improvements have led to a 7% and 6% increase in time spent on Facebook and Instagram, respectively, this year alone. Meta’s AI tools for advertisers have also demonstrated significant impact, with Advantage+ shopping campaigns achieving a $10 billion run rate and over half of advertisers employing Advantage+ creative tools to optimize ad images and text.

Another major player in digital media is Tencent Music Entertainment Group (NYSE:TME), a Chinese multinational technology and entertainment conglomerate. Headquartered in Shenzhen, China, Tencent Music Entertainment Group (NYSE:TME) has established itself as a pioneer in various industries, including social media, video games, music, e-commerce, and cloud computing. Tencent Music Entertainment Group (NYSE:TME) has made several acquisitions in recent years across various sectors, including PC and Console Gaming, PC and Console Game Developers, Consumer Digital – Europe, and others. Tencent Music Entertainment Group (NYSE:TME) has spent over $24.2B on acquisitions. One of the most notable acquisitions was with Turtle Rock Studios, a company based in the USA. Tencent acquired Turtle Rock Studios to add to its extensive roster of video game studios. Turtle Rock Studios is the popular video game Back 4 Blood developer.

Photo by ThisisEngineering RAEng on Unsplash


For our methodology, we have ranked the 20 most valuable media companies in the world based on their market cap for publicly listed companies and implied market cap for private companies.  We get the implied market cap for the private media companies using revenue multiples by multiplying each private company’s valuation by 1.2, the average revenue multiple for the media industry. We then ranked the companies in ascending order of their market cap.

Below is our list of the 20 most valuable media companies in the world.

Most Valuable Media Companies in the World

20. DISH Network Corporation (NASDAQ:DISH)

Market Capitalization (USD Billion): 2.787

DISH Network Corporation is an American multinational satellite television provider based in Englewood, Colorado. The company has over 9.20 million Pay-TV subscribers. DISH Network experienced a decline in revenue in 2023, with its twelve-month revenue ending September 30, 2023, falling by 8.58% year-over-year to $15.62 billion. The company’s revenue for the September 30, 2023 quarter also decreased by 9.55% year-over-year, reaching $3.70 billion. This downward trend follows a similar pattern in 2022, when DISH Network’s annual revenue dropped by 6.72%, reaching $16.68 billion.

19. Nexstar Media Group, Inc. (NASDAQ:NXST)

Market Capitalization (USD Billion): 4.9

Nexstar Media Group, Inc. is a leading diversified media company with a strong financial profile. The company has a consistent revenue and earnings growth history, generating significant free cash flow. In 2022, Nexstar achieved remarkable financial success, generating $5.2 billion in revenue and establishing new records for Adjusted EBITDA and free cash flow. The company demonstrated its commitment to shareholder value by returning approximately 68% of its 2022 attributable free cash flow, or a record-breaking $1.02 billion, through share repurchases and dividends.

18. Paramount Global (NASDAQ:PARA)

Market Capitalization (USD Billion): 8.02

Paramount Global is a global content creation and distribution leader and an American multinational media and entertainment conglomerate. The company’s financial performance, with operating income reaching $2.5 billion in fiscal year 2022, reflects its strong position in the media industry, with revenue generated from diverse sources such as advertising, subscription fees, and content licensing. Paramount Global’s financial success is driven by its ability to adapt to the ever-changing media landscape and capitalize on new opportunities in the digital age.

17. Vivendi SE (EPA:VIV)

Market Capitalization (USD Billion): 9.19

Vivendi is a diversified media company with a global reach, providing a comprehensive suite of content, media, and communications services. The company operates across the entire media value chain, from identifying and developing talented artists to creating, producing, and distributing engaging content. Vivendi’s portfolio encompasses recorded music, music publishing, merchandising, and audio-visual content. The company actively nurtures and promotes recording artists and songwriters, resulting in critically acclaimed and commercially successful music productions. In 2022, Vivendi generated revenue of $10.1 billion, demonstrating its strong financial standing and position in the industry.

16. Fox Corporation (NASDAQ:FOX)

Market Capitalization (USD Billion): 13.81

Fox Corporation is a leading media and entertainment company renowned for producing and licensing compelling news and sports content. The company’s distribution channels span traditional cable television systems, direct broadcast satellite operators, telecommunication companies, and online multi-channel video programming distributors, ensuring its reach to a vast audience. In a groundbreaking initiative, Fox has partnered with the Black List to launch The To-Be-Commissioned initiative. This pioneering endeavor aims to empower emerging and established writers by providing them a platform to submit their screenplays for potential development, production, and distribution by Tubi, Fox’s ad-supported streaming service.

15. Bertelsmann

Market Capitalization (USD Billion): 26.605

Bertelsmann is a multinational media, services, and education company with a long and distinguished history. Founded in 1835 by Carl Bertelsmann in Gütersloh, Germany, the company has become a global leader in various industries, including book publishing, music publishing, television production, services, and education. Bertelsmann Investments (BI) maintained a global portfolio of 349 investments as of March 31, 2023, expanding its reach through nine new and follow-on investments in the first quarter. Bertelsmann Asia Investments (BAI) participated in a subsequent financing round for Clearmotion, a global automotive technology company. BI further prioritized the growth of its Bertelsmann Next division, particularly in the Digital Health sector.

14. Warner Bros (NASDAQ:WBD)

Market Capitalization (USD Billion): 24.117

WARNER BROS. is a global entertainment powerhouse, fully integrated across the entire entertainment value chain, from creation to distribution and marketing. Its extensive library, a treasure trove of cinematic and television masterpieces, boasts over 145,000 hours of programming, including 12,500 feature films and 2,400 television programs encompassing over 150,000 individual episodes.

13. Spotify Technology SA (NYSE:SPOT)

Market Capitalization (USD Billion): 33.505

Spotify is the world’s leading music streaming platform. With over 3.2 million podcasts on its platform, Spotify has become a significant force in the podcasting industry, offering a diverse range of content for listeners to explore. Additionally, its recent foray into audiobooks further expands its reach, providing users with a comprehensive audio entertainment platform. Its innovative approach, vast library, and global reach have cemented its position as a leading media company, shaping the future of audio entertainment.

12. Baidu, Inc. (NASDAQ:BIDU)

Market Capitalization (USD Billion): 37.753

Baidu is one of the few companies globally offering a comprehensive AI stack, encompassing infrastructure elements such as AI chips, a deep learning framework, and core AI capabilities like natural language processing, knowledge graphs, speech recognition, computer vision, and augmented reality. An open AI platform further facilitates this technology’s widespread application and utilization. Baidu’s business structure comprises two segments: Baidu Core, which contributed over 70% of the company’s revenue over the past three years, and iQIYI, accounting for the remaining revenue.

11. Charter Communications (NASDAQ:CHTR)

Market Capitalization (USD Billion): 60.16

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving over 32 million customers in 41 states through its Spectrum brand. The company holds a robust financial position, generating $54 billion in revenue in 2022. Charter Communications’ extensive network supports over 500 million IP devices, demonstrating its commitment to providing high-speed internet access to a vast population.

10. Thomson Reuters Corporation (NYSE:TRI)

Market Capitalization (USD Billion): 60.585

Thomson Reuters Corp is a global provider of news and information services, empowering professionals with intelligence, technology, and expertise to make informed decisions. The company offers a comprehensive suite of research and workflow products, focusing on intuitive tax solutions and automated tax workflows. Its offerings span tax, legal, regulatory, and compliance functions, catering to diverse professional needs. Thomson Reuters also provides real-time, multimedia news and information services to television and cable networks, newspapers, radio stations, and websites worldwide. With assets totaling $21 billion and profits reaching $1.2 billion in 2023, Thomson Reuters is a leading force in the media industry.

9. NetEase, Inc. (NASDAQ:NTES)

Market Capitalization (USD Billion): 74.23

NetEase, Inc. (NASDAQ: NTES) is a leading internet and game services provider centered around premium content. Leveraging its extensive gaming ecosystem, the company develops and operates some of the most popular and enduring mobile and PC games in China and globally. Powered by one of the largest in-house game R&D teams focused on mobile, PC, and console platforms, NetEase consistently delivers superior gaming experiences, inspiring players worldwide and fostering a thriving community. Beyond games, NetEase’s service offerings extend to its majority-controlled subsidiaries, including Youdao, an intelligent learning company with industry-leading technology; Cloud Music, a well-known online music platform featuring a vibrant content community, and Yanxuan, NetEase’s private label consumer lifestyle brand.

8. Sony Group Corporation (NYSE:SONY)

Market Capitalization (USD Billion): 105.776

Sony Group Corp, a global leader in electronics and entertainment, designs, manufactures, and sells various innovative products, from game consoles and televisions to audio and video equipment, mobile phones, and image sensors. The company also holds a prominent position in the entertainment industry, managing and licensing music, producing and distributing animated content, and overseeing the production, acquisition, and distribution of motion pictures and television programs. Headquartered in Japan, Sony generated $85.3 billion in 2023.

7. AT&T Inc. (NYSE:T)

Market Capitalization (USD Billion): 111.397

AT&T Inc (AT&T), a leading provider of telecommunications, media, and technology services, anticipates a significant surge in data consumption, with users projected to consume at least 5 times more data by 2025 compared to 2021. To meet this growing demand, AT&T Fiber, the company’s fiber-optic internet service, has expanded its reach to over 25 million locations, encompassing both consumer and business premises. AT&T Fiber’s consistent speeds and reliable performance position it as a frontrunner in enhanced connectivity.

6. The Walt Disney Company (NYSE:DIS)

Market Capitalization (USD Billion): 157

The Walt Disney Company, a global leader in family entertainment and media, encompasses various businesses, including television and radio production, distribution and broadcasting, direct-to-consumer streaming services, amusement parks, and hotels. The company’s extensive holdings include renowned television networks such as ABC, ESPN, and Freeform. In recent years, Disney has spearheaded the growth of its streaming platforms, Hulu, Disney+, and ESPN+, achieving a remarkable milestone in March 2021, when Disney+ surpassed 100 million subscribers just 16 months after its launch.


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Disclosure. None. 20 Most Valuable Media Companies In The World was initially published on Insider Monkey.

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