Global media today is a much different world from what it was several years ago. More and more countries are producing increasing amounts of local content, and as such are becoming less reliant of the other countries' content to fill their airwaves. In particular, Asia and Africa have stepped up their local content production.
While Hollywood is still the go-to producer of media content for the world, that doesn't meant the rest of the world isn't beginning to catch up. A piece by Jacqueline Christ for Diplomatic Courier points out that, while the US remains the biggest content producer in the world, other countries are catching up. China has become an increasingly major factor in the film industry, with its massive movie going population being a deciding factor in a film's international success, "...with spending on media reaching nearly $170 billion in 2015." China is now the second largest market for films in the world, with projections for ten million dollars to be made by 2019.
India is the other country beginning to stimulate its media industry in a major way. Its media industry is now worth 18.5 million dollars, with a nearly 10% increase over the last five years. India, being a less digitized nation, has boosted its media industry via mediums most countries don't bother with as much, namely the physical media and print mediums. In contrast to China, the majority of films that find success in India are their own films, not international films. These locally produced films make up 74% of India's total box office revenues, with more films being produced there than anywhere else in the world.
Another facet of the continued globalization of media is the ever increasing shift to digital media. Livemint ran a piece in May of this year discussing the global revenues of media conglomerates like Alphabet, Inc., Facebook, and Comcast Corp. It points out the crucial detail, "This will be the first year when more money will be spent on Internet advertising than on traditional television (which will total $192 billion)." This goes to show just how much farther away from traditional media the modern world is moving, and just how powerful and influential these companies are.
With more and more content becoming digital-only and less people relying on traditional television for their media needs, companies like Netflix and Hulu are starting to step further into the spotlight.