NEW YORK, September 23, 2025 – A record amount of investment – over $200B annually – is being poured into content by top players, according to a new analysis by KPMG LLP, U.S. audit, tax and advisory firm. That figure has climbed at a 10% compound annual growth rate (CAGR) since 2020, with some moderation post-pandemic—raising a question across the industry: “Have we reached peak content?”
KPMG finds the industry is far from saturation, but as the definition of ‘content’ expands, how media companies spend on content is becoming more critical than ever.
“It’s not just about ‘more content’ now. We’re seeing more deliberate investment. Leaders are using their learnings from the past few years and the increasing power of data-driven insights to prioritize their bets, shape creative decisions and drive better returns,” said Scott Purdy, Media Strategy Leader, KPMG US.
The shift to streaming and creator-led platforms continues to reshape the landscape. Traditional studios are now adopting platform-like monetization and feedback loops, while digital platforms are moving upstream with higher production values, brand partnerships and more curated content. The result is a hybrid model that blends creative control, audience access and monetization strategies across both.
To compile this analysis, KPMG LLP undertook a structured research program combining primary and secondary sources between April and August 2025. Content spend estimates are based on a select group of large, publicly traded media companies, with financial data spanning 2020 to 2024.
“AI is rewriting the content playbook—creation, personalization, distribution, monetization. Media leaders thoughtfully and strategically experimenting with AI today are building tomorrow’s competitive advantage,” said Frank Albarella, US Sector Leader, Media & Telecommunications, KPMG US.
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