The 5.6% rate would be nearly double the percentage decline the last time the global economy shrank in 2009 during the Great Recession, when there was a 3.0% drop.
In the U.S., PwC estimates a 7.3% decline to $660.6 billion in total media/entertainment revenues for this year.
PwC points to lower revenues from worldwide live music, theatrical and trade shows. It also says spending on advertising will fall by 13.4% this year overall.
In addition, digital media will accelerate its siphoning revenue from print media -- newspapers and magazines. PwC says next year will see a return to growth -- with spending up 6.4%.
Looking at longer-term analysis -- a five-year period through 2024 -- the firm is forecasting a 2.8% compound annual growth rate. Another area that will see a major decline is global cinema.
PwC estimates global theatrical revenues will fall 65.6% to $15.5 billion.
In 2019, there was a 3.6% increase to $45.1 billion. The U.S. will see the same percentage drop -- a 65.7% decline to $3.9 billion in box-office revenues from $11.4 billion in 2019.