"The sleeping giant of China's recorded-music market has been stirring for some time," Kong said. "Many leading music industry executives are now cautiously optimistic that the giant is awake and ready for action."

Revenue in the video games market is predicted to grow by 7.8 percent annually, reaching $11.38 billion in 2017.

The authorities have said they are considering lifting the ban on video-game console sales on the mainland. Kong said this will play an important role in giving consumers more choice.

Advertising spending on the mainland is projected to grow by 12.4 percent overall up to 2017, led by Internet advertising with a growth rate of 21.5 percent.

The report states that while spending on non-digital media will continue to dominate in the next five years, growth will also come from spending related to media delivered digitally.

Marcel Fenez, global leader of PwC's entertainment and media section, said: "The growing affluence of a rapidly emerging middle-class consumer with a propensity to spend on entertainment and media experiences, combined with improving infrastructure, is bolstering overall growth rates in a number of key areas.