Ernst & Young released an industry report on the media and entertainment sector on Tuesday, identifying six trends expected to drive the future of television.

The report from the professional services firm said the trends include storytelling evolving to make better use of an omni-platform environment, ubiquitous screens demanding greater content mobility, and innovation in program discovery and television controls driving new techniques to cut through the clutter.

"Today, we are entering a unique era: portability, diversity and wireless technology enable consumers to gain more control than ever before, which has fundamental implications on supply chains in media and entertainment industry," said Howard Bass, leader of Ernst & Young's Global Media & Entertainment Advisory Services.

The rapid development of technology makes it a struggle for media and entertainment companies to find the right balance between addressing today's daily operational challenges and planning for the next big thing.

"China is still a very attractive market for both incumbent and new online media players. With increasingly saturated market conditions and intensified competition, growth in TV revenues has started to shift from new customer acquisition to value generation from existing customers," said Steve Lo, managing partner for Ernst & Young Greater China's Technology, Media and Telecommunications Market.