The total annual output value of China's media industry surpassed 3 trillion yuan (426.4 billion U.S. dollars) for the first time in 2023, according to a newly published report.

The report on the development of China's media industry was released by the School of Journalism and Communication of Tsinghua University, in collaboration with the Social Sciences Academic Press, and other research institutions.

Driven by the recovery of offline consumption, cost-cutting measures in businesses, and the emergence of new technological concepts, China's media industry experienced positive growth in 2023 with a total output value of 3.15 trillion yuan, up 8.38 percent year on year, the report said.

AI innovation is transforming media forms and industries, emerging as a powerful force driving the evolution of the media ecosystem, as the report highlighted.

In this evolving landscape, the newspaper industry is gradually moving from relying mainly on print sales and advertising to a mix that includes print ads, digital ads, and other sources of income.

Meanwhile, China's mobile internet has reached a mature stage, said the report, noting that with users fully tapping into offline spending, mobile data and internet service revenues dipped slightly in 2023.

Amid these changes, digital media is booming, fueled by a growing number of mobile users and increasing internet traffic. However, while the number of cinemas and movie screens has risen slightly, growth is slowing as the market gets saturated, the report said.

Traditional print media, like newspapers and magazines, is facing a decline in total print runs as it tries to adapt to digital changes.

The report also examined key trends for the future of the media industry. Globally, media is shifting to digital formats, with major platforms like Google, Apple, and Meta becoming more dominant, it noted.

Both global and Chinese media are experiencing similar changes, as new technologies are helping traditional media go digital, the report said. Technologies like Web3, 5G, VR, and AR are reshaping the future of the media industry.

In the next year, the main priorities for the global media industry will be adopting new technology and managing risks, according to the report.

Chinese media is showing new trends as it expands internationally, the report said, adding that cultural products like online games, literature, and films are leading this push.

Mainstream Chinese media is also expanding its reach by setting up overseas centers and creating international content brands to boost their global influence.