'The sector has been talking for a long time about taking opportunities ... now we are actually going to see them come to reality.'

Mr Fenez said the number of mainlanders with access to the internet would increase at about 800,000 per week to 260 million in 2008, when internet-related spending would reach US$63.6 billion.

PwC also predicts revenue from television subscriptions on the mainland will reach US$7 billion in 2008, from US$2.3 billion last year. The figure will further be boosted by market penetration by cable networks and the launch of the first satellite television service next year.

The report said strong industry performance in China and India would boost regional revenue to US$366 billion, from US$229 billion, in five years, making Asia the world's fastest growing market.

'India and China are investing heavily in communications and media infrastructure and opening up their markets. Both countries have huge populations and low media penetration, providing significant room for expansion,' the report said.

Asia's projected growth rate of 9.8 per cent is significantly higher than PwC's global figure of 6.3 per cent.

While India and China will see the biggest percentage increase in the next five years, Mr Fenez said Japan's improving economy would also be a significant factor in Asia's performance as the country still accounted for 55 per cent of regional revenue.

In Hong Kong, entertainment and media revenue will achieve 6.6 per cent growth, slightly more than the overall global rate, on the back of television advertising and internet revenue.

PwC said revenue from television advertising would increase from US$514 million last year to US$693 million in 2008, mainly due to spending on sports-related events such as next month's Olympic Games in Athens, the 2008 Olympic Games in Beijing and the 2006 World Cup in Germany.