This study focuses on how the five major content industries – music, video, books, video games and the press – are evolving in an age of dematerialisation of content consumption and distribution. It analyses how consumption patterns are evolving and what impact they are having on the business models of these industries. It measures revenue growth in these sectors, how revenue is distributed between the physical and dematerialised spheres, and revenue share from paid and free services. Market forecasts for 2022 are also provided. The study examines the role of free, subscription and transactional services in the sector's digital business models and compares the differences between industries. It also looks at the positioning of GAFA in an environment that is now widely dematerialised