This white paper by the World Economic Forum, in collaboration with Accenture, explores the transformative potential of generative AI (GenAI) in the media, entertainment, and sport industry. It examines how GenAI can reshape content creation, distribution, and monetization, presenting both opportunities and challenges. The report highlights the need for a holistic, transparent, and human-centric approach to responsible AI adoption to maximize benefits and mitigate risks like misinformation and job displacement. It emphasizes collaboration among industry stakeholders, governments, and experts to navigate future disruptions and ethical considerations. The study points to advancements on the horizon, such as AI-driven content discovery, new consumption experiences through emerging technologies, and AI-enabled creativity sparking a new era in content creation. The study emphasizes that through multi-stakeholder collaboration GenAI will lead to a richer and more diverse creative landscape.