Private equity firms are playing an increasingly larger role in showbiz’s recovery from the pandemic. In the first half of 2021 alone, private investments in media and entertainment reached a record-high deal value of $54.8 billion. Industry experts predict an important inflow of capital in talent-driven industries, exemplified by companies like Reese Witherspoon's Hello Sunshine and LeBron James' SpringHill Company currently exploring sales for near-unicorn valuation. This report focuses on the state of the Film & TV and Music industry, and its prospects considering the recent pandemic-induced headwinds and tailwinds.