AIGC and total factor productivity in emerging-market media firms: mechanisms, heterogeneity, and industrial spillovers

Using panel data of Chinese A-share listed media firms over 2013–2023, this study examines whether and how Artificial Intelligence Generated Content (AIGC) affects total factor productivity (TFP) in emerging markets. Employing instrumental variable and difference-in-differences identification strategies, we document that AIGC adoption significantly enhances media firms’ TFP. Technological innovation and resource allocation efficiency constitute dual mediating channels, with innovation quantitatively dominant. The productivity dividend is markedly stronger for small-scale, non-state-owned firms located in digitally advanced regions. AIGC drives both technological progress and technical efficiency, and generates positive industry spillovers along media value chains, informing digital transformation policies for emerging economies.