China, India, Russia and Mexico Are The Top Emerging Markets

"While the U.S. still has the highest earning potential for both online media and entertainment companies, emerging markets like China, India, Russia, and Mexico are quickly catching up."

A new report by Ernst & Young says growth will be fueled by rapidly increasing Internet penetration.

There are expected to be two billion broadband connections by 2016 in the emerging markets covered by the report, twice that of mature markets Smartphone shipments to emerging markets will also double between 2014 and 2018.

China, the top emerging market for online media companies, is expected to have 500 million wireless broadband connections by 2016.

Read more: The country’s regulations, however, make it an infamously difficult market for foreign companies to enter. Facebook and Google are just two U.S. tech giants that have been blocked or restricted.