The media space and sector-related exchange traded fund are touching new highs as consumers spend more on entertainment.

The PowerShares Dynamic Media Portfolio (NYSEArca: PBS), which tracks U.S. media companies, has increased 9.5% year-to-date and hit a new all-time high Friday.

PBS was touching new highs as Google (NasdaqGS: GOOGL) recorded its largest single-day gain ever and briefly crossed above $700 per share for the first time. PBS’s largest component is GOOGL at 5.4% of the underlying portfolio.

Google shares surged Friday on strong growth in advertisement revenue from YouTube viewership, notably among viewers aged 18 to 49 on mobile platforms, Reuters reports.

Meanwhile, consumer discretionary entertainment names have been gaining momentum this year.

Erin Gibbs, equity chief investment officer at S&P Capital IQ, argues that consumers are shifting their expenditures from retail to entertainment with companies like Amazon (NasdaqGS: AMZN), Netflix (NYSE: NFLX), Walt Disney (NYSE: DIS), and other leisure and media companies, reports Stephanie Yang for CNBC.

“People are spending money as long as it has to do with entertaining themselves,” Gibbs said on CNBC.

Among PBS’s other top holdings, DIS is 5.3%, Time Warner (NYSE: TWX) is 5.3%, Time Warner Cable (NYSE: TWC) is 5.1%, DirectTV (NasdaqGS: DTV) is 5.1%, Dish Network (NasdaqGS: DISH) is 4.6%, Viacom (NasdaqGS: VIA.B) is 4.6%, CBS (NYSE: CBS) is 4.4%, Tegna (NYSE: TGNA) is 3.1%, Cablevision Systems (NYSE: CVC) is 3.0% and Starz (NasdaqGS: STRZA) is 3.0%.

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