Many media and entertainment companies have been expanding on their original program and capitalized on blockbuster movie releases both domestically and overseas. For instance, Disney has been expanding on its very lucrative Marvel universe.

Moreover, many are expanding on their digital presence to provide greater access to content from multiple platforms and devices.

Technical analyst Ari Wald of Oppenheimer also believes that the rally in the consumer discretionary space is just beginning. He also pointed out that the S&P 500 Consumer Discretionary index has not reacted as negatively toward the recent bout of global economic volatility, and with concerns easing, the sector is breaking out to new levels.

PowerShares Dynamic Media Portfolio

For more information on the media space, visit our media category.

Max Chen contributed to this article.