According to the latest FICCI-EY report titled “Shape the Future: Indian Media and Entertainment,” digital media has surpassed television to become the largest segment in India’s media and entertainment (M&E) sector, contributing 32% of overall revenues.
The Indian M&E sector reached a total value of ₹2.5 trillion (US$29.4 billion) in 2024, growing by ₹81 billion or 3.3% from the previous year. However, growth slowed from 8.3% in 2023 due to declining subscription revenues and reduced outsourcing of animation and VFX work to India.
Advertising revenues grew by 8.1%, driven primarily by performance advertising on digital platforms, with digital media (17%), live events (15%), and OOH media (10%) being key growth drivers. Digital advertising reached ₹700 billion, representing 55% of total advertising revenues.
Key segment performances in 2024:
- Digital subscription revenues grew 15% to ₹102 billion, with paid video subscriptions increasing to 111 million across 47 million households
- Organized live events grew 15%, boosted by government, election-related, and ticketed events
- OOH media rose 10%, with digital OOH growing 78%
- Radio grew 9% to ₹25 billion
- Print ad revenues increased 1%, while subscription declined 1%
- Film revenues dropped 5% to ₹187 billion
- Television revenues fell for the second consecutive year
The report projects the M&E sector to grow at over 7% for the next three years, reaching ₹3.1 trillion (US$36.1 billion) by 2027. Future trends include increased focus on subscription revenues, content IP monetization, industry consolidation, and AI integration across production and distribution.
“The digital revolution has redefined the very essence of the M&E industry,” noted Ashish Pherwani, Media & Entertainment Leader at EY India.
