2024 Indian Media & Entertainment: Digital Surpasses TV as Sector Hits RS 2.5 Trillion

The Indian Media & Entertainment sector reached RS 2.5 trillion in 2024, a 3.3% rise despite challenges. Digital media became the largest segment, while advertising revenues grew by 8.1%. The sector is projected to grow further, reaching RS 3.1 trillion by 2027, with digital media leading the charge.

The Indian Media and Entertainment (M&E) sector celebrated a landmark achievement in 2024, attaining a total value of RS 2.5 trillion (USD 29.4 billion), according to the latest FICCI-EY report. Despite obstacles like declining subscription revenues and a global Animation and VFX outsourcing slowdown, the industry saw a 3.3% increase over the previous year, contributing 0.73% to India's GDP.

For the first time in two decades, digital media has outpaced television, emerging as the largest segment within the Indian M&E industry. It accounted for 32% of overall revenues, growing by 17% to touch Rs 802 billion. This change underscores the swift adoption of digital platforms amid evolving consumer preferences.

The advertising revenue of the Indian M&E sector grew by 8.1%, propelled by digital platform performance advertising, e-commerce websites, the rising demand for premium digital Out-of-Home (OOH) media, and the resilience of print and radio retail ad revenues. Digital media led growth drivers with a 17% increase, alongside live events by 15% and OOH media by 10%.