India's Audio-Visual Boom: USD 61.2 Billion Impact in 2024

The Indian film, television, and online video services sector generated USD 61.2 billion in 2024, supporting 2.64 million jobs. A report by MPA and Deloitte forecasts a growth rate of six to seven percent annually, projecting revenues to reach approximately USD 17.5 billion by 2029.

The latest report by the Motion Picture Association (MPA) in collaboration with Deloitte estimates that India's film, television, and online video services industry made an economic contribution of USD 61.2 billion in 2024. Unveiled at the inaugural World Audio Visual Entertainment Summit (WAVES) in Mumbai, the study highlights the sector's support for 2.64 million jobs nationwide.

According to the MPA's findings, the direct impact of the screen sector in 2024 amounted to USD 16.8 billion, showcasing resilience in the face of pandemic challenges. The research anticipates a six to seven percent Compound Annual Growth Rate (CAGR) over the next four years, projecting revenues to climb to approximately USD 17.5 billion by FY 2029.

However, with strategic regulatory measures, the industry could achieve a nine to ten percent CAGR, reaching nearly USD 20 billion by FY 2029. MPA Chairman and CEO Charles Rivkin emphasized the industry's economic benefits, the commitment of American studios, and the collaboration needed between industry leaders and policymakers to enhance investment in India's thriving creative landscape.

(With inputs from agencies.)