India’s Entertainment and Media (E&M) industry is projected to grow at an annual rate (CAGR) of 8.3%, reaching INR 3.65 lakh crore (USD 19.2 billion) by 2028, according to PwC India’s latest report, 'Global Entertainment & Media Outlook 2024–28: India Perspective'.

This growth rate surpasses the global average of 4.6%.

Currently, the US leads the global E&M market by revenue, with China in the second position and India standing at nine. 

The report highlights four key opportunities in the E&M sector. Internet advertising emerges as the fastest-growing market in Asia-Pacific and the second globally, with a projected 15.6% CAGR (2023–2028).

India’s large millennial and Gen Z population, affordable data, and increasing smartphone penetration are key contributors to this growth.

Currently, India has 91 crore millennials and Gen Z users, 78 crore internet users, and 55 crore smartphone users. Indians spend 78% of their online time on E&M-related apps.

The drivers of growth across key sectors in India reflect a dynamic media and entertainment landscape. The Indian cinema market is projected to grow at an impressive 14.1% CAGR, showcasing its resilience and audience appeal. Similarly, the music industry is poised for robust growth, with total revenue expected to increase at a 10.3% CAGR, reaching INR 10,899 crore by 2028.

Advertising revenues in India are expected to grow at 9.4% CAGR, reaching INR 1.58 lakh crore by 2028. This growth is 1.4 times the global average of 6.7%.

Out-of-home (OOH) advertising demonstrated significant momentum, growing by 12.9% in 2023 and anticipated to sustain a 7.6% CAGR.

Meanwhile, print advertising faces challenges amidst a global decline, underscoring the need for innovation in traditional media.

Other highlights from the report:

• Internet advertising will expand at 15.6% CAGR, reaching INR 85,000 crore by 2028, marking the fastest growth rate among the top 15 global markets.
• Traditional TV advertising will grow at a 4.2% CAGR between 2023 to 2028, while global revenues are set to drop by -1.6%. India is poised to become the fourth-largest TV advertising market by 2026.
• Revenues from online gaming and esports are forecast to grow at 19.2% CAGR, reaching INR 39,583 crore by 2028.
• India’s over-the-top (OTT) market will grow at 14.9% CAGR, the highest among the top 15 countries, reaching INR 35,061 crore by 2028.
• Generative AI (GenAI) is set to transform content creation, personalisation and monetisation, with over 70% of global companies expected to adopt it by 2025.

Manpreet Singh Ahuja, chief digital officer and TMT Leader, PwC India, said, “India’s Entertainment and Media sector is on the cusp of a major transformation. According to our Global Entertainment and Media Outlook 2024-2028, key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry. These rapidly expanding segments are positioning India as a global leader in innovation and growth. Businesses that adapt and innovate in these areas are poised to seize unparalleled opportunities in this dynamic landscape.”