India’s Media & Entertainment (M&E) sector grew to INR 2.5 trillion in 2024, according to the latest FICCI-EY report, marking a 3.3% year-on-year increase.  

This uptake, the report cited was driven by digital expansion, content innovation, and strategic industry collaborations.

The report highlights the transformative impact of digital media, which has emerged as the largest segment, accounting for 32% of total M&E revenues.

For the first time in two decades, digital media has overtaken television as the leading segment in the Indian M&E industry. This shift signals a redefinition of content creation, distribution, and monetisation in India’s media landscape.

Digital advertising grew 17% to INR 700 billion, making up 55% of total advertising revenues. Search and social media grew by 11%, while e-commerce advertising surged 50% to INR 147 billion. SME and long-tail advertisers contributed over INR 258 billion.

New media, including digital platforms and online gaming, grew by 12% in 2024, now constituting 41% of the sector’s revenues. However, traditional media, including television, print, and radio, saw declines in core advertising and subscription revenues.

Advertising revenues saw an 8.1% increase, largely driven by digital performance advertising and premium media demand. Meanwhile, subscription revenues declined due to a shrinking Pay TV subscriber base and underwhelming theatrical performances.

Segment-wise breakdown of 2024 performance: 

• Digital subscription: Increased 15% to INR 102 billion, with paid video subscriptions rising to 111 million across 47 million households. Music subscriptions also saw an uptick, reaching 10.5 million users.
• Live events: Expanded by 15%, driven by increased spending on government and election-related events, weddings, and international concerts that sold out across India.
• Out-of-Home (OOH) advertising: Grew by 10%, with digital OOH witnessing a 78% surge, now contributing 12% to the segment’s revenues.
• Radio: Revenue increased by 9% to INR 25 billion, boosted by higher ad volumes and alternate revenue streams such as events and content production.
• Print media: Showed marginal growth of 1%, with premium ad formats supporting revenues, but overall subscription revenues fell by 1%.
• Music industry: Declined 2% as free music consumption remained prevalent, limiting the growth of paid subscribers.
• Online gaming: Slowed to single-digit growth due to the 28% GST on deposits and the rise of offshore illegal gaming sites. Net revenues dropped by 6%, despite casual gaming growing by 16%.
• Film industry: Declined 5% to INR 187 billion, with theatrical admissions falling. Only 11 Hindi films grossed INR 1 billion, down from 17 in 2023. Digital and satellite rights valuations also fell by 10%.
• Animation and VFX: Declined by 9% due to international industry slowdowns and reduced investment in animated content in India.
• Television: Faced a continued decline, with a 6% drop in ad revenue and a 3% decline in subscription revenue. Pay TV homes decreased by six million, while Free TV and Connected TV adoption increased, with Connected TV households growing from 23 million in 2023 to 30 million in 2024.

Other key findings from the report:

• Indian advertising grew 8.1% in 2024. Digital media comprised 55% of total ad spends
• M&A value grew 9.5x in 2024 with 9 deals over INR 5 billion each
• Digital media is expected to be the first M&E segment to cross INR 1 trillion in ad revenues in 2026
• Looking ahead, the Indian M&E sector is expected to grow by 7.2% in 2025, reaching INR 2.7 trillion, and then expand at a Compound Annual Growth Rate (CAGR) of 7% to reach INR 3.1 trillion by 2027. This growth trajectory is poised to be shaped by innovative business models, strategic alliances, and industry consolidation.

Kevin Vaz, chairman, FICCI, media and entertainment committee, said, “The Indian media and entertainment industry is at a defining moment, driven by rapid digital adoption and evolving consumer preferences. This transformation is unlocking immense opportunities for content creators, advertisers, and technology innovators across all segments of the M&E ecosystem. With India’s media and entertainment market expected to surpass INR 3 trillion by 2027, the future is brimming with untapped potential.  FICCI remains committed to fostering collaboration and innovation to ensure that India’s M&E sector continues to thrive as a global powerhouse.”

Jyoti Vij, director general, FICCI, added, "The FICCI-EY report reaffirms the resilience and dynamism of India’s Media & Entertainment sector, which continues to thrive despite global economic headwinds. The impressive 8.1% rise in advertising revenues and the exponential growth of digital media underscore India’s leadership in content creation and consumption. As the industry undergoes rapid transformation, FICCI remains steadfast in driving policy reforms, fostering strategic collaborations, and shaping a future-ready ecosystem that not only fuels sustainable growth but also strengthens India’s global influence in the M&E landscape."

Ashish Pherwani, partner and media & entertainment leader, EY India, said, "The digital revolution has not only transformed how content is created and consumed but has also redefined the very essence of the M&E industry. From immersive storytelling and interactive experiences to innovative business models and strategic alliances, the landscape is continually reshaping itself. As digital media overtakes traditional mediums, we are witnessing a paradigm shift, where the value delivered across information, escapism, materialism, and self-actualisation becomes the new benchmark for success.”