The Indian media industry has tremendous scope for growth in all the segments due to rising incomes and evolving lifestyles. Media is consumed by audience across demographics and various avenues such as television, films, out of home (OOH), radio, animation and visual effect (VFX), music, gaming, digital advertising, and print.
The Media & Entertainment industry is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 13.10^ per cent during 2018-23 to reach Rs 2,660.20 billion (US$ 39.68 billion) in FY23 from Rs 1,436.00 billion (US$ 22.28 billion) in FY18. The industry provides employment to five million people, including both direct and indirect employment as of 2017.
Advertising revenue in India is expected to grow 15.20 per cent during 2018-2023, to reach Rs 1,232.70 billion (US$ 18.39 billion) in FY23 from Rs 608.30 billion (US$ 9.44 billion) in FY18. India digital advertising market has reached Rs 8,202 crore (US$ 1.27 billion) in 2017 and is forecasted to grow at a CAGR of 32 per cent to reach Rs 18,986 crore (US$ 2.95 billion) by 2020*.India’s advertisement spending is projected to grow 15 per cent year-on-year to reach Rs 72,169 crore (US$ 10.28 billion) in 2019@.India’s digital revenues are expected to reach US$394.22 million by 2021. India is the largest television market in the world with Rs 651.90 billion (US$ 10.11 billion) in revenue in FY18. The Indian film industry is expected to grow at a CAGR of 7.60^ per cent during 2018-2023.
The Government of India has supported this sector's growth by taking various initiatives such as digitising the cable distribution sector to attract greater institutional funding, increasing Foreign Direct Investment (FDI) limit from 74 per cent to 100 per cent in cable and Direct-to-home (DTH) satellite platforms, and granting industry status to the film industry for easy access to institutional finance.
Note: * - according to Digital Advertising Report by Dentsu Aegis Network, ^ - CAGR is calculated from Rs figures, @ - according to Zenith Global Advertising Expenditure Forecasts