Indian Economy News

India’s digital media market to triple by 2030, says report

  • IBEF
  • December 21, 2023

India's digital media and entertainment sector, presently valued at US$ 12 billion, is poised for remarkable expansion, with projections indicating a tripling of its value by 2030, according to insights from the strategy consulting firm Redseer. The current growth trajectory is primarily propelled by the surge in non-real money gaming (on RMG) and the widespread adoption of over-the-top (OTT) platforms in both audio and video formats. Despite challenges such as a slowdown in digital advertising spending and regulatory shifts impacting the RMG space, the industry's trajectory remains robust.

India's internet consumer base is characterized by a diverse user profile. A substantial group of 450-500 million explorers leads the way, followed by 300-320 million transactors and a smaller segment of 35-40 million mature users, as per Redseer.

The fiscal year 2023 witnessed a substantial upswing in the media and entertainment sector, particularly in the expansion of the paid user base and the average revenue per paying user (ARPU). Growth in paid users, reaching up to 90% across various segments, has been propelled by factors including subscription bundling, cost-effective plans, micro-payment options, and pay-per-view services.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.