Indian Economy News

Indian M&E sector is expected to grow at 10% to US$ 30.2 billion (Rs. 2.5 trillion).

  • IBEF
  • March 6, 2024

The Indian Media & Entertainment (M&E) sector is set for substantial growth, with a projected 10.2% increase, reaching US$ 30.8 billion (Rs. 2.55 trillion) by 2024 and a 10% CAGR, hitting US$ 37.2 billion (Rs. 3.08 trillion) by 2026, according to the FICC-EY Report 2024. Despite achieving an 8% growth in 2023 and surpassing pre-pandemic levels by 21%, specific segments like television, print, and radio still trail their 2019 benchmarks.

A pivotal shift is anticipated as digital media is expected to surpass television as the largest segment 2024. Although television faced a setback in 2023 with a 2% decline, amounting to US$ 8.4 billion (Rs. 69,600 crore), a rebound is expected in 2024 with over 3% growth, reaching US$ 8.7 billion (Rs. 71,800 crore). However, the TV advertising sector experienced a 6.5% decline to US$ 3.6 billion (Rs. 29,700 crore) in 2023, which is attributed to reduced spending by gaming and D2C brands. The report highlights the nuanced landscape of subscription revenue, which increased to US$ 4.8 billion (Rs. 39,900 crore), reversing a three-year decline driven by price increases despite a two-million drop in pay TV homes. Linear viewership grew by 2%, and the surge in smart TV connectivity is notable, with 19 to 20 million smart TVs connecting to the internet weekly, a significant increase from 2021. The comprehensive scenario reveals a dynamic M&E landscape in India, emphasizing the evolving dominance of digital media and the nuanced factors influencing advertising and subscription revenues.

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