Indian media, entertainment sector grew 3.3% to Rs. 2,50,000 crore (US$ 29.14 billion) in 2024: Report

The Indian media and entertainment sector grew by 3.3% to Rs. 2,50,000 crore (US$ 29.14 billion) in 2024, according to a report by Federation of Indian Chambers of Commerce & Industry (FICCI) and EY. This is a decline from the 8.3% growth in 2023. The industry's contribution to the country's Gross Domestic Product (GDP) was 0.73%. It is projected to expand by 7.2% to Rs. 2,68,000 crore (US$ 31.24 billion) in 2025. Advertising revenue increased by 8.1%, while events saw a 15% rise, surpassing the Rs. 10,000 crore (US$ 1.17 billion) mark for the first time. However, subscription income declined across TV and print. Pay TV lost approximately six to seven million homes as consumers shifted to digital platforms like YouTube. Theatrical admissions and box office performance were down by 5.6%, contributing to the drop in subscription income. Implementing a higher GST on real money games also led to declining transaction gaming revenues. The strike by Hollywood scriptwriters in 2023 and the struggles of international studios resulted in a 9% revenue decline in 2024, affecting broadcast ad revenues and the production of animated content in India. 

Digital advertising grew by 17% to Rs. 70,000 crore (US$ 8.16 billion) in 2024, accounting for 55% of total advertising revenues, driven by social media and e-commerce ads. Paid music subscriptions increased from 7 million to 10.5 million, while news subscriptions remained flat at 3.1 million. Music revenue fell by 2% due to efforts to reduce free consumption and lower streaming royalty rates. The organised segment's growth was fuelled by increased spending on government and election-related events, weddings, and ticketed events. Out-of-Home (OOH) advertising media grew by 10% across traditional and transit media, with digital OOH up by 78%, contributing 12% of total segment revenues. Radio revenues increased by 9% to Rs. 2,500 crore (US$ 291 million), supported by growth in ad volumes and alternate revenue streams. Print advertisement revenues grew by 1%, driven by premium ad formats. In comparison, subscription revenues fell by 1%, and digital revenues remained below 5% of total print revenues. 

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