Media and entertainment sector grew by 20% in 2022 to cross the US$ 24 billion (Rs. 2 trillion) mark and also the surpassed pre-Covid level
The media and entertainment (M&E) industry in India grew at 19.9% (approximately 20%) in 2022, crossed the US$ 24 billion (Rs. 2 trillion) mark and surpassed the pre-Covid level.
While launching the ‘Windows of Opportunity: India’s M&E Sector Maximizing Across Segments’ report at the FICCI Frames event in Mumbai, Mr. Subhrakant Panda, Federation of Indian Chambers of Commerce and Industry (FICCI) President, stated that the sector was expanding at a compound annual growth rate (CAGR) of 10.5% and is anticipated to reach US$ 35 billion (Rs. 2.83 trillion) by 2025. “In 2030, when India will be the third-largest economy, our media & entertainment sector will be one of the largest in the world,” he added.
Mr. Subhrakant Panda also added that animation, visual effects, and graphics were the areas with immense potential.
Moreover, the M&E sector is estimated to grow by 11.5% in 2023 to reach US$ 29.2 billion (Rs. 2.34 trillion).
In 2022, the advertising revenue for the media and entertainment sector exceeded US$ 12 billion (Rs. 1 trillion), with digital accounting for the largest share. The report states that digital advertising accounted for 48% of all ad income, which is higher than TV's portion of 30% and print's share of 16%. Furthermore, traditional media also witnessed an increase in 2022.
The expansion of digital media has been facilitated by smartphone usage, low-cost data, and even distant locations' access to the internet.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.