India's M&E sector crosses Rs 2.5 tn in 2024, advertising revenues surge by 8.1%: FICCI-EY Report

Mumbai (Maharashtra) [India], March 27 : The Indian Media and Entertainment (M&E) sector has achieved a significant milestone in 2024, reaching a total value of RS 2.5 trillion (USD 29.4 billion), as per the latest FICCI-EY report.
This marks a 3.3 per cent increase from the previous year, despite challenges such as falling subscription revenues and a global slowdown in Animation and VFX outsourcing. The sector contributed 0.73 per cent to India's GDP in 2024.
For the first time in two decades, digital media has surpassed television to become the largest segment within the Indian M&E industry, accounting for 32 per cent of overall revenues and growing by 17 per cent to reach Rs 802 billion.
This shift highlights the rapid adoption of digital platforms and changing consumer preferences.
The Indian M&E sector's advertising revenues recorded 8.1 per cent growth, driven by performance advertising on digital platforms and e-commerce websites, growing demand for premium digital Out-of-Home (OOH) media, and the resilience of print and radio retail advertising revenues.
Key growth drivers included digital media (17 per cent), live events (15 per cent), and OOH media (10 per cent).
Ashish Shelar, Minister of Information Technology & Cultural Affairs, Government of Maharashtra, said, "My department and my government will take the lead to see the best suggestions from this report and implement as a part of the upcoming 100 days program of the Cultural Affairs Ministry of Govt of Maharashtra."
Kevin Vaz, Chairman, FICCI, Media and Entertainment Committee, said, "With India's media and entertainment market expected to surpass Rs 3 trillion by 2027, the future is brimming with untapped potential. FICCI remains committed to fostering collaboration and innovation to ensure that India's M&E sector continues to thrive as a global powerhouse."
Ashish Pherwani, Media & Entertainment Leader and Partner, EY India, said, "As digital media overtakes traditional mediums, we are witnessing a paradigm shift, where the value delivered across information, escapism, materialism, and self-actualisation becomes the new benchmark for success."
Jyoti Vij, Director General, FICCI, added, "As the industry undergoes rapid transformation, FICCI remains steadfast in driving policy reforms, fostering strategic collaborations, and shaping a future-ready ecosystem that not only fuels sustainable growth but also strengthens India's global influence in the M&E landscape."
The FICCI-EY report predicts that the Indian M&E sector will continue its upward trajectory. It is expected to grow by 7.2 per cent in 2025, reaching Rs 2.7 trillion (USD 31.6 billion).
The sector is projected to expand at a CAGR of 7 per cent, reaching Rs 3.1 trillion (USD 36.1 billion) by 2027. Digital media is forecasted to be the first M&E segment to cross RS 1 trillion in ad revenues by 2026.
In terms of segmental performance, digital advertising grew 17 per cent to Rs 700 billion, accounting for 55 per cent of total ad revenues.
Digital subscriptions increased 15 per cent to Rs 102 billion, with paid video subscriptions reaching 111 million across 47 million households.
Live events expanded 15 per cent, surpassing Rs 100 billion for the first time, driven by government, election-related events, and international concerts.
OOH media grew 10 per cent, with Digital OOH increasing 78 per cent and contributing 12 per cent of segment revenues. The radio segment grew 9 per cent to Rs 25 billion, with 20 per cent of revenues from alternate streams like events and content production.
Print ad revenues increased 1 per cent, while subscription revenues declined 1 per cent. Music revenues declined 2 per cent, despite paid subscriptions rising from 7 million to 10.5 million.
Online gaming fell 2 per cent due to the 28 per cent GST imposition on deposits and illegal offshore sites. Film industry revenues declined 5 per cent to RS 187 billion, with fewer blockbuster hits and decreasing OTT/satellite rights values.
Television ad revenues dropped 6 per cent, while subscription revenues fell 3 per cent, reflecting a shift towards Free TV and Connected TV. Animation & VFX revenues declined 9 per cent, impacted by global production slowdowns and reduced broadcast ad revenues.