Indian media and entertainment industry grows 8% to reach $28 billion | Trending Viral hub

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The Indian media and entertainment industry grew 8% in 2023 to reach a value of $27.9 billion, according to EY’s annual report released during the Frames conference in Mumbai, organized by the Federation of Indian Chambers of Commerce and Industry. (FICCI). Growth was 21% higher than its pre-pandemic levels in 2019.

The report compiles data from television, digital media, film, animation and visual effects, external media, live events, music, radio, online games and print.

While television remained the largest component of the M&E sector in 2023, with a valuation of $8.3 billion, it contracted 2% from 2022 levels as advertising declined 6.5%. thanks to a slowdown in spending on games and direct-to-consumer advertising. brands. The sector is expected to recover to $8.6 billion this year.

Digital media was the second largest component of the sector, valued at $7.8 billion in 2023 and growing to $9 billion in 2024.

Filmed entertainment is projected to grow from $2.3 billion in 2023 to $2.5 billion in 2024.

New media, including digital and online gaming, emerged as growth leaders, increasing its contribution to the M&E sector from 20% in 2019 to 38% in 2023. Online gaming is currently valued at $2.6 billion and is expected to grow to $3.2 billion this year.

Animation and visual effects are currently valued at $1.3 billion and are on track to reach $1.5 billion in 2024. Music is valued at $289 million and will grow to $338 million in 2025.

The report states that India It is expected that there will be almost one billion active screens in 2030. Of these, around 240 million will be large (TVs, laptops, PCs), while the rest will be small (mobile phones, phablets). Pay TV, free TV and connected/smart TV are expected to emerge as important markets, each comprising between 60 and 80 million households. The 3:1 ratio in favor of mobile phones will sustain demand for short videos and social commerce, the report states.

Kevin Vaz, Chairman, Media & Entertainment Committee, FICCI and CEO, Television Entertainment, Viacom18, said, “India is a unique market where the M&E sector is distinguished by a harmonious fusion of tradition and innovation. Here, technology-enhanced entertainment channels, OTT (streaming) platforms, AI-powered news readers, traditional print media, iconic films and short-form content not only coexist but thrive together, showcasing the vibrant diversity and dynamic growth of our industry. “The Indian government’s drive to improve digital infrastructure in the country, combined with our ambition to be at the forefront of the next big technology push in media and entertainment, our sector is poised for a massive transformation.”

Ashish Pherwani, partner and media and entertainment leader at EY India, added: “I believe the M&E sector is at the inflection point we predicted in 2018, with the dominance of digital channels over traditional media. In 2023, new media accounted for 52% of total advertising revenue; However, unlike many other countries, traditional Indian media also grew. This underlines the unique Indian market where, while we are witnessing a seismic shift towards digital consumption, there is still enough room for traditional media to grow.”

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