India’s media and entertainment sector reached $29.4 billion in 2024, according to the Federation of Indian Chambers of Commerce and Industry (FICCI)-EY report.
The report, titled “Shape the Future: Indian Media and Entertainment is Scripting a New Story,” shows that digital media has overtaken television for the first time, becoming the largest part of the industry. Digital media now makes up 32% of the total revenue, ending TV’s 20-year dominance.
Advertising revenue grew by 8.1%, hitting a record $14.9 billion. Digital platforms played a big role in this growth, with ad spending on e-commerce, short videos, and social media driving digital advertising to $8.18 billion, making up 55% of the total ad market.
Print and radio saw steady ad revenue, while digital Out-of-Home advertising grew by 78%, making up 12% of the sector.
India’s film industry released 1,823 films in 2024, 64 more than the previous year. Around 500 films premiered on streaming platforms, though only 60 were released directly to digital. About 200 of these films were dubbed, while the rest were original language productions.
The country’s screen infrastructure grew by 2%, reaching 9,927 screens, but it still lags behind China and the U.S. in terms of screen density.
The lack of infrastructure continues to affect box office earnings, especially in smaller markets where there is an underserved audience.
Despite this, South Indian films, including hits like “Pushpa 2: The Rule” and “Kalki 2898 AD,” dominated the box office.
The Telugu, Tamil, and Kannada industries led the way, with their films gaining popularity across regional and Hindi-speaking markets.
PVR Inox, a leading multiplex chain, plans to add 100 new screens in the next fiscal year. This growth, along with cheaper theaters in smaller towns, is expected to increase India’s theatrical audience from under 100 million to about 175 million.
Even so, revenues from films dropped 5% to $2.18 billion, as fewer people went to theaters and fewer Hindi-language films made over $11.7 million compared to the previous year. The value of satellite and digital rights also fell by 10%.
Television revenues decreased by 4.5% to $7.93 billion, with pay TV households falling by six million. Meanwhile, connected TV users grew to 30 million.
Print revenue remained steady at $3.04 billion, with a slight increase in ad revenue but a small drop in subscriptions. Radio saw a modest 9% rise to $292 million, driven by events and other revenue sources.
Online gaming revenues fell by 2% to $2.71 billion, impacted by a 28% GST on deposits and the rise of illegal offshore platforms. Transaction gaming dropped 6%, while casual and free-to-play gaming grew by 16%.
Music revenues also dropped by 2% to $619 million, even though the number of paid subscriptions rose from 7 million to 10.5 million. Free platforms like YouTube and radio continued to compete with premium services.
The animation and VFX sector saw a 9% decline to $1.2 billion, affected by the Hollywood writers' strike and fewer international orders.
However, live events grew by 15% to $1.18 billion, fueled by international tours, weddings, and election-related spending.
Out-of-home media also saw a 10% increase to $0.69 billion, thanks to premium inventory and transit advertising.
Looking ahead, the Indian media and entertainment industry is expected to grow at a rate of 7% annually, reaching $36.1 billion by 2027.
Kamal Haasan, chair of FICCI Media and Entertainment South, said in the report’s foreword, “In the media and entertainment sector, two forces reign supreme: content and the audience. As we move into a digital-first era, it’s our responsibility to serve them both with bold, creative storytelling that reflects the rich diversity of our nation. By harnessing this power, we can ensure the industry thrives and stays relevant in an ever-evolving landscape.”