India’s M&E Sector crosses INR 2.5 trillion in 2024, advertising revenues surge by 8.1%: FICCI- EY Report

• Digital media grew by 17% to reach INR802 billion and became the largest segment in 2024, overtaking television, which was the largest segment for 20 years
• Organized live events grew 15% crossing the INR100 billion mark for the first time
• Subscription revenues fell by 2% in 2024 with television, print, filmed entertainment and online gaming all seeing their subscription revenues fall
• The Indian M&E sector is expected to grow by 7.2% in 2025, reaching INR2.7 trillion, and then expand at a CAGR of 7% to reach INR3.1 trillion by 2027

Mumbai, 27 March 2025: The latest FICCI-EY report titled, “Shape the future: Indian media and entertainment is scripting a new story” has revealed a remarkable milestone for the Indian Media and Entertainment (M&E) sector in 2024, which has reached a total value of INR2.5 trillion (US$29.4 billion). This represents a growth of INR 81 billion from the previous year, marking a 3.3% increase. Growth slowed down from 8.3% in 2023, due to falling subscription revenues, and a global decline in Animation and VFX work outsourced to India. The sector contributed 0.73% to India’s GDP in 2024.

As per the FICCI – EY report, digital media in India has overtaken television to become the largest segment within the M&E sector, contributing an unprecedented 32% to the overall revenues.

The Indian M&E sector’s advertising revenues have seen an impressive growth of 8.1%, predominantly led by performance advertising on digital platforms, including e-commerce websites, and a surge in demand for premium and digital Out-of-Home (OOH) media. This growth has been further bolstered by the resilience of print and radio retail advertising revenues. Digital media (17%), live events (15%), and OOH media (10%) have been key drivers of growth.

Mr Ashish Shelar, Minister of Information Technology & Cultural Affairs, Government of Maharashtra said, “I compliment FICCI for the voluminous Media and Entertainment report. 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.”

Mr Kevin Vaz, Chairman, FICCI, Media and Entertainment Committee asserted, “The Indian media and entertainment industry is at a defining moment, driven by rapid digital adoption and evolving consumer preferences. This transformation is unlocking immense opportunities for content creators, advertisers, and technology innovators across all segments of the M&E ecosystem. With India’s media and entertainment market expected to surpass INR 3trillion 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.”

Mr Ashish Pherwani, Media & Entertainment Leader and Partner, EY India said, “The digital revolution has not only transformed how content is created and consumed but has also redefined the very essence of the M&E industry. From immersive storytelling and interactive experiences to innovative business models and strategic alliances, the landscape is continually reshaping itself. As digital media overtakes traditional mediums, we are witnessing a paradigm shift, where the value delivered across information, escapism, materialism, and self-actualization becomes the new benchmark for success.”

Ms Jyoti Vij, Director General, FICCI added, “The FICCI-EY report reaffirms the resilience and dynamism of India’s Media & Entertainment sector, which continues to thrive despite global economic headwinds. The impressive 8.1% rise in advertising revenues and the exponential growth of digital media underscore India’s leadership in content creation and consumption. 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.”

• Film: Though over 1,600 films released in 2024, theatrical admissions declined, and only 11 Hindi films grossed INR1 billion, down from 17 in 2023. Revenues dropped 5% to INR187 billion. Both digital and satellite rights values fell by 10% as broadcast and OTT buyers focused on profitability.
• Television: Linear TV revenues fell for the second consecutive year with a 6% drop in advertising revenue and a 3% decline in subscription revenue. Pay TV homes decreased by six million, while Free TV and Connected TV homes increased. Weekly active Connected TVs grew to 30 million in 2024 from 23 million in 2023.
• Animation and VFX: The Hollywood writers’ strike and struggling international studios led to a 9% revenue decline in 2024. Reduced broadcast ad revenues also impacted the production of animated content in India.

Future projections stated in the FICCI-EY report:

• The M&E sector is expected to grow at over 7% over the next three years to cross INR3 trillion
• Key trends will include a focus on growing subscription revenues, 360-degree monetisation of content intellectual property, consolidation within segments and increased exports of content and content services – making in India for the world
• All segments will focus on digital extensions or integrations, and measurement will evolve to provide an integrated view of audiences across platforms
• The online gaming segment could struggle unless illegal offshore platforms are not curbed, and Indian companies could look to build out business in foreign countries with a more conducive regulatory environment
• Artificial intelligence will play a large role in bring efficiencies across content production, distribution and personalization, as well as operating efficiencies