INDIA'S MEDIA LANDSCAPE: A YEAR OF TRANSFORMATION

Amid muted growth, India's M&E sector sees significant consolidation as digital transformation accelerates market evolution while traditional segments fight for the advertising pie

- By Reema Bhaduri

IN a year marked by consolidation and shifting consumer preferences, India's media and entertainment (M&E) industry demonstrated resilience while grappling with evolving market dynamics. As 2024 draws close, the sector stands at a crucial intersection of traditional and digital media. While some segments demonstrated resilience and growth, others faced headwinds to adapt to changing consumer preferences and technological disruptions, highlighting the sector's ongoing transition.

A Year of Consolidation

The year witnessed major consolidation moves, including the formation of JioStar through the merger of Viacom18 and Disney Star, creating India's largest media conglomerate. The other strategic realignments included ENIL's acquisition of Gaana, Saregama's investment in Pocket Aces, Amazon's acquisition of MX Player and Serene Productions' investment in Dharma Productions, signalling a maturing market. The making of JioStar, as per Vikram Malhotra, Founder & CEO of Abundantia Entertainment, is a “strong, very positive development”. The move positions the Indian M&E industry for potential growth despite near-term challenges. “A lot of consolidation globally, a lot of consolidation in India. That's one huge takeaway,” notes Deepak Dhar, Founder & Group CEO of Banijay Asia and Endemol Shine India for 2024. However, he stresses that while the year showed muted growth compared to previous years' windfall, this presents opportunities for adaptable content creators.

Broadcast At Crossroads