Indian media & entertainment industry to outpace global growth rate, to reach $19.2bn

The economic challenges and geopolitical tensions notwithstanding, global E&M (entertainment & media) revenues grew 5.5 per cent year-on-year, from Rs 13,891,000 crore in 2022 to Rs 17,359,000 crore in 2023.

- RITWIK MUKHERJEE

At present, the US leads the global E&M market by revenue, with China in the 2nd place and India at the 9th. More importantly for India, the Indian E&M industry is projected to grow at a CAGR of 8.3 per cent to hit Rs 3,65,000 Crore ($19.2 billion), outpacing the global rate of 4.6 per cent.

That's not all. This shift towards cord-cutting is expected to accelerate. Traditional TV advertising will grow at a 4.2 per cent CAGR between 2023 and 2028, while global revenues are set to drop by nearly 1.6 per cent. India is poised to become the fourth-largest TV advertising market by 2026.

If a recent global study by PwC is anything to go by, India's Entertainment & Media sector is on the cusp of a major transformation. Key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry.