Indian media and entertainment sector grew by 8 per cent in 2023, touching Rs 2.3 trillion (USD 27.9 billion), 21 per cent above its pre-pandemic levels in 2019, according to a FICCI-EY report.
According to the report titled ‘#Reinvent: India’s media & entertainment sector is innovating for the future’, the new media space, comprising digital and online gaming, emerged as the frontrunner in growth, contributing Rs 122 billion of the overall increase of Rs 173 billion, and consequently, increased its contribution to the media and entertainment sector from 20 per cent in 2019 to 38 per cent in 2023.
Experiential (outside the home and interactive) segments continued their strong growth in 2023, and consequently, online gaming, filmed entertainment, live events, and out-of-home media segments grew at a combined 18 per cent, contributing 48 per cent of the total growth.
With the exception of television, which experienced a marginal decline of 2 per cent, all other segments experienced positive growth in 2023, the report asserted.
“India is a unique market where the M&E sector distinguishes itself through a harmonious fusion of tradition and innovation. Here, technology-enhanced entertainment channels, OTT platforms, AI-powered newsreaders, traditional print media, flagship films, and short-form content not only coexist but thrive together, showcasing the vibrant diversity and dynamic growth of our industry,” said Kevin Vaz, Chairman, FICCI Media and Entertainment Committee and Chief Executive Officer – Broadcast Entertainment, Viacom 18.
“The Government of India’s thrust on improving digital infrastructure in the country combined with our ambition to be at the forefront of the next big technological thrust in media and entertainment, our sector is primed for a massive transformation,” Vaz added.
Ashish Pherwani, Partner and Media and Entertainment Leader, EY India said, “I believe the M&E sector is at the inflection point we foresaw in 2018, with the dominance of digital channels over traditional media. In 2023, new media comprised 52 per cent of total advertising revenues, yet, unlike in many other countries, Indian traditional media also grew.”
