ReportEY
India's Media & Entertainment Sector: March 2024
1 Jan 2024276 pages~507 min full read
India's media and entertainment sector is projected to reach INR 3.1 trillion ($37 billion) by 2026, growing at a 10% CAGR as online platforms overtake traditional television as the primary revenue driver.
See it on page 10Mobile-first consumption is the primary growth engine, supported by 904 million broadband subscriptions and 574 million smartphone users who spend over four hours daily on mobile media.
See it on page 61Gaming is a dominant market force, with Free Fire and BGMI accounting for 25% of in-app purchase revenue and esports viewership reaching 78% of the gaming population.
See it on page 120OTT video viewership has reached 98% of smartphone owners, with regional-language content consumption increasing from 47% to 52% of the market.
See it on page 62Digital monetization is expanding across legacy segments, evidenced by a 10% growth in music streaming revenue to INR 24 billion and a 17% increase in radio advertising.
See it on page 170The industry is transitioning toward a 'linear + digital' model, aiming for 1 billion active screens by 2030 while navigating challenges like low OTT profitability and regulatory uncertainty in gaming.
See it on page 25India’s media and entertainment landscape is in the midst of a rapid digital pivot, with online platforms projected to surpass traditional television as the leading revenue driver by 2024. The sector is expected to grow at a 10 % CAGR, reaching INR 3.1 trillion ($37 billion) by 2026, driven largely by new‑media segments such as OTT video, gaming and digital advertising. Traditional channels—print, radio, out‑of‑home (OOH) and regional TV—continue to expand modestly, reinforcing a “linear + digital” model that balances legacy audiences with emerging consumption patterns.
Key growth engines include a surge in mobile‑first media, where 904 million broadband subscriptions and 574 million smartphone users fuel a daily mobile media spend of over four hours. OTT video viewership now covers 98 % of smartphone owners, with regional‑language content rising from 47 % to 52 %. Gaming dominates the mobile gaming market, with Free Fire and BGMI generating a quarter of in‑app purchase revenue, while esports viewership climbs to 78 % of gamers. Music and radio also expand through digital monetisation, with streaming revenues growing 10 % to INR 24 billion and radio advertising up 17 %.
The sector’s future hinges on cross‑platform content strategies, bundled FAST/OTT offerings, AI‑driven personalization and unified audience measurement. Challenges persist: low OTT profitability, ad‑rate pressure, regulatory uncertainty around gaming and gambling, and the need for first‑party data in a cookie‑less environment. Nonetheless, India’s position as the world’s largest app‑download market and its growing 1 billion active screens by 2030 underscore a resilient, technology‑driven growth trajectory across film, television, gaming, music and live events.
