The Indian entertainment and media (E&M) industry is poised for significant growth, with a projected compound annual growth rate (CAGR) of 8.3%, reaching a total revenue of ₹3.65 lakh crore, according to a new PwC report. This growth trajectory is expected to outpace the global E&M industry’s growth rate of 4.6%.
The “Global Entertainment & Media Outlook 2024–28: India Perspective” report highlights that advertising revenues in India are anticipated to increase by 9.4%, reaching ₹1.58 lakh crore, surpassing the global average of 6.7%. Within the advertising segment, digital advertising is expected to see an impressive 15.6% growth, bringing the total to ₹85,000 crore. This marks the highest growth rate among the top 15 countries, and is 1.6 times the global average.
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The esports and online gaming sector is also set for a boom, with revenues forecast to hit ₹39,583 crore by 2028, growing at a robust CAGR of 19.2%. The OTT (over-the-top) streaming segment is projected to grow at an even faster pace, with a CAGR of 14.9%, reaching ₹35,061 crore by 2028—again, the highest growth rate among the top 15 countries.
India currently ranks ninth globally in E&M revenue, with the United States and China holding the top spots. In 2023, global E&M revenues rose by 5.5%, growing from ₹13.89 lakh crore in 2022 to ₹17.36 lakh crore.
Manpreet Singh Ahuja, Chief Digital Officer and TMT Leader at PwC India, attributed the key growth drivers to digital advertising, OTT platforms, online gaming, and the emerging role of Generative AI. The report also noted that India’s expanding connectivity, increased advertising revenues, and favorable government policies—particularly around foreign direct investment (FDI)—are expected to contribute significantly to this growth.
India’s large Gen-Z and millennial population, which exceeds 91 crore, benefits from the world’s most affordable data costs. The country also boasts impressive digital infrastructure, including 80 crore broadband subscriptions, 55 crore smartphone users, and 78 crore internet users, further facilitating the industry’s expansion.
Also Read: India Inc. Marked 9.5% Hiring Growth In 2024: Bharat Progress Report
