The Indian entertainment & Media industry is projected to grow at CAGR of 8.3 per cent to hit ₹3.65 lakh crore ( $44.2 billion) by 2028 outpacing the global rate of 4.6 per cent, as per the latest report released by PwC.
Despite economic challenges and geopolitical tensions, global E&M revenues grew 5.5 per cent year-on-year in 2022, with US leading the global E&M market by revenue, with China in the 2nd place and India at the 9th place.
Manpreet Singh Ahuja, Chief Digital Officer and TMT Leader at PwC India said, “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. These rapidly expanding segments are positioning India as a global leader in innovation and growth. Businesses that adapt and innovate in these areas are poised to seize unparalleled opportunities in this dynamic landscape.”
The country’s large millennial and Gen-Z population base has access to the cheapest data costs. Infact, Indians are spending 78 per cent of their time on mobile phone apps related to entertainment and media.
Advertising market
The advertising market is projected to grow at a 9.4 per cent CAGR to Rs 1,58,000 crore in 2028, which is 1.4x the global average. This will be lead by internet advertising, which is expected to grow at a 15.6 per cent CAGR, rising from ₹41,000 crore in 2023 to ₹85,000 crore in 2028 and growth will remain in double digits.
Shift towards cord-cutting is expected to accelerate. Traditional TV advertising will grow at a 4.2 per cent CAGR during 2023- 2028. India is poised to become the fourth-largest TV advertising market by 2026. Meanwhile, OTT platform revenues in India are projected to grow at a CAGR of 14.9 per cent, the highest among the top 15 countries, to reach Rs 35,061 crore by 2028, putting the country in lead by 2028.
“When it comes to print advertising revenues, despite a global decline at a CAGR of -2.6 per cent, India’s market is expected to grow at a rate of 3 per cent, making it the 3rd largest Print market in the world by 2028,” the report noted.
India’s movie industry will continue to expand, growing at a 14.1 per cent CAGR.
Online gaming and esports is also rapidly expanding, projected to represent 9 per cent of the E&M sector by 2028. Promoting responsible gaming and investing in high-quality AAA games will position Indian studios on the global stage, the report noted. Also, generative AI (GenAI) is set to transform content creation, personalisation and monetisation globally. Early adoption of GenAI in India can drive hyper-personalised content and dynamic advertising campaigns, it added.
Leave a Comment