India’s Media & Entertainment Story: On Track for a $47 Billion, Digital-First Future

Digital at the Core of M&E Growth

India’s M&E sector, estimated at about $29–30 billion in 2024, is growing steadily on the back of rising digital adoption and higher consumer spends on online content and connectivity. Industry outlooks from consulting firms and investment agencies point to mid-to-high single digit sector CAGR through 2029, translating into a market approaching the $47 billion mark. Digital media, OTT, online gaming and live events are expected to account for the bulk of incremental revenue.​

Mobile-first consumption remains the defining trend, with Indians spending over four-fifths of their E&M time on apps. Digital advertising is projected to grow in the mid-teens annually, reaching the high-teens in billion-dollar terms by 2029, while OTT streaming and gaming continue to compound faster than the broader sector, supported by UPI-led monetisation and regional-language content.​

Key highlights

Sector size: Indian M&E at roughly $29–30 billion in 2024; expected to grow around 7% annually toward the high-$40 billion range by 2029.​

Digital mix: New media (digital + online gaming) likely to contribute nearly half of sector revenues within a few years.​

Advertising engine: India’s ad market projected to grow 10–15% CAGR, with digital ad spends alone seen hitting $17–19 billion by 2029.​

Growth drivers: 800m+ internet users, 700m smartphone users, UPI payments, regional OTT, short-form video and interactive media.​

Policy & investment: FDI-friendly regime, tax incentives, and strong startup ecosystem underpin new content, tech innovation and global distribution.​

Sources: PwC India “Entertainment & Media Outlook 2024–28”, EY–FICCI “Shape the Future” report, IBEF, Bain & Company digital advertising report, industry coverage in Economic Times and Storyboard18.