India's Media & Entertainment Sector Hits ₹2.5 Trillion Milestone in 2024

India's Media & Entertainment (M&E) sector has achieved a significant milestone, crossing ₹2.5 trillion in 2024, as per the latest FICCI-EY report. This marks a 3.3% growth from the previous year, despite challenges such as declining subscription revenues and a global slowdown in Animation and VFX outsourcing.
Digital media emerged as the largest segment, overtaking television for the first time, contributing 32% of the total revenue. Digital advertising led the growth with a 17% surge, reaching ₹80,200 crore, driven by performance-based ads, e-commerce spending, and premium digital Out-of-Home (OOH) media. Advertising revenues overall grew by 8.1%, showcasing the sector's resilience and adaptability.
The report highlights the sector's contribution of 0.73% to India's GDP in 2024 and projects further growth, with the market expected to reach ₹3.1 trillion by 2027. This transformation underscores the rapid adoption of digital platforms and evolving consumer preferences, positioning India as a global powerhouse in the M&E landscape.

Sources: FICCI-EY Report, Reuters.