India media & entertainment industry to hit $47 billion by 2029, driven by digital boom

NEW DELHI: India’s entertainment and media (E&M) industry is set to grow from $32.2 billion in 2024 to $47.2 billion by 2029, at a compound annual growth rate (CAGR) of 7.8%, nearly double the global average of 4.2%.

This growth is being fuelled by rising digital participation, a large youth population, expanding broadband access, and deeper consumption of online content, according to a report by PwC (PricewaterhouseCoopers) released Thursday.

The report noted that the sector’s trajectory is supported by economic growth, rising discretionary spending, and rapid adoption of digital services.

It also highlighted that India’s internet advertising market will grow from $6.25 billion in 2024 to $13.06 billion by 2029, reflecting a 15.9% CAGR. Mobile-first consumption, regional digital campaigns, and subscription-based models are shaping this surge, making internet advertising the fastest-growing segment over the period.

OTT streaming will be the second-fastest-growing segment, with revenues rising from $2.27 billion in 2024 to $3.47 billion in 2029. Growth is being driven by regional content, direct-to-consumer models, and an expanding subscriber base. As video streaming platforms tighten budgets and exercise caution in greenlighting new content, the industry’s future will hinge on regional programming, deeper penetration into rural and tier-three markets, and stories rooted in the heartland.

Meanwhile, mobile gaming, video gaming, and e-sports revenue is expected to increase from $2.79 billion in 2024 to $3.96 billion in 2029, driven by immersive formats, improved in-app monetisation, and growing engagement from younger audiences.

Traditional media remains resilient, supported by regional audiences. Television is projected to grow from $13.97 billion to $18.11 billion by 2029, powered by regional content depth and live formats. Print is set to rise from $3.5 billion to $4.2 billion over the same period (3.3% CAGR), reflecting strong regional readership and advertiser trust.

India’s sports sector, which generated $4.6-5 billion in revenue in 2024, is also undergoing a transformation. It is projected to expand into a $7.8 billion industry by 2029, as sports investments evolve into an institutional-grade asset class.

The report also noted that AI and the creator economy are reshaping content creation and monetisation. AI is transforming the E&M value chain through scalable localisation, automated editing, personalised recommendations, and new content formats. India’s creator economy has grown into a 4-million-strong ecosystem, influencing entertainment, commerce, travel, and lifestyle, powered by AI-enabled workflows.

“India’s E&M sector continues to outpace global growth, driven by the deepening of digital markets, the rapid expansion of advertising-led formats, and a new generation of creators shaping demand. The sector’s momentum is supported by rising consumer engagement, improving economic fundamentals, and the continued shift towards scalable, tech-enabled business models,” said Rajesh Sethi, partner and leader – media, entertainment, and sports, PwC India.

Manpreet Singh Ahuja, chief clients and alliances officer, PwC India, added that this is not just a story of incremental upgrades but of business model rebirth, with technology—especially AI—fundamentally redefining how content is created, discovered, monetised, and experienced.

“AI-led production pipelines, precision personalization, and immersive formats are unlocking value across the entire entertainment and media landscape. But no single player can realise this future alone. The next era belongs to connected ecosystems—where cloud platforms, AI innovators, creative powerhouses, and media enterprises collaborate to create something bigger than the sum of their parts. When these forces align, they unlock new monetisation opportunities and fundamentally reshape cost structures, allowing companies to scale faster while operating leaner,” Ahuja said.