India’s media and entertainment industry poised to outpace global growth, hit ₹3.65 trillion by 2028
- Digital advertising will be the primary driver, with internet advertising projected to grow at a staggering 15.6% CAGR, reaching ₹85,000 crore by 2028, up from ₹41,000 crore in 2023.
India’s media and entertainment sector is poised to grow at a compound annual growth rate (CAGR) of 8.3%, reaching ₹3.65 trillion ($44.2 billion) by 2028, far outpacing the global growth rate of 4.6%, according to PwC India’s report, Global Entertainment & Media Outlook 2024–28: India Perspective. The surge is being driven by improved internet connectivity, rising advertising revenues, and favourable government policies around foreign direct investment (FDI).
Bolstered by India’s economic expansion and rising consumption, the advertising market is expected to grow at a 9.4% CAGR, from ₹1.01 trillion in 2023 to ₹1.58 trillion by 2028—1.4 times the global average. Digital advertising will be the primary driver, with internet advertising projected to grow at a staggering 15.6% CAGR, reaching ₹85,000 crore by 2028, up from ₹41,000 crore in 2023.
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“India’s entertainment and 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," Manpreet Singh Ahuja, chief digital officer and TMT (telecom, media and technology) leader at PwC India said in a statement.
"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,” Ahuja added.
India’s online gaming and esports sector is set to lead with a robust 19.2% CAGR, growing from ₹16,480 crore in 2023 to ₹39,583 crore by 2028. Over-the-top (OTT) streaming platforms will also see significant expansion, with a 14.9% CAGR, making India a global leader in the segment by 2028.
The out-of-home (OOH) advertising market, supported by infrastructure upgrades, grew by 12.9% in 2023 and is forecast to maintain a 7.6% CAGR through 2028.
While global print advertising revenues are declining at a CAGR of 2.6%, India’s print market is expected to grow at a modest 3%, solidifying its position as the world’s third-largest print market by 2028.
The cinema industry, another traditional stronghold, continues its upward trajectory with an impressive 14.1% CAGR, driven by robust domestic demand and content innovation.
India’s music industry, encompassing live, recorded, and digital revenue, grew from ₹2,416 crore in 2019 to ₹6,686 crore in 2023. By 2028, it is expected to surpass ₹10,899 crore, growing at a healthy 10.3% CAGR.
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Business NewsIndustryMediaIndia’s media and entertainment industry poised to outpace global growth, hit ₹3.65 trillion by 2028
First Published:9 Dec 2024, 04:20 PM IST
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