Media, entertainment sector poised to hit $30.9 bn by 2024
Digital media has established itself as the second-largest segment in the media
Subscription revenue for TV continued to fall for the second straight year, down 6.2% because of a reduction in pay TV homes
The Indian media and entertainment sector is expected to grow by 17% in 2022 to reach the 2019 pre-pandemic levels of $25.2 billion, according to the latest report by the Federation of Indian Chambers of Commerce and Industry (Ficci) and consultancy EY. By 2024, it is expected to grow at a compound annual growth rate (CAGR) of 11% to touch $30.9 billion, it said. Digital media has firmly established itself as the second-largest segment in the media and entertainment industry, growing by ₹6,800 crore in 2021, while traditional media contributed 68% of the sectoral revenues of $21.5 billion, up 16.4% year-on-year in 2021.