According to a report by PwC India called “Global Entertainment & Media Outlook 2024–28: India perspective,” India’s entertainment and media industry is expected to grow by 8.3% every year, reaching a value of INR 3,65,000 Crore (about 19.2 billion USD) by 2028.
This growth is faster than the global average of 4.6%. Even with some economic difficulties and global tensions, the worldwide revenue from entertainment and media increased by 5.5% from INR 13,891,000 crore in 2022 to INR 17,359,000 crore in 2023.
The United States is currently the largest market for entertainment and media, followed by China, with India ranked ninth.
India is expected to have one of the highest growth rates in the next five years. The country has a large population of over 910 million millennials and Gen-Z, with access to some of the cheapest data in the world.
There are 80 crore broadband subscriptions, 55 crore smartphone users, and 78 crore internet users in India.
Manpreet Singh Ahuja, Chief Digital Officer and TMT Leader at PwC India, commented, “India’s Entertainment & Media sector is on the cusp of a major transformation. According to our Global Entertainment & Media Outlook 2024-2028, key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry. 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.”
People are spending 78% of their time on mobile apps related to entertainment and media.
The Indian government is also preparing to host a summit called WAVES to boost the entertainment and media sector through collaboration and innovation. As consumption rises and the economy grows, the advertising market in India is estimated to grow at a rate of 9.4% from INR 1,01,000 crore in 2023 to INR 1,58,000 crore in 2028, which is 1.4 times the global average.
Most of this growth will come from digital advertising, which is expected to grow at a rate of 15.6%, increasing from INR 41,000 crore in 2023 to INR 85,000 crore by 2028.
Digital advertising year-on-year growth, which was 26.0% in 2023, will stay in double digits throughout the prediction period (2024–28) and is predicted to be 12.2% in 2028.
On the other hand, traditional TV advertising will grow more slowly at 4.2% from 2023 to 2028, while global revenues from TV are expected to decline by -1.6%. By 2026, India will likely become the fourth-largest TV advertising market.
The report predicts that other areas of entertainment and media will also see growth that exceeds global averages. For example, the revenue from online gaming and esports in India was INR 16,480 crore in 2023 and is expected to reach INR 39,583 crore by 2028, growing at 19.2%.
When considering real money gaming, the total revenue will be INR 33,000 crore in 2023, rising to INR 66,000 crore by 2028 at a 14.5% growth rate.
Also Read: Seqrite Unveils the India Cyber Threat Report 2025, Launches Malware Analysis Platform and Threat Intel SolutionThe Over-the-top (OTT) segment, such as streaming services, is also expected to grow quickly, at a rate of 14.9%. India’s out-of-home (OOH) advertising market, known for ads in public places, grew by 12.9% in 2023 and is expected to continue at a growth rate of 7.6%.
In print advertising, even with global declines of -2.6%, India’s market is forecasted to grow at 3%, making it the third-largest print market in the world by 2028.
The cinema market in India is also expanding, with a growth rate of 14.1%. Revenue from music, including live performances, recorded music, and digital formats, has risen from INR 2,416 crore (about 293 million USD) in 2019 to INR 6,686 crore (about 811 million USD) in 2023.
This number is expected to exceed INR 10,899 crore (about 1.3 billion USD) by 2028, growing at a rate of 10.3%. The B2B (business-to-business) revenue growth in India is expected to be the highest in the world over the next five years, with a rate of 5.6%, compared to a global growth rate of 1.9%.
Internet advertising is the fastest-growing market in the Asia-Pacific region and second globally, with a projected growth rate of 15.6%. Companies can focus on following regulations and using data to build trust and improve targeted advertising strategies.
OTT platforms in India, being the fastest-growing in the world, increased by 20.9% in 2023, reaching INR 17,496 crore (about 2.1 billion USD), and are expected to double by 2028 with a growth rate of 14.9%.
Online gaming and esports are growing fast, expected to represent 9% of the overall entertainment and media market by 2028.
Promoting responsible gaming and investing in high-quality games will help Indian studios succeed in this area.
To Know more About the report, https://www.pwc.in/india-entertainment-media-outlook-2024-28.html
