For the first time in history, earnings from India’s digital media industry have exceeded those of the television sector in 2024. As per the annual FICCI-EY report, the digital media revenue soared by 17% to $9.35 billion (INR 802 billion), making up 32% of the total industry revenue.
On the other hand, television revenues, which have led the market for two decades, saw a decline of 4.5%, amounting to $7.9 billion (INR 679 billion). This downturn included a 6% reduction in advertising income and a 3% fall in subscription fees. The number of pay-TV households dropped by six million, though there was growth in the number of households subscribing to free TV and connected TV services.
The film sector also experienced a downturn, with domestic box office receipts falling 5% from $1.4 billion (INR 120 billion) in 2023 to $1.3 billion (INR 114 billion) in 2024. The total film industry revenue also declined by 5% to $2.2 billion (INR 187 billion), impacted by a 10% decrease in revenue from digital and satellite rights as companies prioritized profitability. The highest-earning movie of the year was the Telugu-language film Pushpa 2: The Rule, which garnered $164 million (INR 14 billion), followed by Kalki 2898 AD and Stree 2 in Telugu and Hindi respectively.
The overall growth of India’s media and entertainment sector rose by 3.3% to $29.4 billion. This growth rate is lower than the previous year’s 8.3%, impacted by decreased subscription revenues and a 9% reduction in animation and VFX work outsourced to India, a result of global influences including labor strikes in Hollywood.
Advertising revenues across all media and entertainment sectors increased by 8.1% in 2024, while subscription revenues saw a 2% decrease. Traditional sectors like television, print, filmed entertainment, and online gaming all faced declines.
In contrast, the digital media sector saw significant growth in subscription revenues, which increased by 15% to $1.19 billion (INR 102 billion). The number of paid video subscriptions rose to 111 million, across 47 million households. Furthermore, paid music subscriptions increased from 7 million to 10.5 million, reflecting a shift by music streaming platforms towards a paid model.
There was notable growth in the live events sector as well, which saw a 15% increase and surpassed the INR 100 billion mark for the first time. This increase was fueled by higher spending on government and election-related events, personal events such as weddings, and ticketed events including several international concerts.
The future looks promising with the sector anticipated to grow by 7.2% in 2025, reaching $31.6 billion, and is expected to continue expanding at a CAGR of 7% to hit $36.1 billion by 2027.
Kevin Vaz, CEO of JioStar Entertainment Business TV & Digital and chairman of FICCI’s Media and Entertainment Committee, commented on the growth, stating, “India’s media and entertainment industry is currently experiencing a pivotal transformation, propelled by rapid digital adoption and changing consumer preferences. This shift is opening up vast opportunities for content creators, advertisers, and technology innovators across the media and entertainment landscape. With the industry projected to exceed INR 3 trillion ($35 billion) by 2027, the future holds immense potential.”
Daniel Hayes is a business journalist with a focus on market trends, startups, and corporate strategies.
His sharp analysis and investigative reports make complex financial topics accessible to all readers.
