FICCI-EY: Digital Media Surpasses TV in 2024, Accounts for 32% of Revenue

According to the most recent FICCI-EY report, digital media in India overtakes traditional television in 2024, becoming the largest segment in the media and entertainment (M&E) sector, accounting for an unprecedented 32% of total revenues. Furthermore, digital media is expected to be the first M&E segment to reach Rs 1 trillion in ad revenue by 2026, according to the report.

It further stated that over the next three years, the Indian M&E sector is anticipated to expand by over 7% and reach Rs 3 lakh crore.

With a 2024 valuation of Rs 2.5 lakh crore (USD 29.4 billion), the Indian media and entertainment (M&E) sector accounted for 0.73 percent of the country's GDP.

According to the report, the Indian M&E sector is anticipated to enlarge at a Compound Annual Growth Rate (CAGR) of 7% to reach Rs 3.1 trillion (USD 36.1 billion) by 2027 after growing by 7.2% in 2025 to reach Rs 2.7 trillion (USD 31.6 billion).

Innovative business models, strategic alliances, and industry consolidation are anticipated to shape this growth trajectory, per the report "Shape the Future: Indian Media and Entertainment is Writing a New Chapter."

In 2024, the M&E sector in India grew by Rs 8,100 crore, or 3.3%, over the previous year.

"Growth slowed down from 8.3 per cent in 2023, due to falling subscription revenues, and a global decline in Animation and VFX work outsourced to India," the report states.

Additionally, there was a remarkable 8.1% increase in advertising revenues. Performance advertising on digital platforms, like e-commerce websites, and rising demand for digital and premium out-of-home (OOH) media are the main drivers of this.

"The tenacity of print and radio retail advertising revenues has contributed to this expansion." It stated that out-of-home media (10%), live events (15%), and digital media (17%) have been important growth drivers.

"The Indian media and entertainment industry is at a defining moment, driven by rapid digital adoption and evolving consumer preferences," said Kevin Vaz, Chairman of the FICCI Media and Entertainment Committee, in response to the report. For content producers, marketers, and tech innovators from every sector of the M&E ecosystem, this shift opens up a world of possibilities.