Indian Media and Entertainment Industry Grows 8% to Reach $28 Billion, Annual FICCI-EY Report Reveals
variety.comNaman Ramachandran The Indian media and entertainment industry grew 8% in 2023 to reach a value of $27.9 billion, according to the annual EY report released during the ongoing Frames conference in Mumbai, organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).
The growth was 21% above its pre-pandemic levels in 2019. The report collates data from television, digital media, film, animation and VFX, out of home media, live events, music, radio, online gaming and print.
While television remained the single largest component of the M&E sector in 2023, with a valuation of $8.3 billion, it shrank 2% from 2022 levels, due to advertising declining by 6.5% thanks to a slowdown in spending by gaming and direct-to-consumer brands.
The sector is forecast to rebound to $8.6 billion this year. Digital media was the second largest component of the sector, valued at $7.8 billion in 2023 and growing to $9 billion in 2024.
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