Indian Media & Entertainment Industry Hits $29.4 Billion Milestone in 2024: EY-MIB Report

The Indian media and entertainment (M&E) sector continued its upward trajectory in 2024, reaching an impressive valuation of $29.4 billion (INR 2.34 trillion), according to the latest joint report by Ernst & Young (EY) and the Ministry of Information and Broadcasting (MIB). The findings highlight the sector’s strong resilience and adaptability, fueled by digital expansion, regional content growth, and a rebound in advertising.

Digital Media: The Growth Catalyst

One of the key drivers of this growth has been the digital media segment, which has become central to content consumption in India. With increased internet penetration, smartphone usage, and demand for OTT platforms, digital media accounted for a major share of revenues in 2024. Subscription-based services, freemium models, and digital advertising witnessed double-digit growth.

Advertising Makes a Comeback

Advertising revenue saw a strong recovery, driven by sectors such as FMCG, e-commerce, auto, and telecom. The report indicates that brands are now investing more in personalized, data-driven campaigns, particularly on digital platforms and connected TV. Traditional formats like television and print remained stable but showed slower growth compared to their digital counterparts.

Regional and Vernacular Content on the Rise

India's diverse linguistic landscape continued to benefit the regional content ecosystem. Regional OTT platforms, local news channels, and vernacular podcasts gained popularity across tier-2 and tier-3 cities. This has created fresh monetization opportunities and enabled deeper audience engagement beyond metro markets.

Film and Television Sectors Recover Steadily

The television sector maintained its status as a mass-reach medium, contributing a significant share to the total revenue. Meanwhile, the Indian film industry saw a gradual recovery as theatrical releases bounced back post-pandemic, aided by improved cinema experiences and box office successes in multiple languages.

Gaming and Animation Gain Momentum

Gaming — particularly mobile gaming and eSports — showed substantial growth, supported by a young demographic and affordable data plans. The animation and VFX industry also expanded, driven by both domestic productions and outsourcing opportunities from global studios.

Government Initiatives and Policy Support

The MIB has been actively promoting ease of doing business, including measures to streamline content regulation and boost international co-productions. Initiatives like the AVGC (Animation, Visual Effects, Gaming, Comics) task force have played a role in pushing forward growth in niche entertainment sectors.

Conclusion

With continued innovation, evolving consumer preferences, and strong government backing, India’s M&E sector is set to scale even greater heights. As digital transformation deepens and regional voices rise stronger, the industry’s growth trajectory looks sustainable and inclusive for the years ahead.