India’s digital media overtakes TV; film industry witnesses decline in revenue | Bollywood News

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The Indian M&E sector is undergoing a seismic transformation, with digital media taking up the lead, even surpassing television after two decades. Dig inside for further details!

India’s digital media overtakes TV; film industry witnesses decline in revenue

[Photo credit: Instagram]

New Delhi: The Indian Media and Entertainment (M&E) sector has achieved a historic milestone, crossing Rs 2.5 trillion in 2024, as per the latest FICCI-EY report titled ‘hape the Future: Indian Media and Entertainment is Scripting a New Story’. The industry has achieved a 3.3 per cent growth from the previous year, despite decline in subscription revenues and global downturn in Animation and VFX outsourcing.

The report reveals that India’s digital media grew by 17 per cent while India’s advertising revenues grew 8.1 per cent in 2024. Out-of-home (OOH) also witnessed a 10 per cent increase. Let’s delve into further details!

Digital media surpasses TV after two decades

In a defining shift, digital media has officially taken over television for the first time in 20 years to become the largest segment in India’s M&E industry. Digital media grew by remarkable 17 per cent to reach staggering Rs 802 billion, making 32 per cent of the sector’s total revenues. This also means that this is the first time in 20 years that television has lost its dominanace. However, despite the hurdles, the sector continued to thrive, contributing 0.73 per cent to India’s GDP.

Talking about the Indian film industry, revenues fell 5 per cent to Rs 187 billion. Additionally, theatrical admissions dropped and only 11 Hindi films grossed over Rs 1 billion in compare to 2023. The animations and VFX’s revenues declined 9 per cent, majorly affected by the Hollywood writers’ strike and international studio cutbacks.

On the other hand, advertisement revenue grew 8.1 per cent, reaching an all-time high. Additionally, the revenue of the music industry also fell by 2 per cent due to a push to reduce free music consumption and lower streaming royalty rates. However, paid subscriptions grew from 7 million to 10.5 million.

Ashish Pherwani, Partner and Media & Entertainment Leader, EY India, said in a statement, “The digital revolution has not only transformed how content is created and consumed but has also redefined the very essence of the M&E industry. From immersive storytelling and interactive experiences to innovative business models and strategic alliances, the landscape is continually reshaping itself. As digital media overtakes traditional mediums, we are witnessing a paradigm shift, where the value delivered across information, escapism, materialism, and self-actualization becomes the new benchmark for success.”

Taru Masand

With over 10 years of experience in entertainment journalism, I specialize in storytelling, celebrity interviews, and content creation. Having worked with NewsX, The Sunday Guardian, India.com, and Times Now, I now contribute to News9’s dynamic entertainment team. My work includes celebrity interviews, movie and OTT reviews, and engaging lifestyle stories tailored for diverse audiences.

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