The Indian media and leisure business grew 8% in 2023 to achieve a price of $27.9 billion, in accordance with the annual EY report launched through the ongoing Frames convention in Mumbai, organized by the Federation of Indian Chambers of Commerce and Trade (FICCI). The expansion was 21% above its pre-pandemic ranges in 2019.

The report collates information from tv, digital media, movie, animation and VFX, out of dwelling media, stay occasions, music, radio, on-line gaming and print.

Whereas tv remained the only largest element of the M&E sector in 2023, with a valuation of $8.3 billion, it shrank 2% from 2022 ranges, resulting from promoting declining by 6.5% due to a slowdown in spending by gaming and direct-to-consumer manufacturers. The sector is forecast to rebound to $8.6 billion this 12 months.

Digital media was the second largest element of the sector, valued at $7.8 billion in 2023 and rising to $9 billion in 2024.

Filmed leisure is projected to develop from $2.3 billion in 2023 to $2.5 billion in 2024.

New media, comprising digital and on-line gaming, emerged as the expansion chief growing its contribution to the M&E sector from 20% in 2019 to 38% in 2023. On-line gaming is presently valued at $2.6 billion and set to develop to $3.2 billion this 12 months.

Animation and VFX are presently at $1.3 billion and poised to achieve $1.5 billion in 2024. Music is valued at $289 million and can develop to $338 million in 2025.

The report notes that India is anticipated to have nearly a billion energetic screens by 2030. Of those, round 240 million will likely be giant (TV, laptop computer, PCs), whereas the remaining will likely be small (cellphones, phablets). Pay TV, free TV, and related/good TV are anticipated to emerge as important markets, every comprising between 60 to 80 million properties. The three:1 ratio in favor of cellphones will maintain the demand for brief movies and social commerce, the report states.

Kevin Vaz, chair, FICCI media and leisure committee and CEO, broadcast leisure, Viacom18, mentioned, “India is a singular market the place the M&E sector distinguishes itself by a harmonious fusion of custom and innovation. Right here, technology-enhanced leisure channels, OTT [streaming] platforms, AI-powered newsreaders, conventional print media, flagship movies and short-form content material not solely coexist however thrive collectively, showcasing the colourful range and dynamic progress of our business. The federal government of India’s thrust on enhancing digital infrastructure within the nation mixed with our ambition to be on the forefront of the following large technological thrust in media and leisure, our sector is primed for an enormous transformation.”

Ashish Pherwani, accomplice and media and leisure chief, EY India, added: “I imagine the M&E sector is on the inflection level we foresaw in 2018, with the dominance of digital channels over conventional media. In 2023, new media comprised 52% of whole promoting revenues, but, in contrast to in lots of different international locations, Indian conventional media additionally grew. This underscores the distinctive Indian market the place whereas we’re witnessing a seismic shift in the direction of digital consumption, there’s nonetheless ample headroom for conventional media to develop.”