Digital and online gaming were the only segments which grew in 2020 adding an aggregate of INR26 billion and consequently, their contribution to the M&E sector increased from 16% in 2019 to 23% in 2020.
The Indian M&E sector fell by 24% to INR1.38 trillion in effect taking revenues back to 2017 levels. Digital media and online gaming were the only segments which grew in 2020 adding an aggregate of INR26 billion. Other segments fell have degrown by an aggregate of INR467 billion. While M&E as a sector normally has usually growns and often outperformsed India’s nominal GDP, the sector fell 3x times India’s nominal GDP fall of 8% due to the discretionary nature of the spend. Subscription revenues however proved their mettle by holding up better than advertising revenues.