4 minute read 3 May 2023
India’s M&E sector

Windows of opportunity: India’s M&E sector maximizing across segments

Ashish Pherwani
By Ashish Pherwani

EY India Media & Entertainment Leader

EY India M&E sector leader with more than 20 years of experience, serving companies in all the M&E sub-sectors. A mentor and coach to teams.

4 minute read 3 May 2023
Related topics Media and entertainment Technology Digital Customer TMT
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M&E sector showed no signs of slowing down and instead continued to experience substantial growth in 2022. 

The Indian media and entertainment (M&E) consumer base is large but heterogenous, hungry for content but willing to pay only for value, and more than ready to experiment with technology, be it streaming, digital payments, online education, virtual experiences, e-commerce, social media, or gaming. 

The diverse consumer base, coupled with favorable macroeconomic and demographic factors, has translated into a very exciting time for the industry. India’s M&E sector achieved its highest ever revenues in 2022. Almost every single segment grew across both traditional and new media. Media consumption increased across video, audio, text, and experiences. Advertising grew 19% and crossed INR1 trillion, while subscriptions grew by 13%.

Each consumer segment of the M&E industry presents a window of opportunity — to produce relevant content, distribute it, price it and interact with it. Successful companies in this space were willing and able to segment their audience and serve every segment the way they want. Pricing innovations can traverse free trials to premium windows; product innovation from textual to 4K and then immersive; experiences from casual mobile games to hardcore VR games; cinemas from “Janta” theaters to ritzy multiplexes, and much more! 

The era of walled gardens and consumption restrictions is ending; make way for the multi-media-multi-window era! This report focuses on the various audience segments and the variety of opportunities they provide for the M&E sector to continue growing.

Key trends 

  • The Indian M&E sector continued its strong growth trajectory. It grew by INR348 billion (19.9%) to reach INR2.1 trillion (US$26.2 billion), 10% above its pre-pandemic 2019 levels.
  • While television remained the largest segment, digital media cemented its position as a strong number two segment, followed by a resurgent print.
  • The filmed entertainment segment recovered as theatrical releases doubled and reclaimed the fourth position, overtaking online gaming.
  • The share of traditional media (television, print, filmed entertainment, OOH, music, radio) stood at 58% of M&E sector revenues in 2022, down from 71% in 2019.
  • We expect the M&E sector to grow 11.5% in 2023 to reach INR2.34 trillion (US$29.2 billion), then grow at a CAGR of 10% to reach INR2.83 trillion (US$35.4 billion) by 2025.

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Download the full ME report (402 pages)        Download the Executive Summary (58 pages)

Summary

The Indian M&E sector continued its strong growth trajectory. It grew by INR348 billion (19.9%) to reach INR2.1 trillion (US$26.2 billion), 10% above its pre-pandemic 2019 levels.

About this article

Ashish Pherwani
By Ashish Pherwani

EY India Media & Entertainment Leader

EY India M&E sector leader with more than 20 years of experience, serving companies in all the M&E sub-sectors. A mentor and coach to teams.

Related topics Media and entertainment Technology Digital Customer TMT
Upvote