Digital Media To Surpass Television Industry In India And Touch Rs 75,100 Crore In 2024

The study by FICCI and EY showed that the Indian Media & Entertainment (M&E) sector clocked a growth of 8.1 per cent in 2023 and is projected to touch Rs 2.55 lakh crore by 2024

The digital media industry is all set to possibly surpass television as the dominating segment in the media and entertainment sector in 2024, a joint report from FICCI and EY said on Tuesday. The report by the industry body, the Federation of Indian Chambers of Commerce and Industry and EY noted that the digital media industry is expected to touch Rs 75,100 crore in the year. 

The study showed that the Indian Media & Entertainment (M&E) sector clocked a growth of 8.1 per cent in 2023 and touched Rs 2.32 lakh crore. Further, it projected that the sector will expand to hit Rs 2.55 lakh crore by 2024 and surpass Rs 3 lakh crore by 2026, reported PTI.

“We expect the M&E sector to grow 10.2 per cent to reach Rs 2.55 trillion by 2024, then grow at a CAGR (Compound Annual Growth Rate) of 10 per cent to reach Rs 3.08 trillion by 2026,” the study stated. It noted that in 2023, television continued to dominate the whole segment with a size of Rs 69,600 crore, however, the growth remained lower by 1.83 per cent, against Rs 70,900 in 2022.

On the other hand, digital media in 2023 bypassed Rs 65,400 crore and is further projected to reach around Rs 75,100 crore in 2024, beating the Rs 71,800 crore figure of the television media. The report further projects that digital media would reach nearly Rs 95,500 crore in 2026, marking a compounded annual growth rate (CAGR) of 13.5 per cent during the 2023-26 period. 

Elaborating on the study findings, Kevin Vaz, Chairman, FICCI Media and Entertainment Committee, noted, “In 2024, digital media is poised for explosive growth, potentially overtaking television to become the leading segment of the M&E sector. This surge in digital media is forecasted to propel the M&E sector’s growth to a 10 per cent annual rate, crossing Rs 3 trillion ($37.1 billion) by 2026.”

This growth would be supported by a strong digital infrastructure, an increase in the adoption of OTT platforms, major growth in the gaming industry, and the supply of economic options for consumers.