Indian Digital Media Grew 17% To $9.35BN In 2024, Overtaking TV

Revenues from India’s digital media sector surpassed television income for the first time in 2024, according to the latest FICCI-EY annual report, growing 17% to reach $9.35BN (INR802BN) and contributing 32% to the overall pie. 

Meanwhile, revenues from television, which has been the biggest sector for 20 years, declined 4.5% to $7.9BN (INR679BN). Linear TV revenues fell for the second consecutive year with a 6% drop in advertising revenue and a 3% decline in subscription revenue. Pay-TV homes decreased by six million, although free TV and connected TV homes increased. 

Film was another contracting sector with domestic box office down 5% from $1.4BN (INR120BN) in 2023 to $1.3BN (INR114BN) last year, according to FICCI-EY figures. Overall film revenue was also down 5% to $2.2BN (INR187BN), with a 10% drop in both digital and satellite rights as broadcast and OTT buyers focused on profitability. Telugu-language Pushpa 2: The Rule was the top-grossing film of 2024 with $164M (INR14BN), followed by Kalki 2898 AD and Stree 2, made in the Telugu and Hindi languages respectively.  

Overall India’s media and entertainment sector was up 3.3% on the previous year to $29.4BN. Growth slowed from 8.3% in 2023, due to falling subscription revenues and a 9% decline in animation and VFX work outsourced to India, attributed to global factors including the Hollywood strikes. 

While overall advertising revenues across all sectors were up by 8.1% in 2024, subscription revenues decreased by 2% with traditional television, print, filmed entertainment and online gaming all experiencing decline.

Digital media was the big exception with subscription revenues growing by 15% to reach $1.19BN (INR102BN). Paid video subscriptions grew by 11 million in 2024 to 111 million, across 47 million households in India. Paid music subscriptions grew from 7 million to 10.5 million as music streaming platforms shifted towards a pay model. 

Growth was also seen in live events which were up 15% crossing the INR100BN mark for the first time with increased spends across government and election-related events, personal events and weddings, and ticketed events, including several international concerts.

Looking ahead, the sector is expected to grow by 7.2% in 2025, reaching $31.6BN, then expand at a CAGR of 7% to reach $36.1BN by 2027.

Kevin Vaz, JioStar CEO, Entertainment Business TV & Digital, who also serves as chairman of FICCI’s Media and Entertainment Committee, said: “Indian’s media and entertainment industry is at a defining moment, driven by rapid digital adoption and evolving consumer preferences. 

“This transformation is unlocking immense opportunities for content creators, advertisers, and technology innovators across all segments of the M&E ecosystem. With India’s media and entertainment market expected to surpass INR3TR by 2027, the future is brimming with untapped potential.”