The revenue of entertainment and media industry in the country is projected to reach Rs 365,000 crore by 2028, a compound annual growth rate (CAGR) of 8.3 per cent and outpacing the global rate of 4.6 per cent, a report showed on Monday.
Within the sector, advertising revenues is projected to grow at a CAGR of 9.4 per cent to reach Rs 1,58,000 crore by 2028, which is 1.4 times the global average of 6.7 per cent, according to PwC India’s report. Most of this growth will come from digital front (internet advertising).
Internet advertising in India is expected to grow at a CAGR of 15.6 per cent, reaching Rs 85,000 crore by 2028, the highest growth rate among the top 15 countries and 1.6 times the global average.
On the other hand, the online gaming and esports sector in the country is growing at a CAGR of 19.2 per cent and is projected to reach Rs 39,583 crore by 2028.
Meanwhile, OTT platform revenues in the country are projected to grow at a remarkable CAGR of 14.9 per cent, the highest among the top 15 countries, to reach Rs 35,061 crore.
“According to our ‘Global Entertainment and Media Outlook 2024-2028’, key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry,” said Manpreet Singh Ahuja, Chief Digital Officer and TMT Leader at PwC India.
With India’s improved connectivity, rising advertising revenues and favourable Government policies around foreign direct investment (FDI), the country is predicted to see one of the highest growth rates in the next five years.
At present, India has 80 crore broadband subscriptions, 55 crore smartphone users and 78 crore internet users.
In fact, Indians are spending 78 per cent of their time on mobile phone apps related to entertainment and media.
Infrastructure enhancements have supported massive growth in India’s out-of-home (OOH) advertising market which grew by 12.9 per cent in 2023. It is expected to continue to grow at a 7.6 per cent CAGR, the report noted.
When it comes to print advertising revenues, despite a global decline at a CAGR of -2.6 per cent, India’s market is expected to grow at a rate of 3 per cent, making it the third largest print market in the world by 2028.
The cinema market in the country continues to expand, growing at a 14.1 per cent CAGR, said the report.
‘Pahalgam incident deeply disturbing & tragic’: Former Pakistan PM Imran Khan
Former Pakistan Prime Minister Imran Khan on Tuesday termed the Pahalgam terror attack as disturbing & tragic and also condoled the victims and their families.
Congress finally deletes 'Gayab' post targeting PM Modi after outrage
Under fire from the BJP over its social media post targeting Prime Minister Narendra Modi, Congress finally, on Tuesday, took down the controversial post.
Guterres calls EAM Jaishankar, Pak PM Sharif; stresses pursuing justice in Pahalgam terror attack
Secretary-General Antonio Guterres stressed the importance of pursuing justice in the Pahalgam terrorist attack while speaking with External Affairs Minister (EAM) S Jaishankar and Pakistan’s Prime Minister Muhammad Shebaz Sharif, his Spokesperson Stephane Dujarric said on Tuesday.
Congress organises ‘Save Constitution’ rallies across NE states
The opposition Congress has been organising ‘Samvidhan Bachao’ (Save Constitution) campaign in the northeastern states. Claiming that the Constitution is in danger under the BJP-led Central government, the opposition Congress held a massive rally in Agartala on Tuesday.
RSS chief Bhagwat meets PM Modi after security huddle: Signs of a hard-hitting response in the works
In a significant political development, RSS chief Mohan Bhagwat met Prime Minister Narendra Modi at his official residence at 7, Lok Kalyan Marg on Tuesday evening.
What PM Modi's free hand to armed forces against terror means for cross-border action?
Prime Minister Narendra Modi’s unambiguous message during a high-level security meeting - ‘India is determined to deliver a crushing blow to terrorism’ - marks more than just a strong statement of resolve.
Justice BR Gavai appointed as next Chief Justice of India
Justice Gavai was elevated as a Judge of the Supreme Court on May 29, 2019. Appointed as Additional Judge of the Bombay High Court in November 2003, he became a permanent Judge in November 2005.
Three more Bangladeshi nationals held in Tripura
The Tripura Frontier of the Border Security Force (BSF) on Tuesday apprehended three Bangladeshi nationals, including a woman, for illegally entering India, officials said.