ANI |
Updated: Mar 05, 2024 16:35 IST

New Delhi [India], March 5 (ANI): Indian media and leisure sector grew by 8 per cent in 2023, touching Rs 2.3 trillion (USD 27.9 billion), 21 per cent above its pre-pandemic ranges in 2019, based on a FICCI-EY report.
According to the report titled ‘#Reinvent: India’s media & entertainment sector is innovating for the future‘, the brand new media house, comprising digital and on-line gaming, emerged because the frontrunner in progress, contributing Rs 122 billion of the general improve of Rs 173 billion, and consequently, elevated its contribution to the media and leisure sector from 20 per cent in 2019 to 38 per cent in 2023.
Experiential (exterior the house and interactive) segments continued their robust progress in 2023, and consequently, on-line gaming, filmed leisure, dwell occasions, and out-of-home media segments grew at a mixed 18 per cent, contributing 48 per cent of the whole progress.
With the exception of tv, which skilled a marginal decline of two per cent, all different segments skilled constructive progress in 2023, the report asserted.
“India is a unique market where the M&E sector distinguishes itself through a harmonious fusion of tradition and innovation. Here, technology-enhanced entertainment channels, OTT platforms, AI-powered newsreaders, traditional print media, flagship films, and short-form content not only coexist but thrive together, showcasing the vibrant diversity and dynamic growth of our industry,” stated Kevin Vaz, Chairman, FICCI Media and Entertainment Committee and Chief Executive Officer – Broadcast Entertainment, Viacom 18.
“The Government of India’s thrust on improving digital infrastructure in the country combined with our ambition to be at the forefront of the next big technological thrust in media and entertainment, our sector is primed for a massive transformation,” Vaz added.
Ashish Pherwani, Partner and Media and Entertainment Leader, EY India stated, “I believe the M&E sector is at the inflection point we foresaw in 2018, with the dominance of digital channels over traditional media. In 2023, new media comprised 52 per cent of total advertising revenues, yet, unlike in many other countries, Indian traditional media also grew.”

This, he stated, underscores the distinctive Indian market the place whereas it’s witnessing a seismic shift in the direction of digital consumption. However, there may be nonetheless satisfactory headroom for conventional media to develop.
Among different highlights from the report is that Indian promoting reached Rs 1.1 trillion in 2023.
Digital promoting grew 15 per cent in 2023 and surpassed conventional promoting for the primary time. Social, sports activities, e-commerce and SME advertisers will proceed to drive the expansion within the sector shifting ahead.
Also, based on the joint report launch at present, India is anticipated to have virtually a billion lively screens by 2030.
Of these, round 240 million will probably be massive (TV, laptop computer, PC), whereas the remaining will probably be small (cell phones, phablets). Pay TV, Free TV, and Connected TV are anticipated to emerge as vital markets, every comprising between 60 to 80 million houses.
The 3:1 ratio in favour of cell phones will maintain the demand for brief movies and social commerce.
The on-line gaming house is anticipated to succeed in Rs 388 billion by 2026.
The section will see progress throughout all its verticals, together with e-sports, fantasy sports activities, informal gaming, and different video games of talent to succeed in an estimated 150 million day by day customers. Revenue progress will probably be led by mobile-based real-money gaming and informal gaming. (ANI)