India's Media and Entertainment Sector Set to Surpass Global Growth, Reach ₹3.65 Trillion by 2028

India’s media and entertainment industry is poised for significant growth, with a compound annual growth rate (CAGR) of 8.3%, reaching ₹3.65 trillion ($19.2 billion) by 2028, according to PwC India’s report, Global Entertainment & Media Outlook 2024–28: India Perspective. This growth will far outpace the global average of 4.6%, driven by improved internet connectivity, rising advertising revenues, and favorable government policies on foreign direct investment (FDI).

Key Growth Drivers and Market Segments
The advertising market in India is expected to grow at a 9.4% CAGR, from ₹1.01 trillion in 2023 to ₹1.58 trillion by 2028—1.4 times the global average. Digital advertising will lead this surge, with internet advertising projected to grow at an impressive 15.6% CAGR, reaching ₹85,000 crore by 2028, up from ₹41,000 crore in 2023.

Manpreet Singh Ahuja, Chief Digital Officer and TMT (telecom, media, and technology) leader at PwC India, stated, "India’s entertainment and media sector is on the brink of a major transformation. Key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the industry’s future."

Ahuja further added, "These rapidly expanding segments are positioning India as a global leader in innovation and growth. Businesses that adapt and innovate in these areas are poised to seize unparalleled opportunities in this dynamic landscape."

Strong Growth in Online Gaming, OTT, and Print
India’s online gaming and esports sector is expected to lead with a robust 19.2% CAGR, growing from ₹16,480 crore in 2023 to ₹39,583 crore by 2028. OTT streaming platforms are also set for significant expansion, with a 14.9% CAGR, making India a global leader in the segment by 2028.

The out-of-home (OOH) advertising market, supported by infrastructure upgrades, grew by 12.9% in 2023 and is expected to maintain a 7.6% CAGR through 2028.

While global print advertising revenues are declining at a CAGR of -2.6%, India’s print market is expected to grow at a modest 3%, securing its position as the third-largest print market globally by 2028.

Continued Success in Cinema and Music
India’s cinema industry continues to thrive, with an impressive 14.1% CAGR, driven by strong domestic demand and content innovation. Meanwhile, the music industry, including live, recorded, and digital revenue, has grown from ₹2,416 crore in 2019 to ₹6,686 crore in 2023. By 2028, it is expected to surpass ₹10,899 crore, growing at a healthy 10.3% CAGR.

With these emerging trends and robust domestic consumption, India’s media and entertainment sector is positioned to continue its remarkable growth, solidifying its place as a global leader in innovation and opportunity.