M&E biz to cross Rs 3 trn in 2026
Print media has buckled the global trend and continued to thrive in India: Report
Ad revenues of print media grew 4% in 2023, with a notable growth in premium ad formats, as print remained a ‘go-to’ medium for more affluent and non-metro audiences
New Delhi: The digital media will potentially overtake television as the leading segment in the media & entertainment (M&E) sector in 2024 with an estimated size of Rs75,100 crore, said a joint report from industry body FICCI (Federation of Indian Chambers of Commerce and Industry) and EY on Tuesday.
While the Indian Media & Entertainment sector grew by 8.1 per cent in 2023, reaching Rs2.32 lakh crore and is expected to touch Rs2.55 lakh crore and cross Rs3 lakh crore mark by 2026, it added.
“We expect the M&E sector to grow 10.2 per cent to reach Rs2.55 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 report said.
On the print media, the report said it has buckled the global trend and continued to thrive in India. “Advertising revenues grew 4 per cent in 2023, with a notable growth in premium ad formats, as print remained a ‘go-to’ medium for more affluent and non-metro audiences. Subscription revenues grew 3 per cent on the back of rising cover prices. Digital revenues were insignificant for most print companies,” it said.
Though in 2023 television remained the largest segment with Rs69,600 crore, however, it had a degrowth of 1.83 per cent as against Rs70,900 crore in 2022, it said. While, the digital media in 2023 crossed Rs65,400 crore and is expected to be around Rs75,100 crore in 2024, which is ahead of Rs71,800 crore figure of the television media.
The report estimates digital media would be around Rs95,500 crore in 2026, with a CAGR growth of 13.5 per cent between 2023-26.
