Indian Media & Entertainment Industry Surpasses Pre-Pandemic Levels to Reach $26 Billion, Report Reveals
variety.comNaman Ramachandran The Indian media and entertainment industry grew 20% to reach INR2.1 trillion ($26 billion) in 2022, 10% above pre-pandemic 2019, according to the annual EY report released during the ongoing Frames conference in Mumbai, organized by the Federation of Indian Chambers of Commerce and Industry.
The report collates data from television, digital media, film, animation and VFX, out of home media, live events, music, radio, online gaming and print.
Overall, the M&E sector is projected to grow 12% to reach $28.6 billion in 2023, the report says. While television remained the single largest component of the M&E sector in 2022 with a valuation of $8.6 billion, it shrank 1.5% from 2021 levels, despite advertising revenues growing 2% to reach levels just behind 2019.
The reason for the shrinkage is that subscription revenue continued to fall for the third year in a row, reducing 4% due to a reduction of five million pay-TV homes and stagnant average revenues per user.
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