India’s M&E sector likely to grow to INR 3.3 trillion by 2028; Sector grew 9% to INR2.78 trillion in 2025, driven by digital and live experiences: FICCI-EY M&E report

Mumbai, March 24, 2026: India’s Media and Entertainment (M&E) sector continued its expansion in 2025, growing 9% year on year to INR2.78 trillion, according to the report ‘Stories, scale and impact: Unlocking India’s media and entertainment economy’ released by FICCI and EY India, today. This growth was driven primarily by digital media, advertising and live experiences, even as select segments faced regulatory and cost pressures.
According to the FICCI-EY report, digital media emerged as the single largest segment of the M&E industry in 2025, crossing the INR 1 trillion mark for the first time. Digital advertising recorded a 26% increase to INR 947 billion, accounting for nearly two thirds of total advertising revenues, as brands continued to shift spends toward performance led, measurable and commerce linked formats.
The sector continues to evolve, with a notable rise in consumption on large screens. Linear Television is transitioning from a regulated utility to a dynamic, lifestyle-integrated ecosystem that complements digital growth, further reinforcing the “AND” nature of screen consumption in the country.
The FICCI-EY report notes that advertising overall grew 13.5% in 2025, outpacing India’s nominal GDP per capita growth. Growth was led by digital platforms, including e commerce and point of sale advertising.
While releasing the report, Ashish Shelar, Minister of Information Technology & Cultural Affairs, Government of Maharashtra said, “The FICCI–EY Media & Entertainment Report has, over the years, evolved into a definitive benchmark for the sector—guiding both industry and policymakers with credible insights and a forward-looking vision. Today, India’s media and entertainment industry stands at an impressive Rs 2.78 lakh crore in 2025, reflecting not just scale, but the sector’s growing strategic importance to the nation’s economy.”
“Mumbai continues to be the creative capital of India and the epicentre of our media and entertainment ecosystem. From films and television to music, advertising, and digital content, Maharashtra has consistently led from the front, driving innovation, investment, and talent development. Our government is committed to building a future-ready ecosystem that seamlessly integrates creativity with cutting-edge technology, ensuring sustainable and globally competitive growth, noted Shelar.
The Minister further stated that the global opportunity before India is unprecedented. The world is increasingly recognising India not just as a large market, but as a creative powerhouse and a trusted partner in content creation. The rising demand for Indian stories, talent, and production capabilities presents a defining moment for us to position India as a leading global hub for media and entertainment, he added.
Anant Goenka, President FICCI & Vice Chairman, RPG Group said “India’s media and entertainment economy is increasingly defined by the interplay of stories, scale and impact. As compelling stories scale seamlessly across platforms and screens, their value is amplified not just in terms of reach, but in economic contribution, job creation and cultural influence. Unlocking this potential will depend on how effectively the industry aligns storytelling, distribution and sustainable monetization across the ecosystem.”
Kevin Vaz, Chairman, FICCI, Media and Entertainment Committee said, “2025 emerged as a defining year for India’s Media & Entertainment industry, marking a new phase of scale, innovation and transformation. The industry not only surpassed last year’s estimates, reinforcing confidence in its long-term trajectory, but also reflected a fundamental shift in audience engagement, driven by the convergence of technology and storytelling. The digital segment crossing the INR 1 trillion mark is a highly encouraging milestone, underscoring the sector’s strong growth momentum. Television continues to remain a powerful and resilient medium, with Connected TV complementing it by enhancing large-screen experiences through more immersive, high-quality and shared viewing. As the industry evolves, measured regulatory forbearance, coupled with innovation, will be critical in sustaining long-term growth.”
Ashish Pherwani, Partner and Leader, Media & Entertainment Sector, EY India, said, “India’s media and entertainment sector crossed a critical inflection point in 2025, with digital media, advertising and live experiences emerging as the primary growth engines. While consumption continues to scale rapidly across screens and formats, the next phase of growth will be defined by sustainable monetization models, disciplined investment and the ability of stakeholders to adapt to shifting consumer behaviour and regulatory realities.”
Segmental performance 2025:
•    Live events: The organized segment experienced a 44% increase, fuelled by higher spending on ticketed events, personal functions such as weddings, government events and religious gatherings.
•    Digital advertising: Rising 26% to INR947 billion, the segment made up 63% of total ad revenues. E-commerce and point-of-sale ads surged 50% to INR220 billion, which is equivalent to 85% of Linear TV ad revenues. Digital advertising also includes INR363 billion from over a million Small and Medium Enterprises and long-tail advertisers.
•    Digital subscriptions: Digital subscription revenues increased by 60%, reaching INR163 billion. Paid video subscriptions rose to 216 million, spanning 143 million households in India, driven by the introduction of premium sports and films behind paywalls. Paid music subscriptions expanded by 37% to 14.4 million, following measures by music streaming platforms to encourage paid usage.
•    OOH: Out-of-Home (OOH) media grew 13% in 2025. Premium properties and locations led the growth. Digital OOH contributed 18% of total segment revenues, up from 7% in 2023.
•    Music: The Indian music sector experienced a 10% increase in revenue. Digital licensing expanded by only 2%, while revenues from other OTT platforms and social media channels demonstrated growth.
•    Film: Segment revenues reached a record INR205 billion. In 2025, over 1,900 films were released, with theatrical revenues rising 16%, mainly from higher ticket prices. Thirty-seven films earned INR1 billion or more at the box office
•    Animation and VFX: The Hollywood writers’ strike impacted global supply chains, and international studios, struggling with profitability in 2025, focused on fewer films and series. Overall, the segment grew just 2% in 2025.
•    Print: Despite global declines, print remained resilient in India. Advertising revenues rose 2% in 2025, especially in premium formats for affluent metro and non-metro readers. Digital ads revenue was minimal, around 5% to 6% on average of the total print revenue.
•    Television: Television continues to be the predominant medium in India, reaching around 745 million individuals each week. Linear TV advertising revenue declined by 10%, reflecting a corresponding decrease in advertising volumes as some sectors shifted spend to digital media, and a 3% reduction in the number of advertisers utilizing this platform. However, when combined with Connected TVs, whose reach increased to approximately 40 million units from 30 million in 2024, total TV ad revenues were stable at INR362 million
•    Radio: Radio segment revenues declined by 7% in 2025, reaching INR23 billion, primarily due to reduced ad rates. Non-ad revenues now comprise 25% of segment revenues.
•    Video games: The segment saw a 17% decrease following the ban on money gaming that took effect from August 2025. In-app purchases in video games rose by 15% as the industry focussed on the format.
Looking ahead, FICCI-EY report estimates that India’s M&E sector will grow to INR3.3 trillion by 2028, with digital media, live events, filmed entertainment and animation and VFX expected to be the primary growth drivers. New media is projected to account for over 50% of total industry revenues by 2028, reflecting ongoing shifts in consumer behaviour, content formats and monetization models. The FICCI-EY report further notes that increasing smartphone penetration, the rapid adoption of Connected TVs, growth in regional language content, and the rise of experiential consumption will continue to reshape India’s media and entertainment landscape over the medium term.
We sincerely thank our partners for their invaluable support in making the FICCI–EY Media & Entertainment Report Launch 2026 a success. We extend special appreciation to Meta, our Title Partner, and EY, our Knowledge Partner, for their leadership in shaping industry insights. We also thank Prime Video, Hungama, Lakshya Digital Pvt. Ltd, PVR INOX, and the Producers Guild of India for their valued association, as well as Kuku TV, our Microdrama Partner, for highlighting emerging content formats.