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The FICCI M&E segment report also shows that the user base of the M&E sector has increased by 21 percent in 2023 compared to the period before the Corona pandemic. However, TV, print and radio failed to gain user base in 2019.
Digital media will overtake TV!
The FICCI report claims that TV remains the largest entity in the media and entertainment sector with revenues of Rs 696 billion, but digital media will overtake it in 2024. Currently digital media is in second place in terms of revenue with Rs 654 billion.
In 2023, traditional media such as TV, print, film, live events, music and radio accounted for 57 per cent of total M&E sector revenues, up from 76 per cent in 2019.
“We believe the media and entertainment sector will grow by 10.2 per cent to reach Rs 2.55 trillion by 2024,” the FICCI report said. After this, it will grow at 10 percent CAGR to reach Rs 3.08 trillion by 2024.
Development increased on the basis of new media
The scope of TV did not expand much in 2023. In such a situation, the responsibility of development was on internet based media i.e. new media. Its contribution to the total growth was Rs 122 billion. According to the FICCI report, 'The highest growth has been seen in new media i.e. digital and online gaming. Their share in the total increase is Rs 122 billion. Its contribution to the sector's revenue in 2019 was 20 percent, which will increase to 38 percent in 2023.
How much growth was seen in which segment?
If compared with 2022 figures, most sectors of the media and entertainment industry have seen positive growth, but some have seen a decline in users.
segment growth
Online Gaming – 22%
Live Event – 20%
Digital advertising – 15%
Film entertainment – 14%
Out of Home Media – 13%
Music -10%
Radio -10%
Digital Subscription – 9%
M&E sector overall – 8%
TV – (-4%)
2 million hours of content created in 2023
According to the FICCI report, during 2023, about 2 lakh hours of content was produced in the country, of which 96 percent was TV. It also includes news bulletins. The share of OTT and films was 2-2 percent. 1,89,685 hours of content was produced for TV. Whereas 2,986 hours of content was created for OTT and 3,888 hours of content was created for films.