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About the report
PwC’s Global Entertainment & Media Outlook is our flagship thought leadership report that provides a detailed analysis of consumer and advertising spending across the entertainment and media (E&M) industry in 53 countries. Covering ten revenue segments and a data consumption segment, the report provides a comprehensive overview of market dynamics and future trends shaping the E&M landscape.
Entertainment & Media Outlook 2025–29, titled ‘India’s E&M growth rides its youth wave’, provides an in-depth analysis of the Indian E&M sector, at the heart of which is its 910-million strong millennial and Gen Z population. This digitally native audience is not only consuming more content but also demanding diverse, immersive, and personalised experiences.
The report, accordingly, identifies four key opportunities for growth and valuecreation - namely, internet advertising, OTT streaming, mobile gaming and traditional TV.It then transitions to a comprehensive examination of the India E&M landscape—detailing its various segments, market dynamics, growth trends, and key players. The concluding section highlights the pivotal role of agentic AI in equipping enterprises with advanced tools to reduce costs, enhance profitability, and scale personalised engagement.
As brands shift towards digital platforms, driven by performance-based marketing and mobile-first consumer engagement, internet advertising is projected to expand from USD 6,253 million in 2024 to USD 13,064 million in 2029. In terms of growth rate, internet advertising will be the fastest-growing segment with a double-digit CAGR of 15.9% for the period 2024–2029, underscoring its dominance in the evolving media landscape.
The second-fastest growing segment will be OTT streaming, with revenues set to expand from USD 2,277 million in 2024 to USD 3,479 million by 2029, fuelled by regional content, subscription models, and global platform investments.
With immersive and interactive formats and mobile gaming gaining popularity, video games and e-sports will also emerge as a major growth engine, rising from USD 2,729 million to USD 3,960 million during the forecast period.
Despite the rise of digital formats, traditional TV remains a significant player due to its deep regional reach and mass appeal. It is expected to grow from USD 13,972 million in 2024 to USD 18,117 million in 2029, contributing an additional USD 4.1 billion to E&M revenues over five years.
India's expansive media and sports sectors are experiencing parallel, high-growth trajectories driven by digital acceleration and a demanding youth population. Media is being redefined by the digital disruption of traditional content, driven by AI and the deep convergence of content and technology, creating vast new monetisation pools. Simultaneously, sports properties are solidifying into a distinct new asset class, attracting private equity and fueling rising valuations across diverse leagues. The core commercial principle remains that fandom has to be built, not bought, yet both sectors offer mutually exclusive investment opportunities. The common thread is the search for value in motion - the real-time, interactive value generated by authentic community building and personalised experiences.
India’s Entertainment & Media sector is on the cusp of a major transformation. According to our Global Entertainment & Media Outlook 2024-2028, key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry. 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.
Manpreet Singh Ahuja, Chief Digital Officer and TMT Leader at PwC India
Key highlights
From $32B to $47B: India’s E&M industry accelerates with multi-platform experiences
India, entertainment and media revenue (US$ Mn) vs annual growth (%), 2020-2029
India’s traditional media to grow from USD 17.5B in 2024 to USD 22.9B by 2029 (5.5% CAGR), far outpacing global growth of just 0.4%
Digital metrics to command 42% of India’s E&M market by 2029, growing from USD 10.4B to 19.9B at 13.2% CAGR
India, digital and non-digital revenue in E&M sector (in USD billion), 2020–2029
Internet advertising dominates
OTT revenue in India (in USD million), 2020-2029
Revenue from video games and e-sports (in USD million), 2020–2029
Revenue generated from live music (in USD million), 2020–2029
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