Global Entertainment & Media Outlook 2023–2027: India perspective

India’s Entertainment & Media industry is expected to reach US$73.6bn by 2027 at 9.7% CAGR. These figures come from PwC's Global Entertainment & Media Outlook 2023-2027, the 24th annual analysis and forecast of E&M spending by consumers and advertisers across 53 territories in 13 sectors.

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India edition: Global Entertainment & Media Outlook 2023-2027

India is a growth hotspot offering a desirable combination of existing size and scale, and rapid expected growth for digital media. The Indian market is poised to grow at a compound annual growth rate (CAGR) of 9.7% in the forecast period to reach USD 73,560 million in 2027.

India outlook highlights

The launch of commercial 5G services in India in 2022 is an important factor shaping E&M industry capex in 2023. A sizeable section of consumers can now enjoy seamless streaming of higher quality content, thus unlocking new opportunities for the sector. Data consumption in India is projected to increase to 979.1K petabytes (Pb) in 2027 as against 9.7 million Pb globally, and internet access in the country is expected to generate a revenue of USD 29.1 billion around the same time.

India Outlook Highlights

Segment highlights

The Indian Internet advertising market is among the fastest-growing in the world, with a 12.3% CAGR expected to see total revenue climb from US$4.4bn in 2022 to US$7.9bn by 2027. There will be growth across the market over the forecast period, with the strongest performances coming in the mobile sector, where an overall CAGR of 13.7% is expected to push total revenue from US$3.1bn to US$5.8bn. In the wired sector, revenue will increase from US$1.4bn to US$2.1bn, at a CAGR of 8.9%.

Internet advertising

India is the second-fastest-growing video games market in the world behind Pakistan. India’s total video games and esports revenue was US$1.7bn in 2022 and is expected to reach US$4.2bn by 2027, increasing at a formidable 19.4% CAGR. Year-on-year growth in 2022 was 28.8%, a slight slowing of 2.1 percentage points over the previous year. Although growth will continue to slow across the forecast period, it will remain significantly faster than the global average.

Video games & esports

India’s consumer book market will increase at a 3.7% CAGR between 2022 and 2027, with total revenue increasing from US$1.1bn to US$1.3bn. Most of the growth will come from the electronic books sector, where revenue will see an impressive increase at a 10.3% CAGR. In the print sector, growth will be more modest, with increase at a 1.7% CAGR expected. Print still dominates the Indian market, accounting for 80.1% of total revenue in 2022, with electronic books making up the other 19.9%. Electronic books will gain ground over the forecast period, making up 27.2% by 2027.

Newspapers & consumer magazines

With new launches from international players and increasing “pay-lite” options, OTT revenue has surged in recent years, expanding a further 25.1% in 2022 to reach US$1.8bn. This is over six times the revenue of 2018. The market will continue to grow at an impressive rate, increasing at a 14.3% CAGR to produce revenue of US$3.5bn in 2027. This will be driven by the competitive SVOD sector, which accounted for 78.1% of market revenue in 2022. Although subscription service revenue will expand at a 13.0% CAGR to reach US$2.6bn, advertising-supported services (AVOD) will grow at a higher rate, albeit from a lower base.


India’s TV advertising market recovered rapidly from the COVID-19 pandemic downturn, with revenue expanding 19.0% in 2021 and 11.9% in 2022 to reach US$4.7bn. There remains considerable room for growth with advertisers keen to access India’s vast population and large live audiences. TV ad spend will grow at a 6.4% CAGR to reach US$6.5bn in 2027. At this time, India will be the fourth-largest TV advertising market globally, after the US, Japan and China. The market’s expansion continues to be based on economic development and an increasing proportion of households having television sets.

TV advertising

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Manpreet Singh Ahuja

Manpreet Singh Ahuja

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