Digital media dethrones TV from its 25-year reign in India | Mint

Digital media overtook television for the first time to become the largest segment in Indian media and entertainment industry in 2024, contributing 32% of the sector’s revenues, according to the Ficci EY media and entertainment report 2025 released on Thursday.

India’s M&E sector grew 3.3% to ₹2.5 trillion in 2024 and is estimated to reach ₹2.68 trillion this year, according to the report, titled ‘Shape the Future’. Of this, digital media clocked a revenue of ₹80,200 crore last year, while TV touched ₹67,900 crore.

But while India’s overall M&E sector was 30% above its pre-pandemic levels, television, print and radio lagged their 2019 revenues, the report added.

Digital advertising grew 17% to reach ₹70,000 crore, which was 55% of the total advertising revenue in 2024. Growth was led by search and social media (11%) and e-commerce advertising (50%), which reached ₹14,700 crore.

The rise of digital

Digital subscription revenue grew 15% to reach ₹10,200 crore. Paid video subscriptions in 2024 grew by 11 million to 111 million across 47 million households in India. Streaming platforms such as Netflix, Amazon Prime Video and the new JioHotstar entity diversified offerings to include more language titles, although greenlighting of originals has slowed and fewer movies are being bought post theatrical release.

“Digital media became the largest segment of the M&E sector in 2024, breaking TV’s 25-year hold on the pole position. Digital media has not only changed how content is created, distributed and monetized, it has also redefined the fundamentals of the M&E sector.” Ashish Pherwani, M&E sector leader, EY India, said in the report.

“Interactivity and gamification have proliferated all segments of the M&E sector. Every M&E segment is now conducting events. The Star India and Viacom18 merger is defining the path to scale and reinventing sports broadcasting, while digital integrations across music, radio, news and OOH (out-of-home) are helping grow traditional segments,” Pherwani added.

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TV stays strong

Television remains a force to contend with even as growth in the digital medium is without parallel, Kevin Vaz, chairman, FICCI media and entertainment committee, said in the report.

“Rapid consumer-tech adoption has allowed streaming to blossom alongside TV. Streamers have taken bold business model risks and offer hybrid and competitive service formats, democratising consumption,” Vaz said.

Linear television revenues fell for the second year in a row despite viewership remaining largely unchanged. Advertising revenue fell 6% on the back of a corresponding fall in ad volumes and a 10% fall in advertisers on the medium.

Subscription revenues fell 3% due to a reduction in six million Pay TV homes as both free TV and connected TV homes grew. Connected TVs, which are TV sets that can stream internet content, grew to around 30 million in 2024 from 23 million in the year before. (Connected TV revenues are included under digital media.)

Cinema: A bleak picture

The picture remained bleak for the film or movie segment, which saw its revenue fall by 5% to ₹18,700 crore in 2024. More than 1,600 films were released in 2024, but domestic theatrical revenues fell 5% as admissions reduced, which trade experts attribute to high ticket prices and a lack of compelling content.

Only 11 Hindi films grossed Rs. 100 crore, down from 17 films in 2023. Both digital and satellite rights values fell 10% in 2024 as broadcast and OTT (over-the-top, or video streaming) buyers focused on profitability, reducing acquisitions and spending budgets.

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Gaming: Hit by GST

The online gaming segment also witnessed challenges in 2024. The transaction gaming segment’s growth slowed to single digits due to the imposition of a 28% goods and services tax (GST) on players’ deposits, and the consequent proliferation of illegal offshore betting and gaming sites.

Most gaming companies absorbed the impact of the GST and consequently, net of the GST impact, the segment saw revenues fall by 6% after years of over 20% growth.

Casual gaming, however, grew at 16%, resulting in an overall contraction of 2% for the online gaming segment.

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Music, print, and Hollywood

Among other media, paid music subscriptions grew from 7 million to 10.5 million in 2024 as music streaming platforms such as Spotify and JioSaavn disincentivized free usage.

News platforms, however, remained sub-scale at just 3.1 million paid subscriptions, according to the report.

But bucking a global trend, the print medium continued to survive in India. Advertising revenues grew 1% in 2024, with a notable growth in premium ad formats, as print remained a “go-to” medium for more affluent and non-metro audiences. Event-led revenues also increased for several newspaper brands, the report said.

As far as animation and VFX go, the Hollywood writers’ strike last year impacted global supply chains, and international studios, struggling with profitability in 2024, focused on fewer films and series. Consequently, the segment saw demand and revenue fall 9% in 2024, the report said.