…
their
smartphones!
Kindly
note
the
images
in
this
report
have
only
been
published
for
representational
purposes.
Photograph:
Kind
courtesy
Stefan
Coders/Pixabay
India’s
media
and
entertainment
industry
generated
approximately
₹2.5
trillion
in
revenue
in
2024,
expanding
at
a
relatively
modest
3.3
per
cent
year-on-year,
even
as
it
underwent
a
‘rapid
transformation’.
Indians
collectively
spent
1.1
trillion
hours
on
their
smartphones
last
year,
according
to
a
report
by
FICCI
and
EY.
On
average,
individuals
logged
five
hours
daily
on
their
mobile
screens,
with
nearly
70
per
cent
of
that
time
dedicated
to
social
media,
gaming,
and
video
consumption.
This
surge
propelled
digital
channels
past
television
as
the
largest
segment
of
the
country’s
media
and
entertainment
landscape
for
the
first
time
since
2019.
Revenue
growth
slowed
as
subscription
revenues
declined
and
global
demand
for
India’s
animation
and
VFX
outsourcing
weakened,
the
report
said.
The
industry
contributed
0.73
per
cent
to
the
nation’s
gross
domestic
product
and
is
projected
to
grow
7.2
per
cent
in
2025,
reaching
an
estimated
₹2.68
trillion.
“On
the
positive
side,
advertising
grew
8.1
per
cent,
events
expanded
15
per
cent,
crossing
the
₹10,000
crore
mark
for
the
first
time,
and
non-FCT
(free
commercial
time)
radio
and
digital
out-of-home
(OOH)
advertising
saw
healthy
gains,”
Ashish
Pherwani,
media
and
entertainment
sector
leader
at
EY
India,
told
Business
Standard.
However,
subscription
revenues
fell
across
TV
and
print,
mainly
due
to
increasing
digital
media
consumption.
“Pay
TV
lost
six
to
seven
million
homes,
as
audiences
shifted
to
digital
platforms
like
YouTube
and
connected
TV,”
Pherwani
said.
Photograph:
Kind
courtesy
yousafbhutta/Pixabay
Theatrical
admissions
slumped,
and
a
lacklustre
box
office
performance
triggered
a
5.6
per
cent
revenue
drop
for
the
film
industry.
The
imposition
of
higher
GST
on
real-money
gaming
dented
transaction
gaming
revenues,
further
dragging
down
overall
subscription
income.
The
2023
Hollywood
writers’
strike
and
financial
struggles
at
international
studios
contributed
to
a
9
per
cent
decline
in
revenue
for
India’s
animation
and
VFX
sector,
reducing
broadcast
ad
revenues
and
stalling
content
production.
“The
Indian
media
and
entertainment
industry
stands
at
a
defining
moment,
driven
by
rapid
digital
adoption
and
evolving
consumer
preferences,”
said
Kevin
Vaz,
chairman
of
FICCI’s
media
and
entertainment
committee.
“With
India’s
M&E
market
poised
to
surpass
₹3
trillion
by
2027,
the
future
is
brimming
with
untapped
potential,”
Vaz
added.
India
ranked
third
globally
in
smartphone
screen
time
in
2024,
with
users
spending
an
average
of
4.95
hours
per
day
on
mobile
apps,
up
3.1
per
cent
from
the
previous
year.
Indonesia
led
with
6.3
hours
per
day,
followed
by
Brazil
at
5.3
hours.
Despite
global
economic
headwinds,
India’s
media
and
entertainment
sector
has
shown
resilience,
said
Jyoti
Vij,
director
general
of
FICCI.
“As
the
industry
undergoes
rapid
transformation,
FICCI
remains
steadfast
to
driving
policy
reforms,
fostering
strategic
collaborations,
and
shaping
a
future-ready
ecosystem
that
ensures
sustainable
growth
while
enhancing
India’s
global
influence,”
she
said.
Digital
advertising
expanded
17
per
cent
to
₹70,000
crore
(Rs
700
billion)
in
2024,
accounting
for
55
per
cent
of
total
ad
revenues,
driven
by
social
media
and
e-commerce.
Paid
music
subscriptions
climbed
to
10.5
million
from
7
million,
though
overall
music
revenue
slipped
2
per
cent
due
to
reduced
free
consumption
and
lower
streaming
royalty
rates.
News
subscriptions
remained
flat
at
3.1
million.
The
organised
events
segment
thrived,
bolstered
by
increased
spending
on
government
and
election-related
activities,
weddings,
and
large-scale
concerts
featuring
international
artists.
Out-of-home
advertising
grew
10
per
cent;
digital
OOH
surged
78
per
cent
and
contributed
12
per
cent
to
total
segment
revenues,
up
from
7
per
cent
in
2023.
Radio
revenues
climbed
9
per
cent
to
₹2,500
crore
(Rs
25
billion),
driven
by
rising
ad
volumes
and
alternative
revenue
streams.
Print
ad
revenues
inched
up
1
per
cent,
with
premium
ad
formats
fuelling
growth,
while
subscription
revenues
declined
1
per
cent.
Digital
revenue
remained
‘sub-scale’,
at
under
5
per
cent
of
total
print
revenue,
said
the
report.
STREAMING
STATS
*Individuals
logged
five
hours
daily
on
their
mobile
screens
*Digital
channels
overtook
television
as
the
largest
segment
of
the
country’s
media
and
entertainment
landscape
for
the
first
time
since
2019
*Advertising
grew
8.1
per
cent,
events
expanded
15
per
cent,
crossing
the
₹10,000
crore
mark
for
the
first
time
*Pay
TV
lost
six
to
seven
million
homes
Feature
Presentation:
Rajesh
Alva/Rediff.com