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India’s M&E sector likely to grow to INR 3.3 trillion by 2028; Sector grew 9% to INR2.78 trillion in 2025, driven by digital and live experiences: FICCI-EY M&E report Govt committed to building future-ready ecosystem to integrate creativity with cutting-edge technology, ensuring sustainable and globally competitive growth: Ashish Shelar, Minister, IT & Cultural Affairs, Govt of Maharashtra Digital media became the largest segment, crossing INR1 trillion in revenues for the first time The growing dynamism of large screens clearly demonstrates India as an ‘AND’ market, shaping a more integrated consumption ecosystem Live events grew 44% in 2025, supported by ticketed concerts, large public events and religious gatherings Advertising rose by 13% to INR1.5 trillion, contributing 0.41% to India’s GDP The M&E sector is expected to reach INR3.3 trillion by 2028, growing at over 7% CAGR MUMBAI, 24 March 2026: India’s Media and Entertainment (M&E) sector continued its expansion in 2025, growing 9% year‑on‑year to INR2.78 trillion, according to the report ‘Stories, scale and impact: Unlocking India’s media and entertainment economy’ released by FICCI and EY India, today. This growth was driven primarily by digital media, advertising and live experiences, even as select segments faced regulatory and cost pressures. According to the FICCI-EY report, digital media emerged as the single largest segment of the M&E industry in 2025, crossing the INR 1 trillion mark for the first time. Digital advertising recorded a 26% increase to INR 947 billion, accounting for nearly two‑thirds of total advertising revenues, as brands continued to shift spends toward performance‑led, measurable and commerce‑linked formats. The sector continues to evolve, with a notable rise in consumption on large screens. Linear Television is transitioning from a regulated utility to a dynamic, lifestyle-integrated ecosystem that complements digital growth, further reinforcing the “AND” nature of screen consumption in the country. The FICCI-EY report notes that advertising overall grew 13.5% in 2025, outpacing India’s nominal GDP per‑capita growth. Growth was led by digital platforms, including e‑commerce and point‑of‑sale advertising. While releasing the report, Mr Ashish Shelar, Minister of Information Technology & Cultural Affairs, Government of Maharashtra said, “The FICCI–EY Media & Entertainment Report has, over the years, evolved into a definitive benchmark for the sector—guiding both industry and policymakers with credible insights and a forward-looking vision. Today, India’s media and entertainment industry stands at an impressive Rs 2.78 lakh crore in 2025, reflecting not just scale, but the sector’s growing strategic importance to the nation’s economy.” “Mumbai continues to be the creative capital of India and the epicentre of our media and entertainment ecosystem. From films and television to music, advertising, and digital content, Maharashtra has consistently led from the front, driving innovation, investment, and talent development. Our government is committed to building a future-ready ecosystem that seamlessly integrates creativity with cutting-edge technology, ensuring sustainable and globally competitive growth, noted Mr Shelar. The Minister further stated that the global opportunity before India is unprecedented. The world is increasingly recognising India not just as a large market, but as a creative powerhouse and a trusted partner in content creation. The rising demand for Indian stories, talent, and production capabilities presents a defining moment for us to position India as a leading global hub for media and entertainment, he added. Mr Anant Goenka, President FICCI & Vice Chairman, RPG Group said “India’s media and entertainment economy is increasingly defined by the interplay of stories, scale and impact. As compelling stories scale seamlessly across platforms and screens, their value is amplified not just in terms of reach, but in economic contribution, job creation and cultural influence. Unlocking this potential will depend on how effectively the industry aligns storytelling, distribution and sustainable monetization across the ecosystem.” Mr Kevin Vaz, Chairman, FICCI, Media and Entertainment Committee said, “2025 emerged as a defining year for India’s Media & Entertainment industry, marking a new phase of scale, innovation and transformation. The industry not only surpassed last year’s estimates, reinforcing confidence in its long-term trajectory, but also reflected a fundamental shift in audience engagement, driven by the convergence of technology and storytelling. The digital segment crossing the INR 1 trillion mark is a highly encouraging milestone, underscoring the sector’s strong growth momentum. Television continues to remain a powerful and resilient medium, with Connected TV complementing it by enhancing large-screen experiences through more immersive, high-quality and shared viewing. As the industry evolves, measured regulatory forbearance, coupled with innovation, will be critical in sustaining long-term growth.” Mr Ashish Pherwani, Partner and Leader, Media & Entertainment Sector, EY India, said, “India’s media and entertainment sector crossed a critical inflection point in 2025, with digital media, advertising and live experiences emerging as the primary growth engines. While consumption continues to scale rapidly across screens and formats, the next phase of growth will be defined by sustainable monetization models, disciplined investment and the ability of stakeholders to adapt to shifting consumer behaviour and regulatory realities.”