FICCI-EY report is positive for print and OOH

The Indian media and entertainment (M&E) sector grew by 8% in 2023, reaching INR2.3 trillion (US$27.9 billion), 21% above its pre-pandemic levels in 2019, according to the latest FICCI-EY report.  

The report titled ‘#Reinvent: India’s media & entertainment sector is innovating for the future’ was launched on 5 March at the FICCI Frames 2024 in Mumbai, and is released annually.  

New media, comprising digital and online gaming, emerged as the frontrunner in growth, contributing INR 122 billion of the overall increase of INR 173 billion, and consequently, increased its contribution to the M&E sector from 20% in 2019 to 38% in 2023.

Contrary to the global trend, print media continued to thrive in India, with advertising revenues growing by 4% in 2023. Notably, there was significant growth in premium ad formats, as print remained a preferred medium for affluent metro and non-metro audiences. Subscription revenues also grew by 3% due to rising cover prices.

Meanwhile OOH media grew by 13% in 2023, surpassing its 2019 levels. Growth was led by premium properties and locations.  Active digital OOH screens crossed 1,00,000 contributing 9% of total segment revenues.