Despite economic challenges and geopolitical tensions, global E&M revenues grew 5.5% year-on-year, from Rs 13,891,000-crore in 2022 to Rs 17,359,000-crore in 2023. Currently, the US leads the global E&M market by revenue, with China in second place and India the ninth. 

As per the 2024 outlook, when it comes to print advertising revenues, despite a global decline at a CAGR of -2.6%, India’s market is expected to grow at a rate of 3%, making it the third largest print market in the world by 2028.

Infrastructure enhancements have supported massive growth in India’s out-of-home (OOH) advertising market which grew by 12.9% in 2023. It is expected to continue to grow at a 7.6% CAGR. 

Manpreet Singh Ahuja, chief digital officer and TMT leader at PwC India said, “India’s Entertainment & Media sector is on the cusp of a major transformation. According to our Global Entertainment & Media Outlook 2024-2028, key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry. These rapidly expanding segments are positioning India as a global leader in innovation and growth. Businesses that adapt and innovate in these areas are poised to seize unparalleled opportunities in this dynamic landscape.”

With India’s improved connectivity, rising advertising revenues and favourable government policies around foreign direct investment, the country is predicted to see one of the highest growth rates in the next five years. The country’s large millennial and Gen-Z population base of over 91 crore has access to the world’s cheapest data costs. At present, India has 80 crore broadband subscriptions, 55 crore smartphone users and 78 crore internet users. Indians are spending 78% of their time on mobile phone apps related to E&M. 

With growing consumption and gross domestic product (GDP) growth in India, the advertising market is projected to grow at a 9.4% CAGR from Rs 1,01,000-crore in 2023 to INR 1,58,000-crore in 2028, which is 1.4 times the global average. Most of this growth will come from the digital front (internet advertising), which is expected to grow at a 15.6% CAGR, rising from Rs 41,000-crore in 2023 to Rs 85,000-crore in 2028. Internet advertising’s year-on-year growth, which was 26.0% in 2023, will remain in double digits throughout the forecast period (2024–28), and is expected to be 12.2% in 2028. 

This shift towards cord-cutting is expected to accelerate. Traditional TV advertising will grow at a 4.2% CAGR between 2023 to 2028, while global revenues are set to drop by -1.6%. India is poised to become the fourth-largest TV advertising market by 2026.

As per the 2024 outlook, other subsectors will also witness growth that surpasses global averages. At a 5.6% CAGR, India will stand out as having the highest B2B revenue growth rate in the world over the next five years. In contrast, global B2B revenue growth is forecasted at a 1.9% CAGR.

The report outlines strategic approaches for companies to enhance success. It recommends consolidation among regional or niche players through mergers and acquisitions to increase size and scale. It also highlights the use of social media for marketing and distribution, as media companies leverage these platforms for content promotion. The report suggests innovation in content strategy, including eSports, online gaming, and indigenous sports to meet changing consumer behaviours. It advises investment in cost optimisation through analytics, audits, and automation to lower operational and production costs. Finally, it points to the use of GenAI for creating hyper-personalised content discovery and improving user experiences, especially for regional players aiming to match the technological capabilities of global peers.