According to the report, print advertising revenues increased 13% in 2022, as print remained a popular medium for affluent and non-metro audiences. Subscription revenues grew 5% due to rising cover prices, stabilizing at 15-20% below pre-pandemic levels.

The report indicates that all M&E segments, except for TV subscriptions, experienced growth in 2022. Digital media led the pack with a growth of Rs 132-billion, increasing its M&E sector contribution from 16% in 2019 to 27% in 2022. Including data charges related to digital consumption, digital media's share of the M&E sector would rise to 50%.

Ashish Pherwani, partner, Media & Entertainment, EY India, said, “The Indian M&E consumer base is large, but heterogenous, hungry for content but willing to pay only for value, and more than ready to experiment with technology, be it streaming, digital payments, online education, virtual experiences, eCommerce, social media, or gaming. The diverse consumer base, coupled with favourable macroeconomic and demographic factors, has translated into a very exciting time for the sector.”

Digital advertising revenues rose 30%, totaling Rs 499-billion and accounting for 48% of all advertising revenues. Digital subscriptions grew 27%, reaching Rs 72-billion. Nearly 45-million Indian households held 99 million paid video subscriptions, generating Rs 68 billion and representing over 60% of broadcasters’ share of TV subscription revenues.

Highlights of the FICCI-EY report 

• Indian M&E sector grew 20% in 2022, touching the highest-ever mark of Rs 2-trillion
• It is expected to grow a further Rs 734-billion to reach Rs 2.83 trillion in 2025
• Advertising grew 19% and crossed Rs 1-trillion (Rs 1-lakh crore) for the first time
• Digital media grew by Rs 132-billion to reach Rs 571-billion, and now comprises 27% of the Indian M&E sector and 48% of all advertising revenues
• Except for TV subscription, all M&E segments grew in 2022