India’s film, TV and streaming industry clocked ₹1.1 trillion in FY24, says report | Mint
New Delhi: India’s film, television, and online curated content (OCC) industry generated a combined revenue of ₹1.1 trillion in FY24, marking an 18% growth since FY19, according to a report by Deloitte and Media Partners Asia (MPA), an independent media and telecom research and advisory firm in the Asia-Pacific. This growth came despite the pandemic-induced economic slowdown, which led to prolonged theatre closures and disrupted content production due to Covid-related safety measures, the report noted.
The report was launched at the World Audio Visual & Entertainment Summit (WAVES) in Mumbai on Saturday.
With a young population and rising incomes, discretionary household spending in India is expected to rise, fueling demand for entertainment. Unlike many developed markets, traditional linear television is expected to continue its modest growth trajectory, the report said.
Meanwhile, the OCC segment is likely to expand the overall entertainment pie rather than cannibalize it—at least over the medium term. Under the base-case scenario, the film, TV, and OCC industry is projected to grow at a compound annual growth rate (CAGR) of 6-7% over the next three to four years. Supportive policy and ecosystem measures could further accelerate this growth and unlock broader economic benefits.
In FY24, the industry generated a direct gross output of ₹1.41 trillion and employed 820,000 people. Including indirect and induced impacts, total gross output is estimated at ₹5.14 trillion, with employment reaching 2.64 million. Over the next five years, the industry is expected to increase its gross output contribution by ₹1.74 trillion and create an additional 360,000 jobs by FY29, the report added.
To unlock this potential, the report highlighted the need to bolster intellectual property protection and energize the creator economy by incentivizing and rewarding content creators. A light-touch regulatory approach, it said, would support the growth of emerging segments while protecting traditional ones.
Enhancing ease of doing business—particularly around opening theatre screens outside shopping malls, and simplifying filming permissions—was also cited as key.
The report breaks down the economic impact of the industry into three categories: direct, indirect, and induced. Direct impact captures the output and employment generated by core industry players. Indirect impact stems from suppliers—for instance, increased film production drives demand for hotels, transportation, and camera equipment. Induced impact reflects the consumption generated by wages spent by those directly and indirectly employed in the industry.
Moreover, the industry’s growth has a ripple effect on adjacent sectors such as tourism, gaming, merchandise, animation and VFX, live events, and adtech.
“With the foundations of a strong storytelling ethos firmly in place, coupled with ready access to an audience of nearly a billion and a half, there’s no reason why India should not rank among the top three countries in the world in the media and entertainment industry,” said Kevin Vaz, CEO – Entertainment, JioStar
Vaz, however, added that if India were to reach that level, it would require a more nuanced look at every aspect of how the film, television and OCC industry currently functions—whether in terms of business or regulation—and that the aim should be to ensure its impact is not merely incremental, but transformational.
