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PWC India & Indian entertainment & media growth projections for 2024-28
MUMBAI: In July this year, PWC Global released its Global Entertainment & Media Outlook 2024-2028 which focused on global trends and growth. With the year coming to an end, PWC India decided to revisit Global Entertainment & Media Outlook 2024-2028 but from an India perspective. And here are some of the data points as sent out in a press release by PWC India.
PWC India believes that the Indian E&M industry is projected to grow at a CAGR of 8.3 per cent to hit Rs 3,65,000 crore ($ 19.2 Billion) outpacing the 4.6 per cent global rate..
Despite economic challenges and geopolitical tensions, global E&M revenues grew 5.5 per cent 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 the second place and India at the ninth spot.
PwC India chief digital officer & TMT leader Manpreet Singh Ahuja commented, “India’s entertainment & media sector is on the cusp of a major transformation. According to our report, key growth drivers such as digital advertising, OTT platforms, online gaming, and generative AI are shaping the industry’s future. 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 ad revenues and favourable government policies around foreign direct investment (FDI), 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 910 million has access to the world’s cheapest data costs. At present, India has 800 million broadband subscriptions, 550 million smartphone users and 780 million internet users. In fact, Indians are spending 78 per cent of their time on mobile phone apps related to E&M. Leveraging India’s strong growth trajectory in the E&M sector, the Indian government is set to host the inaugural Waves – a summit, in the hope of boosting its E&M sector globally through stakeholder collaboration and innovation.
With growing consumption and gross domestic product (GDP) growth in India, the ad market is projected to grow at a 9.4 per cent CAGR from Rs 1,01,000 crore in 2023 to Rs 1,58,000 crore in 2028, which is 1.4x the global average. Most of this growth will come from the digital front (internet advertising), which is expected to grow at a 15.6 per cent 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 per cent in 2023, will remain in double digits throughout the forecast period (2024–28), and is expected to be 12.2 per cent in 2028.
The shift towards cord-cutting is expected to accelerate. Traditional TV advertising will grow at a 4.2 per cent CAGR between 2023 to 2028, while global revenues are set to drop by -1.6 per cent. 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:
* The total online gaming and esports revenue in India stood at Rs 16,480 crore in 2023 and is expected to reach Rs 39,583 crore by 2028, growing at a CAGR of 19.2 per cent. With the inclusion of real money gaming (as per PwC’s India Gaming Report ‘24) the total gaming and esports revenue would amount to Rs 33,000 crore ($ 4 billion) in 2023 and is expected to reach Rs 66,000 crore ($8 billion) by 2028 at a CAGR of 14.5 per cent. Globally, video games and esports revenue will increase at a CAGR of 8 per cent.
* Over-the-top (OTT) will be the third-fastest growing segment with a CAGR of 14.9 per cent, putting the country in lead by 2028.
* Infrastructure enhancements have supported massive growth in India’s out-of-home (OOH) advertising market which grew by 12.9 per cent in 2023. It is expected to continue to grow at a 7.6 per cent CAGR.
* When it comes to print advertising revenues, despite a global decline at a CAGR of -2.6 per cent, India’s market is expected to grow at a rate of 3 per cent, making it the third largest print market in the world by 2028
* India’s cinema market continues to expand, growing at a 14.1 per cent CAGR.
* The total music (live, recorded and digital) revenue grew from Rs 2,416 crore ($293 million) in 2019 to Rs 6,686 crore ($811 million) in 2023. It is expected to cross Rs 10,899 crore ($1.3 billion) by 2028, growing at a CAGR of 10.3 per cent.
* At a 5.6 per cent 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 per cent CAGR.
The report highlights four key opportunities in the E&M sector.
Internet advertising emerges as the fastest-growing market in Asia-Pacific and the second globally, with a projected 15.6 per cent CAGR (2023–2028). Companies can prioritise regulatory compliance and leverage data analytics to enhance trust and implement targeted advertising strategies.
OTT platforms in India, the world’s fastest-growing, saw a 20.9 per cent rise in 2023, reaching Rs 17,496 crore ($2.1 billion), and are projected to double by 2028 (14.9 per cent CAGR). Focusing on advertising-supported tiers, market consolidation and regional narratives can boost engagement.
Online gaming and esports are rapidly expanding, projected to represent nine per cent of the E&M sector by 2028. Promoting responsible gaming and investing in high-quality AAA games will position Indian studios on the global stage. Lastly, generative AI (GenAI) is set to transform content creation, personalisation and monetisation, with over 70 per cent of global companies expected to adopt it by 2025. Early adoption of GenAI in India can drive hyper-personalised content and dynamic advertising campaigns.
The report also 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 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.
MAM
Brands push beyond compliance as trust takes centre stage
ASCI AdTrust Summit 2026 spotlights shift from legal checks to credibility.
MUMBAI: In a world where a disclaimer can be legally sound yet socially suspect, brands are learning that compliance may tick boxes but trust wins markets. At the inaugural ASCI AdTrust Summit 2026, a panel on “Beyond Compliance: The New Currency of Trust” unpacked a growing industry reality: the gap between what the law permits and what consumers accept is widening and fast.
Moderated by Meenakshi Ramkumar of National Law School of India University, the discussion brought together leaders across law, marketing and academia to examine how brands must evolve in a digital ecosystem increasingly shaped by scrutiny, scepticism and speed.
Ramkumar set the tone by highlighting a critical shift, advertising today operates in the same digital space that fuels misinformation, scams and fake news, making credibility harder to establish. “The challenge is not just about what brands do, but the broader context of low institutional trust,” she noted, adding that when violations go unchecked, trust erodes not just in brands but in the regulatory system itself.
This vacuum, she said, has given rise to consumer activism from boycotts to social media backlash as a parallel accountability mechanism.
For Amit Bhasin, Chief Legal Officer at Marico, the distinction was clear, legal compliance is non negotiable, but insufficient. “Compliance is the minimum threshold. The real challenge is staying aligned with changing consumer expectations,” he said.
He pointed to how advertising narratives have evolved from traditional depictions of gender roles to more shared responsibilities reflecting a broader societal shift. “Earlier, it was fine to show one person doing the household work. Today, that may not land well. Consumers expect brands to reflect reality,” Bhasin observed.
He also highlighted internal debates where campaigns that may be legally permissible are still rejected for being culturally insensitive, noting that responsible advertising often requires asking uncomfortable questions before the public does.
If compliance is the baseline, reputation is the battlefield.
Bhasin noted that reputational risk has become a far greater concern than legal exposure, particularly in an era where campaigns can be dissected within hours online. “Earlier, a controversial ad might invite a newspaper editorial. Today, within hours, you’re at the centre of a storm,” he said.
Brands, he added, now evaluate campaigns through a dual lens legal viability and reputational vulnerability with the latter often proving more decisive.
From a healthcare perspective, Satish Sahoo of Cipla Health underscored the complexity of operating within fragmented yet stringent regulatory frameworks, spanning drugs, food, cosmetics and Ayush. “Anything under a drug licence is the most tightly regulated,” he said, adding that this necessitates proactive, not reactive, compliance.
He shared an example from the oral rehydration salts (ORS) category, where Cipla resisted the temptation to position products aggressively despite competitive pressure. “Our product is WHO compliant, and our communication reflects that. We chose not to blur the lines, even if others did,” he noted.
The long term payoff, he suggested, lies in credibility built over consistency, not quick wins.
Yet, as Harsha N of National Law School of India University pointed out, even perfect compliance does not guarantee trust. Drawing from historical and modern examples from exaggerated product claims in the 1800s to contemporary environmental and health advertising, he argued that legal frameworks often lag behind consumer expectations. “A brand can be fully compliant and still be perceived as misleading,” he said, citing instances where fine print disclosures fail to reach or convince the average consumer. He added that larger companies carry a disproportionate responsibility to set ethical benchmarks, even in areas where the law remains silent.
The conversation also turned to digital advertising, where the challenge extends beyond content to how ads are experienced. From algorithmic targeting to personalised messaging, brands now operate in an environment where regulation struggles to keep pace with technology.
Sahoo noted that social media has amplified awareness, with influencers and consumers increasingly scrutinising product claims and calling out inconsistencies. “Awareness has gone up dramatically. People are questioning what goes into products and what brands are saying,” he said.
The role of self regulatory bodies such as Advertising Standards Council of India also came under the spotlight.
Harsha acknowledged that while SROs play a crucial role, they are not immune to criticism, particularly around perceived conflicts of interest and enforcement gaps. “SROs have a higher threshold of responsibility not just to interpret the law, but to anticipate societal expectations,” he said.
He added that failures in self regulation often push the burden back onto government intervention, underscoring the need for stronger, more proactive oversight.
One of the more nuanced debates centred on whether building trust comes at a cost. While Sahoo acknowledged that quality and compliance can increase costs, he argued that companies must absorb them as part of their long term strategy.
Bhasin, however, framed the challenge differently not as cost, but as competitiveness in a market where not all players play by the same rules. “The real tension is when others cut corners and you choose not to,” he said.
The panel concluded with a call to embed trust into business metrics.
Sahoo suggested that organisations must go beyond revenue targets to include consumer equity and trust based KPIs, ensuring that ethical considerations are not sidelined in the pursuit of growth. “Trust sounds abstract, but it can translate into measurable consumer equity,” he said.
As the discussion wrapped up, one message stood out: the rules of advertising are being rewritten not just by regulators, but by consumers themselves. In an ecosystem where attention is fleeting and scepticism is high, brands that merely comply may survive, but those that build trust are the ones that endure.
