India’s media economy set to hit $36.7bn as monetisation takes centre stage

Mumbai: India’s entertainment and media industry is no longer content to simply count eyeballs. According to PwC’s Global Entertainment & Media Outlook 2026-30: India perspective, the sector is increasingly turning attention into revenue as it prepares for a major growth run.

The Indian entertainment and media market is projected to grow from $25.7 billion in 2025 to $36.7 billion by 2030, representing a 7.4 per cent CAGR. That puts India comfortably ahead of the global market, which is expected to grow at a 4 per cent CAGR to $2.68 trillion over the same period.

The shift is particularly visible in digital advertising, streaming, gaming and audio, although traditional media continues to show surprising staying power.

Internet advertising is expected to be the fastest-growing major segment in India, expanding from $7.5 billion in 2025 to $14.3 billion by 2030, a 13.9 per cent CAGR.

Paid search is projected to grow from $1.686 billion to $3.262 billion, while video advertising is expected to rise from $2.135 billion to $4.351 billion at a 15.3 per cent CAGR.

The growth is being powered by India’s enormous connected audience. Smartphone ownership stands at 91 per cent among urban households and 82.1 per cent among rural households. Instagram had 390 million Indian users in 2025, while Reliance Jio is building an advertising ecosystem across more than 400 million customers, 267 million registered users and almost half of India’s connected homes.

India’s OTT video market is forecast to grow from $2.2 billion in 2025 to $3.6 billion by 2030, a 10.2 per cent CAGR. The market had 216.5 million subscribers in 2025.

However, with average revenue per user at only $7.3, streaming platforms are increasingly looking beyond subscriptions and towards advertising-led models.

Streaming advertising revenue stood at $563.9 million in 2025, while subscription video revenue is projected to rise from $1.588 billion to $2.668 billion by 2030.

JioHotstar, Amazon Prime Video, Sun NXT and Eros Now together accounted for almost 60 per cent of streaming subscribers in 2025. JioHotstar alone doubled its subscriber base from 50 million to 100 million during the year.

Despite the global decline in legacy media, India’s traditional television market is expected to remain in positive territory. TV revenue is projected to increase from $7.2 billion in 2025 to $7.5 billion in 2030, compared with a 1.1 per cent global decline.

Broadcast television advertising is expected to grow from $4.2 billion to $4.6 billion. Hindi content continues to account for roughly half of broadcast programming.

The consolidation of India’s television and streaming ecosystem is also reshaping the market. The Disney-Reliance merger created JioStar, combining linear television and streaming while leveraging major cricket properties including the IPL and ICC rights.

Print is proving similarly resilient. Indian print newspapers are expected to grow at a 3.1 per cent CAGR, taking revenue from $3 billion in 2025 to $3.5 billion by 2030. Print advertising is projected to rise from $1.8 billion to $2 billion.

Gaming and e-sports are forecast to grow at an 11.3 per cent CAGR, from $1.5 billion in 2025 to $2.6 billion by 2030.

Social and casual gaming will remain the largest contributor, with revenue expected to more than double from $881.4 million to $1.827 billion. Console and PC gaming, meanwhile, will see slower growth.

Audio is also gaining momentum. The broader music, radio and podcast market is expected to grow at 6.8 per cent, from $807.2 million to $1.1 billion.

Music streaming revenue alone is projected to rise from $381 million to $639 million. Consumer subscription revenue is expected to more than double from $139 million to $317 million, while podcast audiences have reached 199 million monthly listeners.

India’s entertainment boom is also becoming increasingly regional.

Non-Hindi cinema, including Telugu, Tamil, Malayalam and Kannada films, is now collectively generating more box-office revenue than Bollywood, helped by the success of pan-India releases such as Kantara: A Legend Chapter 1, Coolie and Pushpa 2.

Regional music accounts for more than 35 per cent of digital audio streaming, with markets such as Assamese music seeing particularly rapid growth.

Cinema itself is projected to grow from $1.5 billion in 2025 to $1.7 billion in 2030, even as admissions ease from 832 million to 802 million. In-cinema advertising, however, is expected to jump from $104.2 million to $167.8 million.

Behind the entertainment boom sits an equally significant connectivity upgrade. Data connectivity revenue is projected to rise from $36.5 billion in 2025 to $58.6 billion by 2030, representing a 9.9 per cent CAGR.

5G subscriptions are expected to surge from 386 million to 947 million over the same period, while 4G subscriptions decline from 610 million to 363 million.

Artificial intelligence is also moving deeper into the entertainment supply chain. Filmmakers are experimenting with AI for applications such as de-ageing and synthetic voice modelling, while publishers are turning towards generative engine optimisation to ensure their content is discoverable through AI-powered search.

The bigger picture is clear: India’s media and entertainment industry is moving from a reach-first economy to a revenue-first one. With digital advertising, OTT, gaming, regional content and connectivity all expanding, the next phase will be less about who can attract the biggest audience and more about who can turn that audience into a sustainable business.