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Lights, camera, action: India’s entertainment industry set to double global growth, says PwC
MUMBAI: While the world’s entertainment industry trudges along at a modest pace, India’s is positively sprinting. The country’s entertainment and media (E&M) sector is projected to balloon from $32.2 billion in 2024 to $47.2 billion by 2029, growing at a zippy 7.8 per cent compound annual growth rate—nearly double the global average of 4.2 per cent, according to PwC India’s Global Entertainment & Media Outlook released today.
What’s fuelling this dream-like growth story? A potent cocktail of youth, digital hunger and technological wizardry. India’s massive young population is devouring online content faster than you can say “streaming service,” whilst broadband access spreads like wildfire and creators reshape the landscape with GenAI-powered tools.
“India’s E&M sector continues to outpace global growth, driven by the deepening of digital markets, the rapid expansion of advertising-led formats, and a new generation of creators shaping demand,” said PwC India partner and leader for media, entertainment Rajesh Sethi,. The momentum stems from rising consumer engagement, strengthening economic fundamentals, and the relentless march towards tech-enabled business models.
Internet advertising is leading the charge, set to more than double from $6.25 billion in 2024 to $13.06 billion by 2029—a blistering 15.9 per cent CAGR that makes it the fastest-growing segment. Mobile-first consumption and regional campaigns are driving this digital gold rush.
Not far behind, OTT platforms are flexing their muscles as the second-fastest growing segment. Streaming revenues will jump from $2.27 billion to $3.47 billion by 2029, powered by regional content that speaks directly to India’s diverse audiences and subscription models that are finally finding their footing.
Gaming isn’t playing around either. Mobile gaming, video gaming and e-sports will climb from $2.79 billion to $3.96 billion, as younger audiences dive deeper into immersive formats and in-app purchases.
Even traditional media refuses to roll over. Television will swell from $13.97 billion to $18.11 billion by 2029, buoyed by regional content and live programming. Print, defying obituaries written worldwide, will edge up from $3.5 billion to $ 4.2 billion, testament to India’s strong regional readership.
The sports sector represents perhaps the most dramatic transformation, evolving from a $4.6 billion–$5 billion business in 2024 into a projected $7.8 billion industry by 2029—effectively morphing into an institutional-grade asset class that’s attracting serious investment.
Underpinning it all is artificial intelligence and India’s roaring creator economy. Some four million creators are now influencing everything from entertainment to commerce, armed with AI tools that automate editing, enable scaled localisation and spawn entirely new content formats.
“This is not a story of incremental upgrades. It’s a story of business model rebirth,” declared PwC India chief clients and alliances officer Manpreet Singh Ahuja. “We are at an inflection point where technology—especially AI—is fundamentally redefining how content is created, discovered, monetised and experienced.”
The message is clear: India’s not just consuming entertainment anymore—it’s reshaping how the entire world creates, distributes and experiences it. Roll credits on the old model; the next blockbuster is already in production.
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Paramount set to acquire Warner Bros. Discovery in $81 billion deal
Shareholders back merger, combined entity could reshape streaming and studios.
MUMBAI: Lights, camera… consolidation, Hollywood’s latest blockbuster might be happening off-screen. Shareholders of Warner Bros. Discovery have voted in favour of selling the company to Paramount in a deal valued at $81 billion rising to nearly $111 billion including debt setting the stage for one of the biggest shake-ups in modern media. The proposed merger, still subject to regulatory approvals, would bring together a vast portfolio spanning HBO Max, CNN, and franchises such as Harry Potter under the same umbrella as Paramount’s own heavyweights, including Top Gun and CBS.
At the heart of the deal is streaming scale. Executives have indicated plans to combine HBO Max and Paramount+ into a single platform, potentially creating a stronger challenger to giants like Netflix and Amazon’s Prime Video. Current market data suggests HBO Max holds around 12 per cent of US on-demand subscriptions, compared to Paramount+’s 3 per cent, together still trailing Netflix’s 19 per cent and Disney’s combined 27 per cent via Disney+ and Hulu.
Paramount CEO David Ellison has signalled that while platforms may merge, HBO’s creative identity will remain intact, stating the brand should “stay HBO” even within a broader ecosystem.
Beyond streaming, the deal would redraw the map for film production. Combining two of Hollywood’s oldest studios Paramount Pictures and Warner Bros., the new entity aims to scale output to over 30 films annually, while maintaining a 45-day theatrical window. Warner Bros. currently commands around 21 per cent of the US box office, compared to Paramount’s 6 per cent, underscoring the strategic weight of the acquisition.
But scale comes with scrutiny. Critics warn that fewer players could mean reduced consumer choice, rising subscription costs, and potential job cuts as the combined company looks to streamline overlapping operations while managing billions in debt.
The news business, too, faces a reset. CNN would join forces at least structurally with Paramount-owned CBS, raising questions about editorial independence and positioning. The merger has already drawn political attention in the United States, particularly given perceived ties between the Ellison family and Donald Trump, though the company maintains that newsroom autonomy will be preserved.
If approved, the deal would mark another milestone in Hollywood’s consolidation wave shrinking the industry’s traditional “big six” studios to a “big four”, with Paramount joining Disney, Universal, and Sony at the top table.
In an industry built on storytelling, this merger may well become its most consequential plot twist yet.
