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Digital media dethrones television as India’s M&E king, Ficci M&E report report reveals
MUMBAI: India’s media and entertainment sector has hit a milestone, crossing the Rs 2.5 trillion mark in 2024, but it’s digital media that’s stealing the show, according to the latest FICCI-EY report. The digital realm, growing by a stonking 17 per cent, has officially overtaken television, which has held the crown for two decades. Think of it as a digital coup, a right royal shake-up.
While the overall sector grew by a respectable 3.3 per cent, reaching Rs 2.5 trillion ($29.4 billion), growth has slowed compared to the previous year, thanks to a 2 per cent dip in subscription revenues and a global slump in animation and VFX outsourcing. Still, it’s a hefty contribution to India’s GDP, at a solid 0.73 per cent.
Advertising revenues, however, are booming, surging by 8.1 per cent, driven by digital performance advertising and a surge in premium OOH media. “The digital revolution has not only transformed how content is created and consumed but has also redefined the very essence of the M&E industry,” said Ashish Pherwani, media & entertainment leader and partner at EY India, rather grandly.
Kevin Vaz, chairman of FICCI’s media and entertainment committee, declared the industry is at a “defining moment,” predicting it will surpass Rs 3 trillion by 2027. “The future is brimming with untapped potential,” he said, sounding positively chuffed.
Key takeaways? Digital advertising is booming, live events are back with a bang (up 15 per cent), and OOH media is getting a digital makeover. However, subscriptions are taking a bit of a hammering, and online gaming is struggling under the weight of a 28 per cent GST and illegal offshore competition. “The online gaming segment could struggle unless illegal offshore platforms are not curbed,” the report warns, a rather pointed observation.
Looking ahead, the report predicts a 7.2 per cent growth in 2025, reaching Rs 2.7 trillion, and a 7 per cent CAGR to Rs 3.1 trillion by 2027. AI is tipped to play a major role, bringing efficiencies across content production and distribution. “Artificial intelligence will play a large role in bringing efficiencies,” the report states, sounding rather futuristic.
In short, India’s M&E sector is in a state of flux, with digital leading the charge and traditional models facing a bit of a squeeze. But with a bit of innovation and a dash of good old-fashioned British grit, the industry is poised for further growth. Quite right, too.
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Piyush Thakur steps down as Inshorts’ chief revenue officer
Former vice president and cro says exit marks a new chapter after close to a decade of building revenue and partnerships at Inshorts Group.
NOIDA: Piyush Thakur has stepped away from Inshorts Group after nearly 10 years with the company, marking the end of a long tenure that culminated in his role as chief revenue officer.
In a farewell note, Thakur said he was “turning a new page” after almost a decade at Inshorts, calling it one of the hardest professional decisions he has made. He added that his exit was not driven by uncertainty about the future, but by reflection on a long association with the company.
Thakur joined Inshorts in October 2016 as vice president and spent around seven years in the role before being elevated to chief revenue officer in April 2024, a position he held until April 2026.
He said his tenure was defined by “thousands of mornings, late nights, product debates and breakthrough moments”, as the company evolved into a large-scale digital news platform used by millions.
In his note, Thakur emphasised that Inshorts’ growth was a collective effort across teams, adding that engineers, designers, sales teams and customer support staff all contributed to building the platform. He said the company’s success was not the result of individuals but of “everyone who stayed, passed through, and left their mark”.
Before Inshorts, Thakur worked across several digital media and business development roles. At ESPN, he served as senior regional manager from October 2015 to October 2016, focusing on growth initiatives, strategic opportunities and video distribution.
At Times Internet, he worked for nearly three years, including as head of business development from April 2015 to September 2015 and chief manager from January 2013 to March 2015. His responsibilities included monetisation of mobile platforms, managing media and developer partnerships, and driving revenue across digital properties such as The Times of India and The Economic Times.
Earlier, he worked at Brandmovers as head of business development from June 2012 to June 2013, handling digital, mobile and social media marketing solutions, client development and strategic consulting. During this period, he also worked on advertising revenue, brand strategy and CRM-based solutions.
At Inshorts, Thakur’s role focused on revenue strategy, mobile and media partnerships, and growth initiatives across platforms. His profile highlights experience in mobile product management, digital business models, partner ecosystems and revenue expansion in high-growth environments.
