The Indian Media and Entertainment (M&E) sector has experienced a remarkable transformation in recent years, with digital media emerging as a dominant force. According to a report released by the Ministry of Information and Broadcasting (MIB), the M&E sector witnessed a remarkable 20% growth in 2022, crossing the impressive milestone of Rs 2 lakh crore (USD 26.2 billion). This surge in revenue not only marks a significant recovery from the pandemic but also exceeds pre-pandemic levels by 5%.
While television has long been the reigning king of the M&E sector in India, its dominance is gradually waning. The report highlights a concerning trend – television is losing subscribers as Indians undergo a notable shift in their media consumption patterns and platform preferences.
The numbers tell a compelling story. The TV industry’s revenue declined from Rs 72,000 crore to Rs 70,900 crore between 2021 and 2022. This is a far cry from its pre-pandemic glory in 2019 when it raked in Rs 78,700 crore. The pandemic-induced disruptions in 2020 saw TV’s revenue plummet to Rs 68,500 crore, reflecting the sector’s vulnerability to external shocks.
In stark contrast, digital media has been on an exponential growth trajectory. In 2019, digital media’s revenue stood at Rs 30,800 crore. Over the next three years, it not only grew consistently but nearly doubled, reaching an impressive Rs 57,100 crore in 2022. Digital media’s share in the M&E sector also expanded significantly, climbing from 16% in 2019 to a substantial 27% in 2022.
A noteworthy point is that if data charges associated with digital consumption are factored in, digital’s share would soar to a staggering 50% of the total M&E sector, as indicated by an EY report. This underlines the profound impact of digital media on how Indians access and engage with content.
The growth of digital media can be attributed to several factors. The convenience of on-demand content, the proliferation of smartphones, and the availability of affordable high-speed internet.
While traditional media will continue to have its place, the future belongs to digital, which promises to reshape the way we consume and interact with media in India.
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