India’s entertainment and media (E&M) industry is on an upward trajectory. According to PwC India’s Global Entertainment and Media Outlook 2025–29, the industry is set to grow from $32.2 billion in 2024 to $47.2 billion by 2029 – a 7.8% compound annual growth rate (CAGR) that’s nearly twice the projected global average of 4.2%.
Rajesh Sethi, partner and leader – media, entertainment, and sports, PwC India, said India’s momentum was fuelled by the deepening of digital markets, the rapid expansion of advertising-led formats, and a new generation of creators shaping demand.
Both digital and traditional media are expanding significantly. Driven by performance-based marketing and mobile-first consumer engagement, India’s internet advertising market is projected to expand from $6.25 billion in 2024 to $13.06 billion in 2029. That’s a 15.9% CAGR, making it the fastest-growing segment and underscoring its dominance in the evolving media landscape.
Sectors to watch
OTT streaming was projected to be the second fastest-growing segment, with revenues set to expand from $2.27 billion in 2024 to $3.47 billion by 2029.
The rapid expansion of OTT in India is underpinned by several factors. Affordable smartphones, low-cost mobile data plans, and strategic partnerships between international streaming platforms and local operators have accelerated adoption. Live cricket events, including the IPL and ICC T20 World Cup, continue to drive subscriptions and engagement, while regional SVOD players such as aha, Hoichoi, and Sun NXT are strengthening local content offerings, making the sector ripe for aggregation.
However, mobile-first strategies, low-cost subscription plans, and hybrid SVOD+AVOD models will be crucial to expand reach in India’s price-sensitive market, the report shared.
While India’s video games and e-sports market has emerged as one of the fastest-growing globally over the last few years, this momentum is expected to moderate at a slightly muted CAGR of 7.7%. PwC said this trajectory reflects a global slowdown in gaming, broader economic pressures, and India’s heavy reliance on its social and casual gaming segment.
Even so, they predicted that investment inflows, government support through animation, visual effects, gaming, comics, and extended reality (AVGC-XR) centres of excellence, and the increasing use of GenAI in development and operations will ensure that the industry remains an important part of India’s digital economy.
Traditional media remains resilient
Despite the rise of digital formats, traditional media remains a significant player due to its deep regional reach and mass appeal. TV is projected to grow from $13.97 billion to $18.11 billion by 2029, driven by regional content depth and live formats. Print is expected to rise to $4.2 billion from $3.5 billion, showcasing strong regional readership and advertiser trust.
Creator economy has a monetisation problem
PwC also spotlighted India’s creator economy, which has grown into a four-million-strong ecosystem through deep regional penetration, a rapidly evolving monetisation landscape and AI-enabled workflows.
Citing a report from Mint, PwC said the three fastest-growing categories are expected to maintain their lead, with the number of fashion influencers, gaming influencers, and arts and entertainment creators expected to grow to 470,000, 467,000 and 430,000, respectively by 2025. While the ecosystem is growing rapidly, only 8–10% of creators currently monetise effectively. This highlights a vast untapped potential.
The next phase of growth in India’s creator economy will be driven by innovation in monetisation and deeper brand integration. This could include moving beyond brand deals to include subscription models, where creators offer exclusive content to paying followers, live commerce, affiliate marketing, and virtual gifting.
“This is not a story of incremental upgrades. It’s a story of business model rebirth. We are at an inflection point where technology—especially AI—is fundamentally redefining how content is created, discovered, monetised and experienced,” said Manpreet Singh Ahuja, chief clients and alliances officer, PwC India. “AI-led production pipelines, precision personalisation and immersive formats are putting value in motion across the entire entertainment and media landscape.”
However, Ahuja cautioned that no single player can unlock this future alone. The next era will belong to connected ecosystems—where cloud platforms, AI innovators, creative powerhouses and media enterprises collaborate to architect something bigger than the sum of their parts, he said.
