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Indian Media and Entertainment Industry Grows 8% to Reach $28 Billion, Annual FICCI-EY Report Reveals
The Indian media and entertainment industry grew 8% in 2023 to reach a value of $27.9 billion, according to the annual EY report.
While television remained the single largest component of the M&E sector in 2023, with a valuation of $8.3 billion, it shrank 2% from 2022 levels, due to advertising declining by 6.5% thanks to a slowdown in spending by gaming and direct-to-consumer brands. Here, technology-enhanced entertainment channels, OTT [streaming] platforms, AI-powered newsreaders, traditional print media, flagship films and short-form content not only coexist but thrive together, showcasing the vibrant diversity and dynamic growth of our industry. This underscores the unique Indian market where while we are witnessing a seismic shift towards digital consumption, there is still adequate headroom for traditional media to grow.”
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