India’s Media and Entertainment (M&E) industry continued its strong growth trajectory in 2025, expanding by 9% year-on-year to reach INR 2.78 trillion, according to the latest FICCI–EY report, ‘Stories, scale and impact: Unlocking India’s media and entertainment economy’. The growth was largely driven by digital media, advertising, and live experiences, even as certain segments faced regulatory and cost pressures.
Digital media emerged as the largest segment of the industry, crossing the INR 1 trillion milestone for the first time. Digital advertising alone grew by 26% to INR 947 billion, contributing nearly two-thirds of total advertising revenues. This growth reflects a continued shift by brands toward performance-driven, measurable, and commerce-linked formats.
The report highlights a significant evolution in content consumption patterns, with audiences increasingly engaging across both digital and large screens. Television continues to remain relevant, now functioning alongside digital platforms in a more integrated ecosystem.
Overall advertising revenues grew by 13.5% in 2025, outpacing India’s nominal GDP per capita growth, with digital platforms, including e-commerce and point-of-sale advertising, leading the expansion.
While releasing the report, Ashish Shelar, Minister of Information Technology & Cultural Affairs, Government of Maharashtra said, “The FICCI–EY Media & Entertainment Report has, over the years, evolved into a definitive benchmark for the sector—guiding both industry and policymakers with credible insights and a forward-looking vision. Today, India’s media and entertainment industry stands at an impressive Rs 2.78 lakh crore in 2025, reflecting not just scale, but the sector’s growing strategic importance to the nation’s economy.”
Ashish Shelar further added, “Mumbai continues to be the creative capital of India and the epicentre of our media and entertainment ecosystem. From films and television to music, advertising, and digital content, Maharashtra has consistently led from the front, driving innovation, investment, and talent development. Our government is committed to building a future-ready ecosystem that seamlessly integrates creativity with cutting-edge technology, ensuring sustainable and globally competitive growth. The Minister further stated that the global opportunity before India is unprecedented. The world is increasingly recognising India not just as a large market, but as a creative powerhouse and a trusted partner in content creation. The rising demand for Indian stories, talent, and production capabilities presents a defining moment for us to position India as a leading global hub for media and entertainment.”
Anant Goenka, President FICCI & Vice Chairman, RPG Group said, “India’s media and entertainment economy is increasingly defined by the interplay of stories, scale and impact. As compelling stories scale seamlessly across platforms and screens, their value is amplified not just in terms of reach, but in economic contribution, job creation and cultural influence. Unlocking this potential will depend on how effectively the industry aligns storytelling, distribution and sustainable monetization across the ecosystem.”
Kevin Vaz, Chairman, FICCI, Media and Entertainment Committee said, “2025 emerged as a defining year for India’s Media & Entertainment industry, marking a new phase of scale, innovation and transformation. The industry not only surpassed last year’s estimates, reinforcing confidence in its long-term trajectory, but also reflected a fundamental shift in audience engagement, driven by the convergence of technology and storytelling. The digital segment crossing the INR 1 trillion mark is a highly encouraging milestone, underscoring the sector’s strong growth momentum. Television continues to remain a powerful and resilient medium, with Connected TV complementing it by enhancing large-screen experiences through more immersive, high-quality and shared viewing. As the industry evolves, measured regulatory forbearance, coupled with innovation, will be critical in sustaining long-term growth.”
Ashish Pherwani, Partner and Leader, Media & Entertainment Sector, EY India said, “India’s media and entertainment sector crossed a critical inflection point in 2025, with digital media, advertising and live experiences emerging as the primary growth engines. While consumption continues to scale rapidly across screens and formats, the next phase of growth will be defined by sustainable monetization models, disciplined investment and the ability of stakeholders to adapt to shifting consumer behaviour and regulatory realities.”
Among key segments, live events recorded a significant 44% growth, driven by increased spending on concerts, weddings, government, and religious events. Digital subscriptions also saw strong momentum, rising 60% to INR 163 billion, supported by premium content offerings and paywall strategies. The film industry reached a record INR 205 billion, while out-of-home media grew by 13%, led by premium and digital formats.
However, not all segments experienced growth. Animation and VFX saw modest gains due to global industry challenges, while radio revenues declined by 7%. The video gaming segment also contracted following regulatory changes, despite growth in in-app purchases.
Looking ahead, the FICCI–EY report projects the M&E sector to reach INR 3.3 trillion by 2028. Growth will be led by digital media, live events, filmed entertainment, and animation and VFX, with new media expected to contribute over half of the industry’s total revenues.
With increasing smartphone penetration, the rapid rise of Connected TVs, expansion of regional content, and growing demand for immersive experiences, India’s M&E sector is poised for sustained and transformative growth in the coming years.
