The Indian M&E industry is expected to grow at 10.1% CAGR to reach $55 billion by 2024 (PwC Entertainment and Media Outlook 2020-2024). The sectors expected to drive growth are OTT, internet advertising, video/games, e-sports, music and podcasts. The report predicts a K-shaped bifurcated recovery.

The largest gain will be registered by OTT video — 5.2% by 2024. It will be followed closely by internet advertising. India will be the sixth largest market for OTT video in 2024. Subscription video-on-demand (SVOD) will be the prime driver of revenue.

Though India will continue to be the world’s biggest cinema market in admission terms, cinema revenue in India will contract at a 2.6% CAGR to total $1.5 billion over the next 5 years.

Internet or digital advertising will grow phenomenally in India — it will be the sixth largest market in Asia-Pacific region. Mobile will be the primary driver of revenue in digital advertising. Data will be more affordable. However, from the global perspective, digital advertising in India remains underdeveloped and there is massive headroom for growth.

Gaming and e-sports too will grow phenomenally — a projected 33% CAGR. Podcasts too is expected to grow at a 13.5% CAGR.