Introduction
The Media and Entertainment (M&E) sector is today’s most dynamic and rapidly evolving. From newspapers and radio to digital streaming, video games, and social media, the media is everywhere, shaping how we communicate, stay informed, and entertain ourselves. At its core, media refers to platforms that create, store, and share content with the public, spanning traditional forms like TV, print, and radio, and digital media such as blogs, podcasts, online videos, social platforms, and gaming.
The sector has undergone a significant transformation over the years. It began with print in the 17th century, expanded with the rise of radio and cinema in the 20th century, and exploded in the digital age with streaming platforms like Netflix and YouTube. Each innovation has reshaped content delivery and audience engagement.
Technology remains a powerful driver. The internet has revolutionized content creation and distribution, enabling creators to reach global audiences instantly. It has also birthed new business models, from influencer marketing to direct-to-consumer streaming. The COVID-19 pandemic underscored digital media’s essential role, as virtual classrooms, remote work, and online entertainment became lifelines.
India’s M&E sector reached INR 2.5 trillion in 2024, up by INR 81 billion from the previous year (3.3% growth). This was slower than 2023’s 8.3% growth, mainly due to declining subscription revenues and reduced global demand for outsourced Animation and VFX projects. Still, the sector remains resilient.
Traditional media like TV, print, music, and film contribute 57% of the total revenue. Digital media is rising fast, with ad revenues projected to hit INR 330 billion by 2024. Though currently challenged, the animation and VFX segment is expected to grow from INR 106.6 billion in 2023 to INR 180.4 billion by 2026.
India’s M&E sector was valued at INR 2.55 trillion in 2023 and is expected to grow at a 10% CAGR to INR 3.08 trillion by 2026. PwC India projects an 8.3% CAGR to INR 3.65 trillion, surpassing the global average of 4.6%. Globally, the E&M sector grew 5.5% year-on-year, from INR 13.89 trillion in 2022 to INR 17.36 trillion in 2023. India ranks ninth globally.
The sector is transforming through convergence, blending formats and platforms into immersive, interactive experiences. Social media amplifies this shift, but challenges such as piracy, misinformation, and AI-driven disruptions persist. The future lies in adaptability, tech integration, and storytelling’s enduring impact.
Sun TV Network
Sun TV Network Limited is one of India’s leading media and entertainment companies, known for its strong presence in television broadcasting. The network operates satellite TV channels in six languages, focusing on Tamil, Telugu, Kannada, Malayalam, Bengali, and Marathi. Its flagship, Sun TV, is supported by channels like Gemini TV, Udaya TV, Surya TV, Sun Bangla, and Sun Marathi. Its international reach spans Sri Lanka, Singapore, Malaysia, the UK, Europe, the Middle East, the US, Australia, South Africa, and Canada. It also operates 69+ FM radio stations. In FY 2023–24, it reported a profit of INR 1,926 crore.
Zee Entertainment
Zee Entertainment Enterprises Limited is one of India’s leading media and entertainment companies, with a strong focus on general entertainment across television and digital platforms. Unlike many counterparts, Zee focuses solely on entertainment, avoiding news and current affairs to deliver diverse, engaging content. The company’s core business includes satellite television broadcasting and digital media distribution. Additionally, Zee acts as a space-selling agent for other satellite channels and actively sells and distributes media assets, including TV shows, movie rights, music rights, and film production. In FY 2023–24, Zee Entertainment reported a profit of INR 199.20 crore, reflecting its sector resilience.
PVR INOX
PVR INOX Limited is one of India’s foremost film exhibition companies, operating around 1,713 screens across 362 properties in 115 cities in India and Sri Lanka. It plays a key role in film exhibition, distribution, and production. The company also earns from in-house advertising, F&B services, gaming, and restaurants. Known for immersive cinematic experiences, its PLF offerings BigPix, ScreenX, and P[XL] and formats like IMAX, ICE, 4DX, MX4D, and Onyx ensure advanced audio-visual immersion. Despite its wide presence and innovation-driven approach, PVR INOX reported a loss of INR 32.70 crore in the latest financial year due to post-pandemic challenges.
Network18 Media & Investments Limited
Network18 is a leading Indian media and entertainment conglomerate with a broad footprint spanning television, digital content, film, e-commerce, print, and more. The company operates across various platforms, delivering rich and engaging content in categories such as general news, business news, and entertainment. Its broadcasting portfolio features some of the country’s most recognized channels, including CNBC-TV18, News18 India, and CNN-News18, offering comprehensive coverage ranging from financial markets and business insights to national and global current affairs. Despite its strong presence and diversified operations, Network18 reported a net loss of INR 324.59 crore for the financial year 2023–24, reflecting the impact of challenging market conditions and strategic investments in its media businesses.
Saregama India
Saregama India Limited is a prominent Indian music label, film studio, and multilingual television content producer. It operates across three segments: Music, Films/Television Serials, and Events. In Music, it sells devices like Carvaan, music cards, CDs, and DVDs, and manages music rights. Saregama owns global copyrights for a vast Indian music catalogue in 14 languages. Its Films/TV segment covers production, distribution, and telecast of content. Yoodlee Films produces content-driven cinema. It also holds IP rights for 4,000+ hours of TV content in multiple Indian languages. In FY 2023–24, Saregama reported a net profit of INR 197.56 crore.
Future Outlook
According to a PwC report, artificial intelligence is set to have a massive impact on the media and entertainment sector, with its contribution projected to reach INR 1,287.4 trillion by 2030. Technologies like AI, generative AI, and augmented reality (AR) are already transforming the digital media landscape in powerful ways. Audiences today aren’t satisfied with just sitting back and watching; they want to be part of the experience. From interactive games and virtual reality to live streams with real-time interaction, content is becoming more immersive and engaging than ever before. The move from passive watching to active engagement is revolutionizing how audiences connect with content. For creators, it’s a golden opportunity to craft immersive, interactive experiences that don’t just entertain but truly captivate and involve modern viewers on a whole new level.
Contributor: Team Leveraged Growth
