India's E&M industry revenue to reach $47.2 billion by 2029: PwC report

PwC's Global E&M Outlook projects India's entertainment and media revenue at $35.3 billion in 2025, rising to $47.2 billion by 2029, driven by internet ads, OTT growth, gaming and live experiences

India’s entertainment and media (E&M) industry is estimated to reach $35.3 billion in revenue this year, with continued growth in the digital segment through mobile-first consumption, a surge in creator-led commerce and the Gen Z population expected to drive revenue to $47.2 billion by 2029.

 

What does PwC project for India’s E&M growth through 2029?

 

In 2025, the industry’s projected annual growth rate is estimated at 8.9 per cent, according to the Global E&M Outlook 2025–2029 report released by PwC India. The compound annual growth rate (CAGR) for the E&M industry till 2029 is projected at 7.8 per cent, nearly double the global industry growth rate of 4.2 per cent.

 

How are millennials and Gen Z shaping India’s E&M growth?

 

“At the heart of India’s E&M growth story is its massive millennial and Gen Z population, over 910 million strong. This digitally native audience is not only consuming more content but also demanding diverse, immersive, and personalised experiences. Their appetite for storytelling, music, gaming, and live events is pushing the boundaries of traditional formats and encouraging innovation across platforms,” the report stated. This follows India hosting over 30,000 live events across 319 cities last year.

 

Which segments will drive growth, and how big can internet advertising get?

 

Overall, the industry’s growth is dominated by internet advertising, which is expected to reach $13.06 billion by 2029 at a CAGR of 15.9 per cent.

 

What does PwC expect for OTT streaming and subscription video growth?

 

OTT streaming is the second-fastest growing segment, with revenues set to expand from $2.27 billion in 2024 to $3.47 billion by 2029, supported by regional content, direct-to-consumer models and an expanding subscriber base. Strategic investments in platforms and premium formats are further strengthening monetisation. With the growing prominence of the digital segment, India’s OTT market has witnessed sharp growth over the past five years despite relatively low broadband penetration and infrastructural challenges, the report stated. The OTT market is projected to expand further to $3.5 billion by 2029 at a CAGR of 8.8 per cent, with subscription video on demand (SVOD) expected to remain the dominant segment, accounting for 68.8 per cent of total OTT revenue by 2029.

 

What are investors focusing on across live entertainment, YouTube and OTT consolidation?

 

“India’s growth rate is much higher even for traditional, non-digital segments. But having said that, live experiences and live entertainment spaces will continue to see a lot of attention and a lot of focus (from investors). It’s emerging as a sweet spot. Digital segments, even free platforms like YouTube, continue to see a lot of traction. There are opportunities emerging in the consolidation of OTT platforms, and these consolidations will lead to value creation in the industry,” Rajesh Sethi, partner and leader, media, entertainment and sports, PwC India, told Business Standard.

 

How big could gaming and traditional media become by 2029?

 

The third major contributor to the industry’s growth is mobile gaming, video gaming, and e-sports. This segment’s revenue is projected to rise to $3.96 billion in 2029.

 

Traditional media — TV, radio, cinema, out-of-home (OOH) and print — is projected to grow, contrasting with the global trend. Total traditional media revenues are expected to rise from $17.5 billion in 2024 to $22.9 billion in 2029, at a CAGR of 5.4 per cent. Globally, traditional media is growing at 0.4 per cent. Sethi added that traditional media firms have leveraged their digital operations and created unique value propositions, helping them expand revenue streams and drive subscriptions.

 

What does PwC project for sports, live experiences and e-sports?

 

Sethi added that with large corporate firms expanding their franchises to other global leagues, sports investments are rapidly evolving into an institutional-grade asset class, though he noted this is possible only through consistent digital fan-engagement initiatives. Sports and live experiences are expected to generate total revenue of $7.8 billion by 2029, the report stated. At the same time, real-money gaming (RMG) companies are increasingly pivoting towards e-sports and skill-based formats after the ban on RMG games by the government.

 

“India’s e-sports market is expanding rapidly. Revenues were $11 million in 2024 and are forecast to more than double to $23 million by 2029 at a 16.4 per cent CAGR,” the report stated.

 

How are AI and the creator economy reshaping the sector?

 

PwC India highlighted that AI and the creator economy are reshaping content creation and monetisation, with AI transforming the E&M value chain through scaled localisation, automated editing, personalisation and new content formats. Sethi added that influencer marketing has become a core strategy for brands as companies leverage local creators to promote products in culturally resonant ways.

 

What does PwC project for India’s sports economy by 2029?

 

Separately, India’s sports industry generated Rs 38,300 crore to Rs 41,700 crore ($4.6 to $5 billion) in 2024 across media rights, sponsorships, endorsements, ticketing and franchise revenues. By 2029, India’s sports economy is projected to expand into an Rs 65,000 crore industry, with cricket still dominant but non-cricket leagues gaining steady commercial traction.

 

“Looking ahead, with IPL, ICC, and BCCI media rights secured and brand sponsorships compounding steadily, the industry is projected to grow at a CAGR of 8 to 11 per cent. Starting from a 2024 baseline of approximately Rs 40,000 crore, it is expected to reach around Rs 64,400 crore by 2029, reflecting a 10 per cent CAGR,” the report stated.