M&E industry expected to reach INR 2.23 trillion by 2023: FICCI-EY report

The Indian Media and Entertainment (M&E) sector is expected to grow by 25% in 2021 and reach INR 1.73 trillion (US$23.7 billion), states FICCI-EY report ‘Playing by new rules.’

With its current trajectory, the M&E sector in India is expected to reach INR 2.23 trillion (US$30.6 billion) by 2023, at a CAGR of 17%. In 2020, while television continued to remain the largest segment, digital media has overtaken print, and online gaming has overtaken a disrupted filmed entertainment segment. The Indian M&E sector has gone down by 24% to INR 1.38 trillion (US$19 billion), in 2020.

Dilip Chenoy, secretary general, FICCI, said that though the M&E sector has been largely impacted by the pandemic, the positive news is that the digital subscription has grown by 49 per cent and the online gaming industry has grown by 18 percent. He further mentioned that different sectors of the industry will take different time to recover and this makes the report more crucial.