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11.03.24 09:05

Economics

India's media and entertainment market grows at 8 per cent in 2023

Digital media is beginning to dominate over traditional media

India's media and entertainment market grew at 8 per cent in 2023 to reach US$27,9 billion. This is reported by ANI, a partner of TV BRICS.

New sectors including digital and online gaming led the way, contributing US$1,5 billion out of a total growth of US$2,1 billion.

The report claims that except for the TV segment, which saw a marginal decline of 2 per cent, all others saw only growth in 2023.

Kevin Vaz, Chairman, FICCI Media and Entertainment Committee and Chief Executive Office said that India was a unique market where the media and entertainment sector was characterised by a harmonious blend of tradition and innovation.

However, traditional media still has enough potential for growth, the publication said.

Photo: IStock

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