India’s M&E Sector Likely to Grow to INR 3.3 Trillion by 2028: FICCI-EY M&E Report

Why It Matters

The rapid digital shift and robust ad growth make India’s M&E market a high‑value target for advertisers and investors, while the projected $40 bn size highlights its growing share of GDP and employment.

Key Takeaways

• Digital media surpasses ₹1 trillion ($12 bn) revenue milestone
• Live events grow 44%, driven by concerts and festivals
• Digital advertising up 26% to $11.4 bn, two‑thirds of ad spend
• TV+Connected TV reaches 745 million weekly viewers
• Sector projected to hit $40 bn by 2028, 7% CAGR

Pulse Analysis

India’s M&E surge reflects a broader digital transformation that is reshaping consumer attention. With smartphones and affordable broadband reaching deeper into tier‑2 and tier‑3 cities, creators and platforms are capturing new audiences, pushing digital media revenues past the $12 billion mark. Advertisers are reallocating budgets toward performance‑driven formats, evident in the 26% jump in digital ad spend, which now dominates the sector’s $18 billion advertising pool. This shift not only fuels revenue growth but also accelerates data‑rich targeting capabilities, making the Indian market increasingly attractive to global brands seeking scale.

Live experiences have re‑emerged as a powerful growth engine, expanding 44% as ticketed concerts, large‑scale public events, and religious gatherings draw crowds eager for in‑person interaction after pandemic restrictions. Simultaneously, television remains a cultural mainstay, reaching roughly 745 million weekly viewers, while Connected TV adds a premium, immersive layer for about 40 million households. The convergence of traditional broadcast with over‑the‑top services creates a hybrid ecosystem where content can flow seamlessly across screens, encouraging advertisers to adopt multi‑screen strategies and investors to fund cross‑platform innovations.

Looking ahead, the projected $40 billion valuation by 2028 signals sustained confidence in India’s creative economy. A 7%+ compound annual growth rate will be powered by continued expansion in digital subscriptions, animation, VFX, and new media formats such as short‑form video and interactive gaming. For foreign investors, the market offers a dual upside: access to a massive, youthful audience and opportunities to export Indian content globally, leveraging the country’s rising reputation as a creative powerhouse. Policymakers’ measured regulatory approach will be crucial to maintain this momentum, ensuring that innovation and monetisation models evolve in step with consumer expectations.