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11.03.24 09:05

Economy

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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"This roadmap sets the framework for our joint efforts. Indonesia and Belarus have great potential for expanding cooperation in various fields. Our cooperation will focus on industrial development and agricultural modernisation. In industry, we see a major opportunity to increase trade volumes, investment, and cooperation between our two countries. We are also pushing for closer collaboration in culture and human resource development"

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Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

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

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