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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