Pushed by digital, India’s media and entertainment (M&E) sector continued its expansion in 2025, growing 9% year-on-year to Rs2.78 trillion, according to the report ‘Stories, scale and impact: Unlocking India’s media and entertainment economy’ released by FICCI and EY India. This growth was driven primarily by digital media, advertising and live experiences, even as select segments faced regulatory and cost pressures.
OOH media and print
Out-of-home (OOH) media grew by 13% in 2025 while print stayed put, though with a nominal 2% rise in advertising revenues in 2025. While print ad revenues grew by 2%, circulation revenues declined by 1%, reflecting challenges in maintaining circulation levels across most print companies, states the report seen by Indian Printer & Publisher.
Print, though, continued to be the go-to medium for reaching affluent, decision-making audiences, and was used by premium categories such as auto, real estate, education, BFSI and retail, particularly for launches and high-impact campaigns.\
“Newspapers will have a huge impact for brands, reinforcing credibility as they have adapted to changing consumption
habits,” says Jayant Mammen Mathew of Malayala Manorama in the report.
The press-to-door distribution network, once the print segment’s key competitive advantage, is now under pressure due to the unavailability of delivery agents. The industry is working to address the issue, the report says.
Print overall is expected to grow at a CAGR of 1%. The sector is estimated to reach Rs 264 billion by 2028, with ad revenues growing at a 2% CAGR, while subscription revenues decline at 2%.
“Print’s future lies in evolving into a high-reach, high-impact credibility platform where trust, depth, and precision converge to drive reader engagement, while delivering the attention quality and measurable outcomes advertisers increasingly demand,” says Sanjay Gupta of Jagran Prakshan.
“The growth engine lies in Bharat. By blending hyper-local vernacular journalism with smart digital delivery, we can
empower regional communities and create unparalleled, targeted value for partners,” according to Tanmay Maheswari of Hindi daily Amar Ujala.
The organized OOH segment grew 13% in 2025 on the back of inventory growth, increased commuter volumes, premiumization of assets, and firmed-up rates. Traditional media in the OOH segment grew 10% as it expanded to a larger number of sites and cities.
Digital OOH assets, across both traditional and transit media, grew significantly and now contribute around 18% of total OOH revenues. The OOH segment is expected to grow at an 8.3% CAGR to reach Rs 85 billion by 2028. Growth will be driven by premium assets and DOOH; DOOH is expected to generate 25% of OOH segment revenues by 2028.
N Shekhar of Times OOH says India’s OOH industry is shifting from a reminder medium to a primary, insight-led driver of integrated campaigns. “Rapid digital expansion and premium transit growth are enabling programmatic agility, real-time creative optimization, and measurable, cross-platform brand impact.”
“OOH advertising is going through a digital transformation, not just in terms of Digital billboards, but in terms of
data, planning & most importantly, digital retargeting of customers on mobile. This should lead to exponential growth as we can reach people with the right message at the right time,” feels Jahan Mehta of Selvel.
Digital media leads
According to the report, digital media emerged as the single largest segment of the M&E industry in 2025, crossing the Rs 1-trillion mark for the first time. Digital advertising recorded a 26% increase to Rs 947 billion, accounting for nearly two-thirds of total advertising revenues, as brands continued to shift spends toward performance-led, measurable and commerce-linked formats.
The digital sector continues to evolve, with a notable rise in consumption on large screens. Linear Television is transitioning from a regulated utility to a dynamic, lifestyle-integrated ecosystem that complements digital growth, further reinforcing the “AND” nature of screen consumption in the country.
The FICCI-EY report notes that advertising overall grew 13.5% in 2025, outpacing India’s nominal GDP per-capita growth. Growth was led by digital platforms, including eCommerce and point of sale advertising.
Releasing the report, Ashish Shelar, minister of information technology & cultural affairs, government of Maharashtra, said, “The FICCI–EY Media & Entertainment Report has, over the years, evolved into a definitive benchmark for the sector—guiding both industry and policymakers with credible insights and a forward-looking vision. Today, India’s media and entertainment industry stands at an impressive Rs 2.78 lakh crore in 2025, reflecting not just scale, but the sector’s growing strategic importance to the nation’s economy.”
Anant Goenka, president FICCI & vice chairman, RPG Group, said, “India’s media and entertainment economy is increasingly defined by the interplay of stories, scale and impact. As compelling stories scale seamlessly across platforms and screens, their value is amplified not just in terms of reach, but in economic contribution, job creation and cultural influence. Unlocking this potential will depend on how effectively the industry aligns storytelling, distribution and sustainable monetization across the ecosystem.”
Kevin Vaz, chairman, FICCI, media and entertainment committee, said, “2025 emerged as a defining year for India’s Media & Entertainment industry, marking a new phase of scale, innovation and transformation. The industry not only surpassed last year’s estimates, reinforcing confidence in its long-term trajectory, but also reflected a fundamental shift in audience engagement, driven by the convergence of technology and storytelling. The digital segment crossing the Rs 1-trillion mark is a highly encouraging milestone, underscoring the sector’s strong growth momentum. Television continues to remain a powerful and resilient medium, with Connected TV complementing it by enhancing large-screen experiences through more immersive, high-quality and shared viewing. As the industry evolves, measured regulatory forbearance, coupled with innovation, will be critical in sustaining long-term growth.”
Ashish Pherwani, partner and leader, Media & Entertainment Sector, EY India, said, “India’s media and entertainment sector crossed a critical inflection point in 2025, with digital media, advertising and live experiences emerging as the primary growth engines. While consumption continues to scale rapidly across screens and formats, the next phase of growth will be defined by sustainable monetization models, disciplined investment and the ability of stakeholders to adapt to shifting consumer behaviour and regulatory realities.”
Segmental performance 2025
Live events: The organized segment experienced a 44% increase, fuelled by higher spending on ticketed events, personal functions such as weddings, government events and religious gatherings.
Digital advertising: Rising 26% to Rs947 billion, the segment made up 63% of total ad revenues. E-commerce and point-of-sale ads surged 50% to Rs220 billion, which is equivalent to 85% of Linear TV ad revenues. Digital advertising also includes Rs363 billion from over a million Small and Medium Enterprises and long-tail advertisers.
Digital subscriptions: Digital subscription revenues increased by 60%, reaching INR163 billion. Paid video subscriptions rose to 216 million, spanning 143 million households in India, driven by the introduction of premium sports and films behind paywalls. Paid music subscriptions expanded by 37% to 14.4 million, following measures by music streaming platforms to encourage paid usage.
OOH: Out-of-Home (OOH) media grew 13% in 2025. Premium properties and locations led the growth. Digital OOH contributed 18% of total segment revenues, up from 7% in 2023.
Music: The Indian music sector experienced a 10% increase in revenue. Digital licensing expanded by only 2%, while revenues from other OTT platforms and social media channels demonstrated growth.
Film: Segment revenues reached a record INR205 billion. In 2025, over 1,900 films were released, with theatrical revenues rising 16%, mainly from higher ticket prices. Thirty-seven films earned INR1 billion or more at the box office
Animation and VFX: The Hollywood writers’ strike impacted global supply chains, and international studios, struggling with profitability in 2025, focused on fewer films and series. Overall, the segment grew just 2% in 2025.
Print: Despite global declines, print remained resilient in India. Advertising revenues rose 2% in 2025, especially in premium formats for affluent metro and non-metro readers. Digital ad revenue was minimal, around 5% to 6% on average of the total print revenue.
Television: Television continues to be the predominant medium in India, reaching around 745 million individuals each week. Linear TV advertising revenue declined by 10%, reflecting a corresponding decrease in advertising volumes as some sectors shifted spend to digital media, and a 3% reduction in the number of advertisers utilizing this platform. However, when combined with Connected TVs, whose reach increased to approximately 40 million units from 30 million in 2024, total TV ad revenues were stable at INR362 million
Radio: Radio segment revenues declined by 7% in 2025, reaching INR23 billion, primarily due to reduced ad rates. Non-ad revenues now comprise 25% of segment revenues.
Video games: The segment saw a 17% decrease following the ban on money gaming that took effect from August 2025. In-app purchases in video games rose by 15% as the industry focused on the format.
Looking ahead, FICCI-EY report estimates that India’s M&E sector will grow to Rs3.3 trillion by 2028, with digital media, live events, filmed entertainment and animation and VFX expected to be the primary growth drivers. New media is projected to account for over 50% of total industry revenues by 2028, reflecting ongoing shifts in consumer behavior, content formats and monetization models. The FICCI-EY report further notes that increasing smartphone penetration, the rapid adoption of Connected TVs, growth in regional language content, and the rise of experiential consumption will continue to reshape India’s media and entertainment landscape over the medium term.
