Digital media in India has officially surpassed traditional television in 2024, marking a transformative shift in the media and entertainment landscape. According to the latest FICCI-EY report, digital media now accounts for 32% of the overall revenues in the sector, which reached a total valuation of ₹2.5 lakh crore. This significant milestone underscores the growing preference for digital content consumption among Indian audiences.
The digital media sector experienced a remarkable growth rate of 17% in 2024, driven by increased internet penetration and the proliferation of affordable smartphones. This growth trajectory is expected to continue, with projections indicating that digital media will be the first segment in the media and entertainment sector to cross ₹1 trillion in advertising revenues by 2026.
In contrast, traditional television has seen a decline, with revenues decreasing by 4.5%, bringing its total income down to approximately ₹679 billion. This marks a significant shift as audiences increasingly turn to digital platforms for entertainment and information.
The overall Indian media and entertainment sector contributed about 0.73% to the nation's GDP in 2024, highlighting its importance to the economy. The report also forecasts that the M&E sector will grow at over 7% annually, reaching about ₹3 lakh crore by 2027.
Increased Internet Access: With over 800 million internet users in India, digital platforms have become more accessible, allowing for widespread content consumption.
Changing Consumer Preferences: Audiences are shifting towards on-demand content, leading to a rise in subscriptions for streaming services and digital platforms.
Innovative Advertising Models: Digital advertising has seen substantial growth, accounting for a significant portion of total ad spends, driven by e-commerce and performance advertising.
The rise of digital media raises important questions about the future of traditional television. As viewers increasingly favor flexible and diverse content options available online, television networks must adapt to this changing landscape or risk further decline.
