India's 8.1% M&E Growth: Learn What The Media Boom Means For Creative Freelancers
Discover the opportunities for creative freelancers in India's booming Media & Entertainment sector. Learn how the industry's growth in digital media, online gaming, and more can elevate your career.
The Indian Media and Entertainment (M&E) sector is on an exhilarating trajectory of growth and transformation. As a creative freelancer, designer, or digital artist, this burgeoning industry holds a wealth of opportunities for you. The Ernst & Young (EY) report titled "India’s Media & Entertainment Sector is Innovating for the Future" sheds light on this dynamic industry and the potential it holds for your career.
A Sector on the Rise
In 2023, the Indian M&E sector grew by 8.1% to reach INR 2.32 trillion (US$27.9 billion). This expansion is largely driven by new media, which accounted for 70% of the sector's growth. As a freelancer, the surge in digital media, social media, video and audio streaming, and online gaming is particularly significant.
Digital Media: Your New Playground
Digital media's share in total advertising revenue climbed to 52% in 2023, indicating a massive shift towards digital platforms. For freelancers, this means an increasing demand for content creation, graphic design, video production, and animation. Whether you're creating engaging social media graphics or developing immersive game designs, the opportunities are vast.
Smartphone Revolution: More Screens, More Content
Despite rising phone prices, India added over 30 million more smartphone users in 2023. This explosion in smartphone usage means more people consuming digital content daily. As a freelancer, your audience is expanding, and so is the need for your creative services.
Cinema and Entertainment: A Resilient Market
India sold over 900 million movie tickets in 2023, marking the best year ever for ticketed events. This love for cinema translates to a steady demand for film editors, VFX artists, and graphic designers who can work on posters, promotional materials, and special effects.
Segmental Performance: Where the Opportunities Lie
Television
Television remained the largest segment in the Indian M&E sector, valued at INR 696 billion in 2023. However, it is anticipated that digital media will surpass television by 2024. Television is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.2%, reaching INR 766 billion by 2026.
Digital Media
Digital media grew significantly from INR 308 billion in 2019 to INR 654 billion in 2023, and it is projected to reach INR 955 billion by 2026, growing at a CAGR of 13.5%. This growth underscores the rapid shift in consumer preferences towards digital platforms for content consumption.
Print
The print segment showed a modest recovery, growing from INR 250 billion in 2022 to INR 260 billion in 2023. It is expected to continue its gradual recovery, reaching INR 288 billion by 2026 with a CAGR of 3.4%.
Filmed Entertainment
The filmed entertainment sector grew from INR 172 billion in 2022 to INR 197 billion in 2023 and is projected to reach INR 238 billion by 2026, growing at a CAGR of 6.5%. This growth reflects the resurgence of cinema and the increasing appetite for films among Indian audiences.
Online Gaming
Online gaming emerged as the fastest-growing segment, expanding from INR 181 billion in 2022 to INR 220 billion in 2023. It is projected to soar to INR 388 billion by 2026, growing at an impressive CAGR of 20.7%. For freelance game developers, character designers, and animators, this sector offers one of the most dynamic and lucrative fields to work in.
Animation and VFX
The animation and visual effects (VFX) segment grew from INR 107 billion in 2022 to INR 114 billion in 2023 and is expected to reach INR 185 billion by 2026, with a CAGR of 17.5%. The segment's growth is driven by increasing demand for high-quality animation and VFX in films, television, and digital content.
Live Events
Live events saw a significant recovery, growing from INR 73 billion in 2022 to INR 88 billion in 2023. The segment is expected to continue its robust growth, reaching INR 143 billion by 2026 with a CAGR of 17.6%.
Out of Home Media
The OOH media segment grew modestly from INR 37 billion in 2022 to INR 42 billion in 2023. It is projected to grow at a CAGR of 9.3%, reaching INR 54 billion by 2026.
Music
The music industry grew from INR 22 billion in 2022 to INR 24 billion in 2023 and is expected to grow at a CAGR of 14.7%, reaching INR 37 billion by 2026.
Radio
The radio segment grew from INR 21 billion in 2022 to INR 23 billion in 2023. It is projected to grow at a CAGR of 6.6%, reaching INR 27 billion by 2026.
Future Trends: Preparing for Tomorrow
Looking ahead, several key trends are expected to shape the future of the Indian M&E sector:
Increased Digital Penetration: As internet and smartphone penetration continue to rise, digital media consumption will further expand. New technologies like 5G will enhance streaming quality and enable new forms of interactive content.
Personalization and AI: The use of artificial intelligence (AI) and machine learning (ML) will drive personalization in content recommendations, advertising, and user experiences, leading to higher engagement and satisfaction. Freelancers adept at leveraging these technologies in their creative processes will have an edge.
Hybrid Models in Live Events: The integration of digital elements in live events will continue, offering hybrid experiences that combine physical attendance with virtual participation, broadening audience reach. This will certainly create opportunities for digital artists and designers to craft immersive experiences.
Regional Content Growth: There will be a surge in demand for regional content as audiences seek more localized and relatable entertainment. This will lead to increased investment in regional productions. Creative freelancers who can create localized, culturally relevant content will find abundant opportunities to build their brands.
Monetization of Short-Form Content: Short-form video content on platforms like TikTok and Instagram Reels will see enhanced monetization strategies, offering creative freelancers more avenues to showcase and monetize their work. Including ad placements and brand partnerships.
Sustainability Initiatives: The M&E sector will increasingly adopt sustainable practices, from eco-friendly production techniques to reducing carbon footprints, in response to growing environmental concerns.
Conclusion: Your Time to Shine
The Indian M&E sector's growth and adaptability highlight a wealth of opportunities for creative freelancers. As digital media continues to rise and traditional segments evolve, the future looks bright for those willing to innovate and adapt.
The EY report provides a comprehensive overview of the Indian M&E sector's performance in 2023 and its future trajectory. The data and trends outlined in the report are a roadmap for freelancers looking to thrive in this vibrant industry. Embrace these trends, hone your skills, and prepare to take your career to new heights in the ever-evolving media landscape.