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Television: Linear viewership increased by 2% over 2022, the number of smart TVs connected to the internet each week rose to 19 to 20 million, up from around 10 million in 2022. Television advertising declined by 6.5% due to a slowdown in spending by gaming and D2C brands, impacting revenues for premium properties. The Hindi speaking market (HSM) experienced softness, resulting in a 3% overall ad volume de-growth. However, subscription revenue saw growth after three years of decline, driven by price increases, despite a decrease of two million pay TV homes.
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Digital advertising: Digital advertising grew 15% to reach INR 576 billion, constituting 51% of total advertising revenues. This figure includes advertising by SME and long-tail advertisers totalling over INR 200 billion, and advertising earned by e-commerce platforms amounting to INR 86 billion.
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Digital subscription: Digital subscription grew 9% to reach INR 78 billion accounting for a third of 2022’s 27% growth, as premium cricket properties were moved in front of paywalls. Paid video subscriptions decreased by two million in 2023 to 97 million, across 43 million households in India. However, paid music subscriptions grew from 5 million to 8 million, generating INR 3 billion, while online news subscriptions generated INR 2 billion.
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Print: Contrary to the global trend, print media continued to thrive in India, with advertising revenues growing by 4% in 2023. Notably, there was significant growth in premium ad formats, as print remained a preferred medium for affluent metro and non-metro audiences. Subscription revenues also grew by 3% due to rising cover prices.
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Online gaming: The segment’s growth slowed to 22% in 2023, reaching INR 220 billion. It surpassed filmed entertainment to become the fourth largest segment. India saw over 450 million online gamers, with approximately 100 million playing daily. Over 90 million gamers paid to play, with real money gaming comprising 83% of segment revenues. Larger players absorbed the impact of a higher GST levy, hurting their margins but safeguarding growth.
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Film: The segment grew 14% to reach INR 197 billion in 2023. Over 1,796 films were released in 2023, and theatrical revenues reached an all-time high of INR 120 billion. The number of screens grew 4%. 339 Indian films were released overseas.
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Animation and VFX: The Hollywood writers’ strike impacted global supply chains, and consequently, the segment grew just 6% in 2023. Potential mergers and falling ad revenues also reduced the slate of animated content produced for broadcast in India. A revival in demand in the second half of the year led to growth, boosted by the trend of using more VFX in Indian content.
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Live events: The organised segment grew 20% exceeding pre-pandemic levels. Growth was driven by government events, personal events, weddings, and ticketed events, including several international formats and acts which came to India.
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OOH: OOH media grew by 13% in 2023, surpassing its 2019 levels. Growth was led by premium properties and locations. Active digital OOH screens crossed 1,00,000 contributing 9% of total segment revenues.
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Music: The Indian music segment grew by 10% to reach INR 24 billion in 2023, slower than previous years as certain music OTT platforms went pay and stopped or reduced their free services. 87% of revenues were earned through digital means, though most of it was advertising led on YouTube, there being around only 8 million paying subscribers despite music streaming’s reach of 185 million.
- Radio: Radio segment revenues grew by 10% in 2023 reaching INR 23 billion. This growth was driven by increased retail and local advertising, as well as alternate revenue streams. Ad volumes increased by 19% in 2023 as compared to the previous year, although ad rates remained below their 2019 levels.
FICCI-EY Report 2024: Indian media and entertainment sector grows by 8% in 2023, crosses INR 2.3 trillion
The latest iteration of the annual report launched at FICCI Frames 2024 also revealed 70% of growth stemmed from new media comprising digital and online gaming—while TV witnessed a marginal decline of 2%
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