According to a PricewaterhouseCoopers (PwC) report titled ‘Global Entertainment & Media Outlook 2023-2027,’ India’s entertainment and media industry is projected to experience annual revenue growth of 9.7%, reaching $73.6 billion by 2027.
The report highlights that the Entertainment and Media (E&M) industry is undergoing significant transformation due to evolving consumer preferences, increased internet access, and emerging technologies. These factors are reshaping the landscape of the industry across 53 territories and 13 sectors.
2022 was a crucial turning point for the industry, with the global E&M revenue of $2.32 trillion witnessing a sharp decline from a 10.6% growth rate in 2021 to 5.4% in 2022. The decline in consumer spending played a significant role in this sluggish E&M growth.
Certain sectors that experienced a surge in uptake and revenues during the Covid-19 pandemic saw a decline in momentum in 2022. For example, podcasts, which were major success stories during the pandemic, faced an estimated 80% decrease in revenues in 2022.
