- The media and entertainment (M&E) sector in India grew over 8% in 2023
- 70% of this growth stemmed from new media, which now constitutes 38% of the sector
- Experiential segments like film, online gaming and events together grew 18%
The report #Reinvent: India’s media & entertainment sector is innovating for the future, reveals that the Indian M&E sector grew by 8% in 2023, reaching INR 2.3 trillion (US$27.9 billion), 21% above its pre-pandemic levels in 2019.
New media, including digital and online gaming, emerged as the frontrunner in growth, increasing its contribution to the M&E sector from 20% in 2019 to 38% in 2023.
The online gaming 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.
Online gaming is expected to reach INR 388 billion by 2026. The segment will see growth across all its verticals, including esports, fantasy sports, casual gaming, and other games of skill to reach an estimated 150 million daily users. Revenue growth will be led by mobile-based real-money gaming and casual gaming.
Esports titles in India doubled to 19 in 2023, with those games drawing in 1.8 million players across 20 platforms. This figure is estimated to grow to 2.5 million in 2024. Meanwhile viewership for game streamers increased by 20-25%, especially in Tier-II cities.
The number of professional esports teams is also expected to increase from 23 in 2023 to 35 in 2024, as major titles make a comeback.
The number of smartphone users in India remains a driving factor for overall gaming industry growth, and this figure is expected to reach 640 million by 2026 as wired broadband users nearly double from 38 to 68 million.
