$44B by 2028: India’s M&E growth draws global giants to WAVES. A new media superpower?

As global media markets mature and growth plateaus, India is emerging as a dynamic epicentre for innovation, audience expansion, and monetization. With its youthful demographics, digital transformation, and supportive policies, India is attracting global media giants, signalling its pivotal role in the future of global media.

In less than 10 days, India is set to host a powerhouse gathering of global media leaders, including Netflix Co-CEO Ted Sarandos, Instagram Head Adam Mosseri, and YouTube CEO Neal Mohan, all under one roof at the much-anticipated mega event - WAVES Summit. This landmark moment underscores India’s growing influence in the global media and entertainment landscape, a sentiment echoed by recent industry reports. 

Their presence marks not just a visit, but a resounding recognition of India’s pivotal role in shaping the future of content and digital engagement.

India’s booming media ecosystem

India's Media and Entertainment (M&E) sector is experiencing unprecedented growth, fueled by digital transformation and a massive, tech-savvy youth population. According to the latest FICCI-EY report titled "Shape the Future: Indian Media and Entertainment is Scripting a New Story," the industry reached a total value of INR 2.5 trillion (US$29.4 billion) in 2024. This marks an increase of INR 81 billion from the previous year, reflecting a growth rate of 3.3%.

Digital media has now overtaken television to become the largest segment within the Indian M&E sector, contributing a record 32% to overall revenues. India’s E&M industry is poised for further acceleration. As per PwC’s Global Entertainment & Media Outlook 2024–28: India Perspective, the industry is projected to grow at a compound annual growth rate (CAGR) of 8.3%, reaching INR 3.65 trillion (approximately $44 billion) by 2028. This growth rate significantly surpasses the global average of 4.6%, solidifying India's status as a global growth engine.

A key catalyst in this growth is internet advertising, expected to expand at a CAGR of 15.6%, reaching INR 85,000 crore ($10.2 billion) by 2028. This growth is 1.6 times the global average, illustrating India’s rising prominence in digital advertising.

Additionally, the Indian M&E sector's advertising revenues rose 8.1%, driven primarily by performance advertising on digital platforms, including e-commerce websites and the booming premium digital Out-of-Home (OOH) media.

Live events (15%), digital media (17%), and OOH media (10%) are among the fastest-growing verticals. Interestingly, traditional segments like print and radio have shown resilience, particularly in retail advertising.

Kevin Vaz, Chairman of FICCI’s Media and Entertainment Committee, had emphasized, "The Indian media and entertainment industry is at a defining moment, driven by rapid digital adoption and evolving consumer preferences. This transformation is unlocking immense opportunities for content creators, advertisers, and technology innovators across all segments of the M&E ecosystem."

Jyoti Vij, Director General, FICCI, had echoed this sentiment: "The FICCI-EY report reaffirms the resilience and dynamism of India’s M&E sector, which continues to thrive despite global economic headwinds."

Digital domination and demographic advantage

India's vast, youthful population is at the heart of its media consumption boom. With over 910 million millennials and Gen Z individuals, the country represents one of the world’s largest and most digitally engaged audiences. 

As of 2024, India boasts 800 million broadband subscriptions and 780 million internet users, laying a solid foundation for digital-first media consumption.

YouTube remains the undisputed digital powerhouse in India, reaching 491 million users—over 60% of the country’s internet population. It leads the charge in music, comedy, and educational content. 

Instagram continues to see high engagement levels, especially with its Reels and Stories features, keeping users engaged for an average of 20 hours monthly. Short-form video content is rapidly dominating the social media landscape, driven by the popularity of mobile-first consumption.

India’s digital media spending reached $10.1 billion in 2024, with video-on-demand (VoD) services accounting for $4.59 billion of that total. This reflects a surging appetite for streaming content, both local and global.

Netflix, one of the key players in the Indian VoD space, has significantly ramped up its presence. The platform now commands an estimated 12 to 15 million paid subscribers in the country, supported by a strong portfolio of local originals and strategic distribution partnerships. In FY24, Netflix India’s revenue grew 28.5% to INR 2,845.7 crore, while profit after tax jumped 49% to INR 52.4 crore. Globally, Netflix’s Q1 2025 revenue rose 12.5% to $10.54 billion, with ad-supported tiers gaining traction.

India is now Netflix’s second-largest market for new paid users and the third-largest for revenue growth, making it a strategic priority as the platform continues to invest in regional content and live events to outpace competition.

Policy push and industry consolidation

The Indian government's proactive policy stance has further strengthened the country’s position as a global media hub. Recognizing the rise of the creator economy, the government recently announced a $1 billion fund to support content creators, enhance digital skills, and expand global reach.

In addition, Rs 4 billion have been allocated to establish the Indian Institute of Creative Technologies in Mumbai. This institute aims to nurture talent and foster innovation across film, television, digital media, and gaming sectors.

Consolidation is another key trend shaping India’s media ecosystem. 

One of the most notable developments is the $8.5 billion merger between Disney and Reliance Industries, which will result in a new media entity commanding over 100 TV channels and 50 million streaming subscribers. 

This mega-merger is expected to rejuvenate traditional television while boosting digital offerings and content investments. It signals strong investor confidence in India’s diverse and rapidly evolving media consumption patterns.

Such structural changes reflect a broader belief among global stakeholders that India offers a fertile ground for experimentation, scale, and monetization. 

Whether it’s the launch of cutting-edge tech platforms, large-scale events, or investments in AI-driven storytelling, India is being seen as both a laboratory and launchpad for the next chapter of global media innovation.

The upcoming WAVES 2025 conference, to be held in Mumbai from May 1 to May 4, serves as a powerful testament to India’s arrival on the world stage of media innovation. The presence of industry heavyweights like Ted Sarandos, Adam Mosseri, and Neal Mohan marks a watershed moment for India’s M&E industry.

As the global media fraternity converges in India, the country offers an unmatched confluence of scale, skill, and storytelling. With a vibrant creator economy, rapidly expanding digital infrastructure, and an audience that thrives on innovation, India is no longer a market to watch—it is the market to be in.

With all eyes on India, the future of global media might just be written here.