Media, ent sector to grow 12-14 pc in FY24

Besides, the print media will also see “healthy” ad revenue growth of 15 per cent next fiscal. However, it said, the print media ad revenue “would still trail the pre-pandemic level by 800-1,000 basis points. That is because of slow recovery in ad yields for English editions”

New Delhi: Indian media and entertainment sector is likely to grow 12-14 percent to clock Rs 1.6 lakh crore revenue in FY24, rating agency Crisil said in a report.  The revenue growth of the Indian media and entertainment (M&E) from advertising would be led by digital platforms, followed by TV and print, it added.

“Ad revenue, which accounts for 55 per cent of the sector’s revenue, will grow 14 percent, given its strong correlation with economic activity. Also, the general elections expected in mid 2024 will trigger an increase in ad spending in the last quarter of the next fiscal,” Crisil said. The rest 45 per cent would come from subscription revenue, which will grow at a slower pace of 12 percent, according to the report.

Crisil Rating Director Naveen Vaidyanathan said: “While TV will continue to dominate ad revenue share given its wider reach, digital will lead in growth, rising 15-18 percent annually over the medium term”. Digital has emerged as the medium of choice in the past few years amid accelerated adoption of overthe-top (OTT) platforms, online gaming, e-commerce, e-learning, and online news platforms, he said.

“After the pandemic, digital has become the secondlargest segment after TV in terms of ad spends. Together, they account for over three-fourths of the ad revenue for the M&E sector, followed by the print segment with a one-fifth share,” Vaidyanathan added. Besides, the print media will also see “healthy” ad revenue growth of 15 per cent next fiscal.

However, it said, the print media ad revenue “would still trail the pre-pandemic level by 800-1,000 basis points. That is because of slow recovery in ad yields, especially for English editions”.