India's television, film, and streaming industry has reached a significant milestone with a combined economic contribution of $61.2 billion in 2024, the Motion Picture Association (MPA) in partnership with Deloitte reported at Mumbai's first World Audio Visual Entertainment Summit (WAVES). The milestone was announced at the first WAVES Summit, reflecting the industry's sheer size and strength.
Key Findings of the MPA Report
The MPA report, supported by India's Ministry of Information and Broadcasting, JioStar, FICCI, the Producers Guild of India, and Creative First, highlighted the industry's sustained recovery and growth. The direct output of the industry hit \\$16.8 billion in 2024, a testament to its robust contribution to the economy of the country. The industry also continues to employ 2.64 million people in India, a reflection of its significant contribution to economic recovery and employment generation post-pandemic.
Future Growth and Outlook
Glimpsing the future, the report foresees a 6-7% compound annual growth rate for the industry, with revenues poised to reach \\$17.5 billion by the year 2029. Sustained positive policy regulations in the nation could even drive the industry ahead of expectations, hitting the level of \\$20 billion revenues within the next two or three years. Such an estimate is a testament to India's entertainment industry's promising future on the global stage.
India's Strategic Value to American Studios
MPA Chairman and CEO Charles Rivkin presented a keynote address on the strategic significance of the Indian market to American studios. He stated that India is not only a valuable international market but also an authoritative source of jobs and cultural influence. Rivkin acknowledged MPA's commitment to local stories with international appeal, which attests to India's growing cultural relevance in the entertainment industry.
Expanding India's Story Beyond Cities
Kevin Vaz, JioStar CEO and FICCI M&E chairman, spoke about how India's story needs to be broadened to include voices from all over the country. He noted that looking beyond large cities such as Mumbai and Delhi may unlock huge creative potential. Bilaspur and Ranchi, smaller towns, are untapped reservoirs of diverse and untapped talent that can drive future growth of the industry, opined Vaz.
Investments in Production Quality and Skills Development
Producers Guild of India chief Shibasish Sarkar emphasized investments in skills development and production quality. As Sarkar viewed, these are investments that will drive the industry's long-term growth, with India's television and film industry serving as a future flagship of the country's global trade ambitions.
Panel Discussion: India as a Global Leader in Entertainment
This was succeeded by a thoughtful panel discussion, featuring industry players such as MIB Secretary Sanjay Jaju, Disney's Justin Warbrooke, and Prime Video's Kelly Day. Moderated by MPA Asia Pacific President Urmila Venogopalan, the session talked about India's emergence as a global leader in entertainment. It provided perspectives on the country's evolving position as a giant in the film, television, and streaming industries both domestically and internationally.