India's screen sector generated more than USD 61 billion in 2024: New MPA report
The film, television, and online video services industry in India generated a total economic contribution of USD 61.2 billion (INR 514K Cr) in 2024, demonstrating the vital importance of the screen sector to the economy, jobs, cultural exports, and India's soft power, according to a new report by the Motion Picture Association (MPA) in collaboration with Deloitte, launched at the inaugural World Audio Visual Entertainment Summit (WAVES) in Mumbai.
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The report also found that the industry supported a total of 2.64 million jobs in the country.
The Ministry of Information & Broadcasting, MPA, and JioStar launched the industry economic impact report. The report was also supported by the Federation of Indian Chambers of Commerce & Industry (FICCI), the Producers Guild of India (PGI), and Creative First.
MPA Chairman and CEO Charles Rivkin highlighted the vast benefit of the film and television industry to India's economy, the commitment of American studios to the Indian market, and the need for industry leaders and policymakers to work together to facilitate greater investment in India as a hub for creative content and storytelling.
'India is a critical global market for MPA members – and its dynamic film, television, and streaming industry is a powerful driver of jobs, cultural influence, and the country's overall creative economy,' Rivkin said.
'Our members are proud to invest in developing local stories that reflect the unmatched imagination of creators from every corner of India and sharing them with international audiences. With the right policies and continued investment, India can build an even stronger production ecosystem – one that rewards creativity, fuels innovation, and cements India's place as a global hub for media and entertainment,' Rivkin added.
The MPA's report estimates that the direct impact of gross output of the screen sector in 2024 equated to USD 16.8 billion (INR 141K Cr), indicating that the industry had weathered the challenges of the pandemic and responded quickly to growing audience demand for films, drama, and sport—on big screens and small.
Crucially, the research finds that the local industry will grow at a Compound Annual Growth Rate (CAGR) of six to seven percent over the next four years, reaching combined revenues of approximately USD 17.5 billion (INR 147K Cr) in FY 2029.
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It also projects that, with effective regulatory levers in place, the industry may witness a higher growth trajectory of nine to ten percent CAGR, equating to combined revenues of almost USD 20 billion (INR 165K Cr) in FY 2029.
Penning the foreword to the report, Kevin Vaz, Chief Executive Officer, Entertainment, JioStar, and FICCI M&E Chair, considered the steps India should take to become as influential on the global stage as the United States or South Korea.
'To evolve, the next phase of storytelling must reflect the full breadth of India's cultural fabric, expanding our creative ecosystem to embrace voices, stories and talent from regions far beyond the traditional production hubs. Rather than relying solely on the metros, the industry must now channel its resources and ambition toward uncovering the rich creative potential in places as far and disparate as Bilaspur in Chhattisgarh or Ranchi in Jharkhand.
The south has done this beautifully by rooting its narratives in regional authenticity while delivering cinematic excellence. They have created stories that resonate far beyond linguistic and geographic boundaries,' Kevin said in the foreword.
Shibasish Sarkar, President of the Producers Guild of India, said,'The film and television industry could well become a flagship sector in India's global trade ambitions, as well as a beacon for India's culture, if all stakeholders work together to create the best possible environment for growth and continued innovation.
In recent years, we've seen important developments in skills and training and the ability of Indian crews to deliver high-quality production and post-production. Progress on these areas will stand our industry in good stead as we build our capacity for higher levels of production.'
The launch was followed by an MPA panel focused on India's aspirations to become a global force in film, television, and streaming, featuring Sanjay Jaju – Secretary, Ministry of Information and Broadcasting (MIB), Justin Warbrooke – Head of Corporate Development, Disney, Kelly Day – VP International, Amazon MGM, Kaitlin Yarnall – Chief Storytelling Officer, National Geographic Society, and Urmila Venogopalan – President & Managing Director, MPA Asia Pacific – as moderator.
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