Movies, TV, OTT generated over Rs 5 lakh crore, created 26 lakh jobs in 2024

Economic impact of movies, TV, OTT.

The film, television and online video services industry in India generated a total economic contribution of Rs 514,000 crore (USD 61.2 billion) and created over 26 lakh jobs last year, according to new report by the Motion Picture Association (MPA) in collaboration with Deloitte that was launched at the inaugural World Audio Visual Entertainment Summit (WAVES) in Mumbai.

The direct impact of gross output of the screen sector in 2024 stood at Rs 1,41,000 crore ($16.8 billion).

The film, TV and streaming industry have weathered the challenges of the pandemic and responded quickly to growing audience demand for films, drama and sport, on big screens and small, said MPA chairman and CEO Charles Rivkin.

The sector created direct jobs to the tune of 8.2 lakh and indirect jobs of 26.4 lakh in FY24. It is estimated that the sector will create 9.3 lakh direct and 30 lakh indirect jobs by FY29.

He added that the contribution of the screen sector demonstrates its importance to the economy, jobs, cultural exports and India’s soft power.

The local industry will grow at a Compound Annual Growth Rate (CAGR) of six to seven percent in the next four years, reaching combined revenues of around Rs 147,000 Cr ($17.5 billion) in FY29. It also projects that, with effective regulatory levers in place, the industry may witness a higher growth trajectory of nine to 10 percent CAGR, equating to combined revenues of almost Rs 165,000 crore ($20 billion ) in FY29.

In addition, India’s gaming market reached Rs 31,000 crore (US$ 3.8 billion) in FY24 and is projected to triple to Rs 77,000 crore (US$ 9.2 billion) in the next five years at a CAGR of 23 percent.

Games have been a common avenue for film/series IP monetisation and have now started seeing traction in India as well, with films such as Baahubali spinning off into mobile games.

Esports has also benefited from the flourishing of OCC services, with tournaments such as PUBG Mobile and Free Fire being streamed live on JioHotstar and YouTube, allowing these gaming events to expand viewership and generate greater revenues through brand sponsorship and advertising.

Animation and VFX India’s Animation and VFX (AVFX) segment is expected to surge from Rs 11,000 crore (US$ 1.3 billion) in 2023 to Rs 18,000 crore (US$ 2.2 billion) by 2026. India was a key VFX partner for global films such as Avatar: The Way of Water and Interstellar, with studios such as DNEG, Assemblage Entertainment, Studio Eeksaurus, and PhantomFX and continues to collaborate with film studios worldwide.

Animated IPs such as Mighty Little Bheem and Hanuman: The Legend have seen domestic and international success, with Baahubali: Crown of Blood attracting 16 million views on OCC services in 2024. Domestic films such as Brahmastra and Kalki 2898 AD also show increased investment in VFX, with almost 40 percent of their budget dedicated to special effects.

As the Indian film sector evolves towards higher production quality and special effects based films, the AVFX (animation visual effects) sector is expected to experience more growth.

The film, TV and OCC industry has also boosted India’s merchandise market by expanding audience reach and engagement with content from around the world, especially among the adult demographic with the propensity to pay for merchandise.

Licensed merchandise in India now includes apparel, accessories and home décor, with brands such as The Souled Store and Redwolf offering items from franchises such as Marvel and Baahubali. Celio India has partnered with anime studios for IPs such as Naruto, Attack on Titan and Pokémon, with the Naruto collection being sold out in 10 days at a Celio store in a major Indian city. NautankiShaala, a merchandise brand that started in 2019, has seen a 4X growth in sales since its launch.

The integration of films, OCC and music has boosted India’s live music events segment. In 2023, India hosted over 26,000 live events, with the ticketing market reaching Rs 15,347 crore (US$ 1.8 billion). The music events segment alone is valued at Rs 1,864 crore (US$ 223 million) and has grown 20 percent annually since 2017. India ranks seventh globally in total event ticket revenue, with music events generating a higher Average Revenue Per User (ARPU) of Rs 700–800 compared to higher-end multiplex’s Rs 300–400.

“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.

He added that 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.

Kevin Vaz, Chief Executive Officer, Entertainment, Jiostar, and FICCI M&E Chair highlighted 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.