Media, entertainment & gaming.

Media, entertainment and gaming is a roughly ₹2.7 lakh crore revenue industry that adds about ₹1.5 lakh crore of GVA in FY26, funded mostly by ₹1.2 lakh crore of advertising and the rest by subscriptions and household spending on recreation and culture. Its internal mix has been transformed over a decade: television's revenue share has fallen from a 2014 peak of ~45% to ~25%, digital overtook television as the largest segment in 2024 and now takes ~35-45% of revenue, and print has shrunk from ~30% to ~10%. Growth has run a little below nominal GDP because the advertising-to-GDP ratio has barely moved in a decade, and the industry's most profitable segment, real-money gaming, was outlawed in August 2025, removing roughly ₹15,000 crore of revenue and ₹5,000 crore of EBITDA. Structurally the sector is unusually concentrated and poorly represented in the listed market: JioStar (RIL-Disney) and Google/Meta dominate viewership and advertising, the two largest domestic media businesses (JioStar, Times group) are unlisted, and MNC platforms capture the largest foreign-controlled share of value of any consumer-facing industry in the Atlas.

Industry revenue

~2.7 ₹ LC · FY26

Advertising spend

~1.2 ₹ LC · FY26

Household spend (recreation & culture, COICOP)

3.0 ₹ LC · FY26

Employment

~1.2 mn · FY26

Listed media market cap

0.99 ₹ LC · FY26

Listed media PAT (Ace Equity 'Media & Entertainment' aggregate)

2,386 ₹ cr · FY26

Listed media PE

41 x · FY26

Ace Equity 'Media & Entertainment' aggregate revenue

48,049 ₹ cr · FY26