In 2024, as a passionate movie enthusiast, I was thrilled to learn that India’s dynamic world of films, television, and streaming collectively contributed an impressive $61.2 billion to our economy, according to a recent report from the Motion Picture Association (MPA) in partnership with Deloitte.
At the first-ever World Audio Visual Entertainment Summit held in Mumbai, it was revealed that our country’s creative sector is a flourishing one, sustaining approximately 2.64 million jobs across the nation.
The report, backed by the Ministry of Information and Broadcasting in India, along with JioStar (India’s leading streamer), FICCI (Federation of Indian Chambers of Commerce and Industry), the Producers Guild of India, and Creative First, shows that the industry’s direct gross output amounted to $16.8 billion in 2024, demonstrating its ability to bounce back after facing hurdles posed by the pandemic.
Over the next four years, researchers estimate a steady growth rate of around 6-7% per year, which could lead us to a total revenue of approximately $17.5 billion by 2029. If we implement effective regulatory measures, this growth might even speed up to 9-10%, potentially taking our revenues close to $20 billion.
Charles Rivkin, MPA’s chairman and CEO, emphasized to the assembly of industry heads and government representatives the crucial role that the Indian market plays in the success of American film companies.
In simpler terms, Rivkin stated that India is a significant global market for MPA members. The vibrant movie, TV, and streaming sector in India plays a key role in generating jobs, exerting cultural impact, and boosting the nation’s overall creative industry. MPA members take pride in investing in local narratives that showcase the extraordinary creativity of Indian storytellers and making them accessible to global viewers.
At the beginning of the report, Kevin Vaz – who is both the CEO of entertainment at JioStar and the head of FICCI’s Media & Entertainment committee – emphasized the need to expand India’s narrative canvas beyond the usual centers of filmmaking.
For storytelling to progress, it should encompass all aspects of India’s diverse cultural tapestry,” Vaz penned. “Instead of focusing solely on the major cities, the industry needs to direct its efforts and aspirations towards unearthing the abundant creative talent in areas as remote and varied as Bilaspur in Chhattisgarh or Ranchi in Jharkhand.
The head of the Producers Guild of India, Shibasish Sarkar, emphasized the importance of advancements in skills, education, and production standards as essential building blocks for future success. He suggested that the Indian film and television industry could potentially lead India’s efforts to boost its global trade status.
After the release of the report, there was a significant panel discussion led by influential figures from both government and industry. This included Sanjay Jaju, Secretary at MIB, Justin Warbrooke, head of corporate development at Disney, Kelly Day, VP international at Prime Video, and Urmila Venogopalan, president and MD of MPA Asia Pacific, who acted as the moderator. The panel concentrated on India’s ambition to become a major player in the global entertainment industry.
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2025-05-04 09:16