WAVES 2025 | India to generate close to $20 billion in screen industry revenue by fiscal 2029, reveals new MPA study

The film, television, and online video services (or online curated content) industry in India together raked in staggering ₹1.10 lakh crore ($13.1 billion) in total revenue for 2024, revealed the latest report from Motion Picture Association (MPA). With the right policymaking, this is estimated to hit ₹1.65 lakh crore ($19.7 billion) in FY 2029.

The MPA report in collaboration with Deloitte was launched at the inaugural World Audio Visual Entertainment Summit (WAVES) in Mumbai on Saturday by Minister of State for Information and Broadcasting, L. Murugan. 

The launch of the report titled Economic impact of the film, television, and online curated content (OCC) industry in India was supported by the Union Ministry of Information & Broadcasting, along with the Federation of Indian Chambers of Commerce & Industry (FICCI), the Producers Guild of India (PGI) and Creative First.

Hailing India as a “critical global market for MPA members” during the launch, MPA Chairman and CEO Charles Rivkin doubled down on the importance of the screen industry as “a powerful driver of jobs, cultural influence, and the country’s overall creative economy”. Collectively, the screen industry—comprising film, television, and online video services—supported a total of 26.4 lakh jobs in the country, the study revealed.

Rivkin, however, called for the need of policymakers and industry decision makers to work with one another to improve the investment climate in India. 

MPA members are ready to “invest in developing local stories” as long as “India can build an even stronger production ecosystem” with the right policymaking—a better platform “that rewards creativity, fuels innovation, and cements India’s place as a global hub for media and entertainment”, Rivkin stated.

As per the MPA report, local industry is estimated to grow at 6-7 per cent CAGR (baseline) and at 9-10 per cent CAGR (high growth rate) in the coming four years. By FY2029, with “effective” regulation, the industry might even edge close to $20 billion.

Traditionally outlier sections like gaming contributed significantly to the total revenue, hitting ₹31,000 crore in revenue to FY2024. By FY2029, India’s gaming market is expected to triple to ₹77,000 crore, according to the study. “Esports have 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,” it said. 

At the launch of the report, Shibasish Sarkar, President of the Producers Guild of India, said, “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.”

Following the release of the MPA report, WAVES 2025 featured a panel discussion of India’s bid to become a global player in the screen industry, with Ministry of Information and Broadcasting (MIB) Secretary Sanjay Jaju, Disney Corporate Development Head Justin Warbrooke, Amazon MGM VP Kelly Day, and National Geographic Society Chief Storytelling Officer Kaitlin Yarnall, moderated by Urmila Venogopalan, President and MD, MPA Asia Pacific.

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