India’s internet ad market to more than double to $13.06 billion by 2029: Report

PwC India’s latest Global Entertainment & Media Outlook 2025-29 forecasts strong growth for the country’s entertainment and media (E&M) sector, projecting expansion from $32.2 billion in 2024 to $47.2 billion in 2029. The 7.8% compound annual growth rate (CAGR) is nearly double the global average of 4.2%.

The report says the sector’s momentum is being driven by rising digital participation, a young population, broader broadband access and deeper online-content consumption. These trends are reshaping audience behaviour, with consumers demanding more personalised, immersive and regional content. Businesses, in turn, are relying more on technology and analytics to respond to these shifts.

Economic growth, higher discretionary spending and rapid adoption of digital services are further boosting the sector. India’s emergence as a hub for live entertainment is also strengthening, with large-scale events contributing to expanding participation and revenue.

Speaking about the projections, Rajesh Sethi, Partner and Leader - Media, Entertainment, and Sports, PwC India, said, “India’s E&M sector continues to outpace global growth, driven by the deepening of digital markets, the rapid expansion of advertising-led formats, and a new generation of creators shaping demand. The sector’s momentum is supported by rising consumer engagement, improving economic fundamentals, and the continued shift towards scalable, tech-enabled business models.”

Key trends highlighted in the report are:

• Internet advertising leads growth: India’s internet advertising market is expected to grow from $6.25 billion in 2024 to $13.06 billion in 2029, a 15.9% CAGR. Growth is being fuelled by mobile-first consumption, regional digital campaigns and subscription-led models.
• OTT streaming expands: OTT revenue is projected to rise from $2.27 billion in 2024 to $3.47 billion in 2029. Regional content, direct-to-consumer platforms and investments in premium formats are strengthening the segment.
• Gaming and e-sports remain strong: Combined revenue across mobile gaming, video gaming and e-sports is forecast to grow from $2.79 billion in 2024 to $3.96 billion in 2029, driven by immersive formats and stronger participation from younger audiences.
• Traditional media maintains resilience: Television is expected to increase from $13.97 billion to $18.11 billion by 2029. Print is projected to rise from $3.5 billion to $4.2 billion at a 3.3% CAGR, supported by regional readership and advertiser trust.
• Sports and live entertainment scale up: India’s sports sector generated $4.6-5.0 billion in 2024 and is poised to reach $7.8 billion by 2029, with investments making sports an institutional-grade asset class.
• AI and creator economy transform content: AI is reshaping content creation through localisation, automated editing, personalisation and new formats. India now has a 4-million-strong creator ecosystem influencing entertainment, commerce, travel and lifestyle.

Speaking on the findings, Manpreet Singh Ahuja, Chief Clients and Alliances Officer, PwC India, said, “This is not a story of incremental upgrades. It's a story of business model rebirth. We are at an inflection point where technology, especially AI, is fundamentally redefining how content is created, discovered, monetised and experienced. AI-led production pipelines, precision personalisation and immersive formats are putting value in motion across the entire entertainment and media landscape. But no single player can unlock this future alone. The next era belongs to connected ecosystems-where cloud platforms, AI innovators, creative powerhouses, and media enterprises collaborate to architect something bigger than the sum of their parts. When these forces align, they not only unlock new monetisation opportunities but also fundamentally reshape cost structures, allowing companies to scale faster while operating leaner.”