India's Screen Sector Booms to $61 Billion Economic Contribution, MPA Reports at WAVES Summit
India's booming film, television and streaming industry generated $61.2 billion in total economic contribution during 2024, according to a new report from the Motion Picture Association (MPA) in collaboration with Deloitte.
The findings, unveiled at Mumbai's inaugural World Audio Visual Entertainment Summit (WAVES), paint a picture of a thriving creative ecosystem supporting 2.64 million jobs nationwide.
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The report, supported by the India's Ministry of Information and Broadcasting, India's top streamer JioStar, the Federation of Indian Chambers of Commerce and Industry (FICCI), the Producers Guild of India, and Creative First, reveals the sector's direct gross output reached $16.8 billion in 2024, demonstrating resilience following pandemic challenges.
Looking ahead, researchers project 6-7% compound annual growth over the next four years, potentially reaching combined revenues of approximately $17.5 billion by 2029. More optimistically, with effective regulatory measures, growth could accelerate to 9-10%, pushing revenues to nearly $20 billion.
MPA chair and CEO Charles Rivkin addressed the gathering of industry leaders and government officials, underscoring the strategic importance of the Indian market to American studios.
'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. 'Our members are proud to invest in developing local stories that reflect the unmatched imagination of creators from every corner of India and sharing them with international audiences.'
In the report's foreword, Kevin Vaz, CEO of entertainment at JioStar and FICCI M&E chair, underlined the importance of broadening India's storytelling landscape beyond traditional production hubs.
'To evolve, the next phase of storytelling must reflect the full breadth of India's cultural fabric,' Vaz wrote. '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.'
Producers Guild of India president Shibasish Sarkar highlighted recent developments in skills, training, and production quality as foundations for future growth, noting that 'the film and television industry could well become a flagship sector in India's global trade ambitions.'
The report launch was followed by a high-powered MPA panel featuring government and industry heavyweights, including MIB Secretary Sanjay Jaju, Disney's head of corporate development Justin Warbrooke, and Prime Video's VP international Kelly Day, with Urmila Venogopalan, president and MD of MPA Asia Pacific, serving as moderator, focusing on India's aspirations as a global entertainment powerhouse.
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