In terms of growth percentage, streaming leads the way with revenue surging 25% in 2022 to reach $1.8 billion. The market will continue to grow at 14% CAGR to produce revenue of $3.5 billion in 2027. This will be driven by the competitive SVOD sector, which accounted for 78% of sector revenue in 2022, the report says, adding that while subscription service revenues will expand at 13% CAGR to reach $2.6 billion, ad-supported services will grow at a higher rate, albeit from a lower base.
In the video games and e-sports sector, India is the second-fastest-growing video games market in the world behind Pakistan. Revenue in the sector was $1.7 billion in 2022 and is expected to grow 19% CAGR to reach $4.2 billion by 2027. India’s music, radio and podcasts market reached revenues of $1.1 billion in 2022 and is forecast to reach $1.5 billion in 2027.
Generative AI will enable brands to reach across the country’s many languages and regions with generic templates that can be adapted and customized to different geographies with local messaging. “Given that consumers are adopting the AI tool ChatGPT at an unprecedented pace, there is evidently potential for a dramatic increase in the capability and volume of content creation,” the report says.