In this episode of The Media Room, Vanita Kohli-Khandekar speaks with Ashish Pherwani, Head of Media & Entertainment at EY, for a deep dive into the latest FICCI-EY report and what it reveals about the state of India’s media and entertainment industry.

Ashish breaks down the key trends shaping the sector, from the industry crossing ₹2.7 trillion to digital media emerging as the first segment to surpass the ₹1 lakh crore mark. He explains how advertising growth, government-led consumption, and the rise of SMEs are driving momentum, while also unpacking the evolving balance between television, digital, and emerging formats.

The conversation also explores shifts in consumer behaviour, the rise of connected TV and short-form content, and the growing importance of live experiences—from cinema to large-scale events. They discuss how monetisation models are evolving across platforms, why innovation in ad formats and content formats is accelerating, and what this means for both legacy and digital-first media companies.

From investments and consolidation trends to India’s potential as a global back-end for media services, Ashish outlines where the next wave of growth could come from—and why content quality remains the industry’s most critical driver in an increasingly crowded, AI-driven landscape.

If you want to understand where India’s media industry is headed, what’s driving growth across segments, and how business models are evolving—this episode is essential viewing.

Chapters

00:00 – Introduction

01:00 – India’s Media Industry at ₹2.7 Trillion

03:30 – Digital Media Crosses ₹1 Lakh Crore

06:00 – What’s Driving Ad Growth

08:30 – TV vs Digital: The Big Shift

11:00 – Rise of Connected TV & Short-Form

13:30 – Changing Consumer Behaviour

16:00 – Cinema, Events & Live Experiences

18:30 – Monetisation Challenges

21:00 – Innovation in Content & Advertising

23:30 – Investments & Industry Structure

26:00 – Future Outlook for Media in India

28:30 – Closing Thoughts

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