India’s video entertainment market is in a transition phase, with total consumer spend slipping 2% in 2024 to INR713.6 billion. That’s according to Futuresource Consulting’s latest Video Insights India report, which reveals Pay-TV and box office declines weighed on the market, while subscription video-on-demand (SVoD) powered ahead with double-digit growth. “In India, streaming is no longer an emerging add-on. It’s central to the whole entertainment experience. At the same time, Pay-TV still represents the largest share of spend, and box office remains a cultural cornerstone. What we’re seeing in the territory is a rebalancing rather than a wholesale replacement, as consumers blend old with new formats to achieve their entertainment goals,” says Anastasia Budash, Lead Market Analyst at Futuresource Consulting. “
SVoD spending rose by 11% in 2024 to INR100.6 billion, as subscriptions climbed 15% to reach 126 million, which is around 45% of households. Futuresource expects the launch of JioHotstar in 2025, combining Jio Cinema and Disney+ Hotstar, to accelerate this trend, bringing scale, key live sports, local content, and aggressive pricing under a single platform. At the same time, global players continue to adjust models to local conditions, lowering price points and pushing ad-supported and mobile-only plans. Futuresource forecasts the SVoD segment will sustain annual value growth of around 13% through to 2029, driven by tailored offers, regional productions, exclusive sports rights, and the rise of short-form formats such as micro-dramas aimed at younger audiences.
Despite its contraction, Pay-TV remained India’s largest video segment in 2024, generating INR493.9 billion. Satellite and cable are under sustained pressure as audiences migrate toward digital streaming, yet their scale ensures they remain influential. In a mobile-first market of more than 1.2 billion subscribers, where data costs are among the lowest in the world, telecom operators are increasingly turning to bundled packages with streaming platforms as a strategy to maintain relevance.
After record-breaking revenues in 2023, Indian cinema saw a modest correction in 2024, with box office revenue falling 3%. However, this still represents the second-highest theatrical revenue of all time, and a stronger slate in 2025 is expected to restore growth, supported by Bollywood, South Indian, and other regional film industries. Theatrical remains a powerful driver of cultural engagement and is expected to fuel knock-on demand for transactional video. Moreover, digital transactional video grew 5% in 2024, slowed by a weaker Hollywood pipeline. Futuresource expects stronger growth from the segment in 2025 as the slate strengthens, with premium windows helping to lift average price points. Though still a small part of the overall market, transactional video demonstrates the increasing appetite for flexible, on-demand access to films outside the subscription model.
From 2025 to 2029, Futuresource forecasts India’s video entertainment sector will grow modestly, at a CAGR of around 1%, reaching INR781.5 billion by the end of the period. The expansion of SVoD and transactional will be offset by steady Pay-TV erosion, leaving the market more fragmented, but also much more dynamic. “Following a similar route to what we’re seeing in many global markets, India’s video future isn’t defined by one format replacing another,” says Budash. “It’s about coexisting models, with Pay-TV, streaming, cinema, and transactional all reshaped to fit local consumption patterns. The real story here is how platforms adapt to India’s scale, price sensitivity, and appetite for both global and deeply localised content.”
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