2025 Will Define the Next Decade for Indian M&E

By Pickle November 10, 2025

As the Indian M&E sector stands at the crossroads of transformation, Shibasish Sarkar, Group CEO of Reliance Entertainment, President of the Producers Guild of India, and Chair of the CII Global M&E Investor Meet 2025, shares his nuanced perspective on the opportunities, headwinds, and the crucial role of institutional capital in shaping the industry’s future.

Few industries have experienced the intense evolution and disruption that Indian Media & Entertainment (M&E) has over the last decade and 2025 has turned out to be more than a statistical milestone for Indian M&E — it’s a year that will define the sector’s direction for the decade ahead. Whether it’s the digital tipping point, recovery in cinemas, animation breakthroughs, or the rise of live events, the industry is at an inflection point.

For the first time, digital streaming has overtaken traditional broadcasting, fundamentally reshaping India’s ₹2.5 lakh crore industry. Yet, this evolution is anything but uniform: while digital surges ahead, television and print are finding new equilibrium, and live events are breaking records in communal entertainment. Cinema footfalls are rebounding to global-leading levels, but success increasingly hinges on quality storytelling and innovation.

At the heart of these changes stands Shibasish Sarkar, one of the most influential voices in the sector, wearing multiple hats — as Group CEO of Reliance Entertainment, President, Producers Guild of India, and Chair for the CII Global M&E Investor Meet 2025.

In a candid interview with Pickle, Sarkar delves into how the demand curve has shifted, as audiences reward originality and authenticity, leaving little room for mediocrity or formulaic repetition.

Crucially, Sarkar argues that the next phase of growth will require more than creative excellence. Systemic reforms in investment, infrastructure, and vocational education must take center stage.

“2025 is the first time digital has overtaken broadcasting. It’s a watershed moment — not just a shift, but a transformation in how Indian audiences engage with content.”

The CII Global Media & Entertainment Investor Meet 2025 is positioned as a catalyst for this shift: an organized platform to attract institutional capital, foster international alliances, and advocate for policy changes that will shape the sector for the next decade.

Against this backdrop, Sarkar’s vision is clear: the future of Indian M&E hinges on balancing creativity with commerce, embracing technology, and building a globally competitive, resilient industry. The year ahead will test the sector’s adaptability—but it also offers an unprecedented opportunity to script a new chapter as a true global media powerhouse.

Pickle: How do you see the current scenario across the Indian M&E sector? What are the key signals from the film, digital, and other verticals?

Shibasish Sarkar: This year is truly unique for Indian M&E — both for its positives and its stark challenges. For starters, 2025 is the first time digital has overtaken broadcasting in market share within our ₹2.5 lakh crore sector. Traditional TV is under significant stress, with households declining from a peak of 140 million to a level where we’re asking, “Where will it stabilize — 80, 90, 100 million?”

But within these shifts, connected TV is growing rapidly, giving us hope that technology is not eroding the sector, but transforming it. In a country as vast and diverse as India, broadcasting will remain strong at a certain size. The question is, “What will that steady state look like?”

On the digital side, yes, the numbers are euphoric at first glance, but much of the ad revenue that’s migrated from TV is aggregating to just two players — Meta and Google. The growth in quick commerce and e-commerce advertising is real, but it’s important to ask how sustainable it will be long-term.

Pickle: The Indian film industry has seen a post-pandemic resurgence. How do you compare its recovery to Hollywood and other global markets?

Shibashish Sarkar: If you look at Hollywood, even after 3–4 years, they’ve recovered roughly to 70–75% of 2019’s footfalls. The Indian film industry is already at 85–86% on footfalls, and in value terms, we’ve crossed pre-COVID levels, thanks to increased ticket prices.

What’s truly heartening about 2025 is that films of every size and genre have succeeded. Gone is the myth that only big-budget spectacles or franchises work post-COVID. This year, Hindi, Tamil, Telugu, Malayalam — all have delivered successes, big and small. It’s clear: audiences are back, but only for compelling storytelling. Anything average simply crashes. That’s a wakeup call for creators — formulaic content won’t work; freshness, strong scripts, and originality are what draw crowds.

But there are challenges: the crash in satellite rights has hit non-theatrical revenues hard. Even OTT rights are under pressure, with platforms shifting focus to ad-driven models. This changes both pricing and the kind of content that gets commissioned, nudging OTTs away from niche, edgy fare towards more family-friendly programming.

“Audiences are no longer interested in average stories—if the content excites them, they come in big numbers. If not, it crashes. That’s a clear message to all creators: originality and quality are everything.”

Pickle: Beyond films and TV, how are other verticals — like animation, gaming, and live events — shaping up?

Shibashish Sarkar: Animation is in transition globally and in India. AI’s impact has been both positive and negative; we’ve seen some large companies fold, but also the historic success of an Indian IP like Narasimha crossing the ₹200–300 crore mark worldwide. This is unprecedented, shattering the myth that Indian animation can’t travel or succeed at scale. It’s energizing new creators and storytellers.

In gaming, the government’s stance on real money games has provided much-needed clarity. It’s a boost for both the core gaming and eSports communities — though it remains crucial to collaborate with policymakers for sustainable growth.

Live events and concerts have exploded — a trend since 2023–24. BookMyShow’s ticket sales for live events will, for the first time, surpass those for cinema this year. There is huge pent-up demand, with global and Indian acts routinely selling out.

Print, contrary to past fears of complete cannibalization, has stabilized and even shown modest growth. Each vertical has mixed stories, but overall, the positives are outpacing the negatives.

“Despite the digital boom, the benefits are concentrated among the top global platforms. For real, sustainable growth, we need to ensure value creation is more widely spread across Indian enterprises.”

Pickle: There’s much talk of policy reform — particularly one-window clearances. What’s the ground reality, and what’s needed to truly enable ease of doing business?

Shibashish Sarkar: “One-window clearance” has long been a buzzword, but on the ground, it’s still a work in progress. In a city like Mumbai, you’ll find one side of a street under one police station’s jurisdiction and the other side under another — requiring two permissions for one location! Despite circulars and announcements, the process remains complex, buried in layers of bureaucracy.

The industry has thrived despite these hurdles, but meaningful change requires genuine involvement from authorities — understanding the real pain points and implementing solutions collaboratively. This applies to both film and the booming live events sector. If governments and municipal bodies engage more deeply, lay out clear SOPs, and work with industry stakeholders, it will unlock even greater potential.

Pickle: You’ve been engaging with global leaders — Spain, UK, and more. Why is there growing international interest in Indian filmmakers?

Shibashish Sarkar: In my role as Producers Guild President, I’ve focused on opening doors for global collaboration — from institutional capital to infrastructure and talent development. India is now respected as a market not just for consumption but for content creation and co-production.

Countries like Spain and the UK have shown remarkable commitment, sending their top leaders to meet with Indian guild members, eager to attract Indian productions. They recognize that when Indian films shoot abroad, it’s not just about spending; it’s about projecting their countries as tourist destinations, creating a far larger economic impact.

We’ve signed over 25 MOUs with international commissions, and our partnerships with organizations like PACT (UK’s producers’ body) and the BFI are expanding. This is a two-way street: we champion India as a destination, and also help Indian content go global. The momentum is real, and I see it only growing.

“Institutional capital is the missing piece in Indian media and entertainment. Globally, banks and funds see this industry as an asset class. In India, we must move beyond passion-driven investing and build a long-term, structured ecosystem.”

Pickle: As Chair of the CII Global M&E Investor Meet 2025, why do you see this summit as crucial for the industry?

Shibashish Sarkar: India’s M&E industry, despite being 150–200 years old (including print), has thrived largely on private passion and capital. Unlike the West or even Southeast Asia, we lack a tradition of institutional investment in content creation. Globally, banks and financial institutions have recognized M&E as an asset class for decades. In India, with a few exceptions, this hasn’t happened.

CII’s Investor Meet is a major step to change that. For the first time, we’re bringing global investors and Indian M&E enterprises together in a curated, one-on-one format — not a generic expo, but a matchmaking summit. We’re rigorously screening both sides, aiming to showcase Indian companies as viable, exciting investments.

For investors, it’s a chance to see the sector’s breadth, from sunrise verticals to mature businesses. For the industry, it’s about learning to present ourselves as investible, stable, and growth-oriented. I see this as the beginning of a journey — if it’s a decent start, we’ll only scale from here.

Pickle: From an investor’s perspective, what makes India and its M&E sector especially attractive today?

Shibashish Sarkar: When pitching to investors, I focus on three things — the country, the sector, and the specific opportunity. India is among the world’s fastest-growing economies, with a young, dynamic population and relatively stable governance. In a globally uncertain environment, India stands out as a bright spot.

The M&E sector itself has a track record of outpacing GDP growth, especially in digital, gaming, and live events. Some segments are mature; others are just taking off. There’s diversity, resilience, and immense room for value creation.

Of course, investors want ROI, stability, and certainty. The sector offers all three, provided we address structural gaps — like institutional funding and ease of doing business. The CII summit is a step in that direction.

“Indian M&E has run on private passion for decades. The CII Global M&E Investor Meet is our first real shot at building institutional capital for the sector.”

Pickle: As a chartered accountant by training, how have you navigated — and led — such a creative, volatile industry?

Shibashish Sarkar: I began my career in FMCG and public sector roles before moving to media. Initially, I saw everything through the lens of commercial discipline — budgets, predictability, bottom lines. But over 20 years, I’ve learned that M&E needs a unique balance of creativity and commerce.

Creativity is the heart of our business, but if it isn’t balanced with financial discipline, the business risks being unsustainable. Conversely, a purely transactional approach stifles innovation. The best path is to surround yourself with great people, keep learning, and maintain an open mind.

Today’s industry leaders increasingly recognize this — hence the rise of co-CEO models and leadership teams that blend creative and commercial strengths. Success, especially in a sector as dynamic as ours, requires both.

“Media & Entertainment needs a unique balance of creativity and commerce. Both are essential — and neither alone is enough.”

2025 – The Big Shifts Reshaping Indian M&E

Digital Dominance: Streaming platforms surpass traditional TV, with digital advertising revenue consolidating among giants like Meta and Google.

Cinematic Resurgence: Indian cinemas recoup up to 86% of pre-pandemic footfalls; theatre value bolstered by higher ticket prices and a return to diverse storytelling.

Live Events Surge: Concert and event ticket sales outpace cinema, reflecting a massive appetite for shared, real-world experiences post-pandemic.

Print’s Resilience: Despite digital cannibalization fears, print stabilizes, underlining India’s diverse consumption habits.

Evolving Consumer Tastes: Success hinges on fresh, innovative content—audiences reject mediocrity in favor of distinctive stories, talent, and genres.

Priorities for Indian M&E’s Future

Institutional Capital Imperative: Indian M&E is overdue for the kind of structured, long-term investment global peers enjoy. The CII Investor Meet aims to bridge this gap, connecting Indian enterprises to world-class investors.

Infrastructure Crisis: From 13,000 screens a decade ago to just 9,000–10,000 today—India’s exhibition infrastructure lags behind China’s 85,000. Sarkar calls for targeted government incentives, especially in underserved markets.

Ease of Doing Business: Sarkar advocates for regulatory reforms—including genuine single-window clearances and transparent permissions—to unlock faster growth and attract global productions.

Global Collaboration: Build robust ties with international content creators, investors, and policymakers.

Preparing for the Future

Vocational Training Revolution: As content production modernizes, traditional institutions (FTII, SRFTI) alone can’t meet demand. Sarkar urges new frameworks for upskilling in film, animation, gaming, and digital content, with an eye on emerging fields like AI and virtual production.

AI & Creative Disruption: From VFX to AI-driven dubbing and scriptwriting, technology is altering workflows, job profiles, and the creative process. The sector’s response must be proactive—reskilling and regulatory clarity are essential.

Producer’s Dilemma: With unpredictable box office and shrinking non-theatrical revenues, producers face unprecedented stress. Guilds advocate for fairer terms, better incentives, and sustainable business models.

The CII Global M&E Investor Meet 2025: Why It Matters

Strategic Matchmaking: The summit offers curated, one-on-one meetings, giving Indian M&E companies unprecedented access to global institutional capital.

Sector-Wide Benefits: Beyond funding, the meet aims to raise the sector’s profile as a credible, investible asset class, catalyze policy advocacy, and build a roadmap for infrastructure and skill development.

Long-Term Vision: Sarkar sees the summit as the first organized effort to shift Indian M&E from passion-driven, fragmented growth to a model anchored in strategic investment, international collaboration, and scalable innovation.

The Ease of Doing Business — India vs. Abroad

Parameter India Western Europe/US

Clarity of Rules Often uncertain, bureaucratic Well-defined, transparent

Process Reliability Variable, sometimes ad hoc Predictable, structured

Permissions Multiple layers, face-to-face Mostly digital, minimal