In an era dominated by streaming platforms, India's traditional television industry is not just surviving but charting a steady path of growth. Contrary to global trends where Over-The-Top (OTT) services often replace cable, the Indian market presents a unique story of coexistence and expansion.
The Numbers Behind the Growth
According to a recent analysis by the global professional services network PwC (PricewaterhouseCoopers), India's TV market is on a solid upward trajectory. Total industry revenue is projected to climb from $14 billion in 2024 to $18.1 billion by the year 2029. This growth is fundamentally powered by a consistent increase in pay TV households across the country, even as digital streaming services widen their reach.
Industry leaders point to India's distinct shared-screen culture as the cornerstone of this resilience. "In India, unlike most global markets, TV and OTT are not substitutes; they fulfil entirely different consumer needs," explained Sandeep Gupta, Chief Operating Officer of the broadcasting business at Shemaroo Entertainment Ltd.. He notes that nearly 160 million Indian homes still consume linear TV, and a large segment of the next 20–30 million households entering the entertainment fold will likely start with television.
Affordability and the Family-First Model
The economic argument for television remains strong, especially for middle-income families. A typical cable or Direct-To-Home (DTH) package, costing between ₹200 to ₹350 per month, offers over 100 channels in multiple languages. This makes it the most cost-effective and reliable option for shared family viewing. In contrast, OTT platforms often require multiple paid subscriptions and depend on stable, and sometimes costly, broadband connectivity—factors that skew their growth towards urban, individual users.
Anil Suryavamshi, Vice-President of Digital (South & West) at media agency Carat India, emphasizes television's role as a cultural anchor. "OTT fulfils the need for personalised, mobile-first viewing, but communal content still lives on TV," he said. The stickiness of television in multi-generational households ensures stable subscription numbers.
Strategic Adaptations: Bundling and Regional Focus
The industry is intelligently adapting to the new media landscape. To combat subscription fatigue, aggregator platforms like Tata Play Binge, Airtel Xstream, Amazon Channels, and hybrid cable bundles are combining TV and OTT services under a single bill. This bundled approach enhances value for consumers while providing broadcasters with more predictable revenue streams.
Furthermore, broadcasters have doubled down on their strength: regional content. There is a renewed focus on high-quality programming in languages like Hindi, Marathi, Tamil, Telugu, and Bangla. Reality shows, music competitions, and live event premieres continue to be television-first experiences that drive habitual viewing. Sanjay Dwivedi, Group CEO and CFO of Balaji Telefilms Ltd., highlighted that the emotional and cultural connection families have with TV is a major driver for subscriptions.
Challenges on the Horizon
Despite the optimistic outlook, the sector faces headwinds. Rajesh Sethi, Partner and Leader for Media, Entertainment, and Sports at PwC India, pointed out that broadcast TV advertising revenue is expected to grow at a modest 2.5% compound annual growth rate (CAGR) between 2024 and 2029. This slowdown is due to cord-cutting, audience fragmentation, and a shift in advertiser budgets towards digital formats like advertising video-on-demand (AVoD) and connected TV (CTV).
Another significant challenge is protecting television's exclusive appeal. Russhabh R. Thakkar, Founder and CEO of ad-tech firm Frodoh, noted that as smart TVs become commonplace, the exclusive pull of linear TV weakens when major shows also appear on CTV and broadcaster apps. Thakkar suggests the future lies in creating stronger intellectual property (IP) that premieres on TV first, creating appointment viewing that digital cannot immediately replicate.
In essence, India's television industry is navigating the digital age by leveraging its deep-rooted advantages—affordability, shared viewing culture, and regional storytelling—while strategically integrating with new technologies to secure its future growth.
