Mumbai (Maharashtra) [India], May 3 (ANI): The film, television and online video services industry in India generated a total economic contribution of USD 61.2 billion (Rs 514 Crore) in 2024, according to a new report by the Motion Picture Association (MPA) in collaboration with Deloitte.

The report, launched at the inaugural World Audio Visual Entertainment Summit (WAVES) in Mumbai, also found that the industry supports 2.64 million jobs in the country.

The MPA's report estimates that the direct impact of gross output of the screen sector in 2024 equated to USD 16.8 billion (Rs 141 thousand Crore), indicating that the industry had weathered the challenges of the pandemic and responded quickly to growing audience demand for films, drama and sport, on big screens and small.

Crucially, the research finds that the local industry will grow at a Compound Annual Growth Rate (CAGR) of six to seven per cent in the next four years, reaching combined revenues of approximately USD 17.5 billion (Rs 147 thousand Crore) in FY 2029.

It also projects that, with effective regulatory levers in place, the industry may witness a higher growth trajectory of nine to ten per cent CAGR, equating to combined revenues of almost USD 20 billion (Rs 165 thousand Crore) in FY 2029.

MPA Chairman and CEO Charles Rivkin highlighted the vast benefits of the film and television industry to India's economy, the commitment of American studios to the Indian market, and the need for industry leaders and policymakers to work together to facilitate greater investment in India as a hub for creative content and storytelling.

'India is a critical global market for MPA members - and its dynamic film, television, and streaming industry is a powerful driver of jobs, cultural influence, and the country's overall creative economy.' Rivkin said.

The Ministry of Information & Broadcasting, MPA and JioStar launched the industry economic impact report at the event. The report was also supported by the Federation of Indian Chambers of Commerce & Industry (FICCI), the Producers Guild of India (PGI) and Creative First. (ANI)