The television industry, long the backbone of the country’s media ecosystem, is entering a period of structural recalibration. According to the FICCI-EY Media & Entertainment 2026 report, the segment declined to ₹61,700 crore in 2025, reflecting mounting pressure from digital platforms and evolving consumer behavior.
The slowdown was driven by a dual decline in advertising and subscription revenues. Television advertising fell by over 10 percent in 2025, as marketers increasingly shifted budgets toward digital platforms offering better targeting and attribution. At the same time, subscription revenues dropped 8 percent, impacted by the loss of approximately 11 million pay-TV households during the year.
Yet, the story of television is not one of disappearance, but transformation. The medium continues to reach around 745 million individuals each week, highlighting its enduring scale and relevance in a country as diverse as India.
A key factor reshaping the segment is the rise of Connected TV. Weekly active Connected TV homes grew to around 40 million in 2025, up from 30 million a year earlier. This shift is blurring the lines between traditional broadcasting and digital streaming, creating a hybrid consumption model where audiences move fluidly between linear and on-demand viewing.
The industry is responding by exploring bundled offerings that combine linear channels with digital services. Cable operators and telecom providers are increasingly pushing broadband-led models, while broadcasters are adapting content and pricing strategies to retain audiences across platforms.
Key Takeaways
The broader M&E industry grew 9% to ₹2,78,000 crore in 2025, with digital media crossing ₹1,00,000 crore and accounting for the largest share of revenues. Advertising rose 13.5% to ₹1,50,000 crore, led by digital, while live events emerged as the fastest-growing segment.
Television’s challenge is not merely competitive but structural. As Connected TV adoption increases and broadband penetration deepens, linear television is expected to lose further ground in both ad and subscription revenues. Pay-TV subscriptions are projected to decline at a compound rate of 3.1 percent, falling to around 83 million by 2028.
However, this decline may be partially offset by growth in free-to-air television and Connected TV. Free TV continues to expand in rural markets, while Connected TV is attracting affluent urban audiences — a segment increasingly prized by advertisers.
Looking ahead, the combined advertising revenues of linear and Connected TV are expected to reach ₹37,700 crore by 2028, supported by improved targeting capabilities and growing participation from small and medium enterprises.
For broadcasters and distributors, the path forward lies in embracing convergence. The future of television will not be defined by a single platform, but by the ability to integrate broadcast scale with digital precision.