M&E consolidation is inevitable, with broadcasting rights and streaming costs escalating. India s cinema-hungry audience has also returned to theatres, creating space for bigger-budget movies alongside a growing funnel of less expensive OTT content. Indian telcos have been asking for a share of OTT content revenue generated on investments they have made in buying spectrum and rolling out cellular networks. With online gaming the fastest-growing segment, Hollywood would be better placed to crack the India market before Big Tech drives a deeper wedge in user engagement.