"During the survey period of 2019-2021, the Indian media economy grew by 21% to reach gross revenues of $US 66.52bn (excluding publishing). The overall pattern of growth was unevenly distributed across four component divisions: telecoms and internet infrastructure with growth of 23% (2021 revenues of US$ 49.22bn), core internet services (including online advertising) with growth of 122% (2021 revenues of US$ 3.38bn), audiovisual media content (traditional and online) with growth of 22.5% (2021 revenues of US$ 12.38bn), and newspapers, with a 32% decline in revenues (2021 revenues of US$ 1.54bn for the ten leading firms). Within each of these divisions, there are disparities in revenue growth across sub-sectors, trending in favour of mobile digital formats. One consequence of these developments is a marked increase in the concentration of media infrastructure and distribution businesses, and another is an increase of crossownership across previously distinct areas of media content. Trends towards monopoly and complex interactions between national and international interests in the media economy are mapped out in this report across different levels of the media stack. The survey period of this particular report also serves to illustrate the significant challenges faced across the Indian media economy during the height of the global COVID-19 pandemic. Capturing both this period of crisis and underlying trends in the transformation of the media economy in India, this report also seeks to begin addressing the lack of systematic data driven accounts of developments in Indian media markets." (Executive summary)