The media and entertainment industry in India has grown explosively over the last two decades from a single state-owned TV channel to over 400 active channels today. The document discusses factors that affect demand and supply in the entertainment industry such as price, income, tastes, and technology for demand, and infrastructure costs, technology innovation, inputs, and investment capacity for supply. It also outlines changes in the industry like growing live entertainment and e-commerce ticket sales, as well as foreign filmmakers working in India.