Federation of Indian Chambers of Commerce and Industry (FICCI) and Ernst & Young LLP issued a report at the inaugural session of the FICCI Frames 2019. The report suggests that the Indian media and entertainment sector revenues are expected to cross USD 33.6 billion by 2021, at a compound annual growth rate (CAGR) of 11.6 percent.
Ashish Pherwani, Partner and Media and Entertainment Leader, EY India, said in a statement, “The Media and Entertainment sector has a significant opportunity given India’s young demographics. The growth of digital infrastructure is further enabling Indians to fulfill the need for personal content consumption, across languages and genre.”
“There is a large shift in consumer behavior from mass-produced content to specific content defined to audience segments. The sector has an opportunity to serve a billion screens in India and globally,” he added.
Uday Shankar, Vice President, Ficci and Chair, Ficci Media and Entertainment Division, told IANS, ”The sector is poised to kickstart a new era of growth. Technological disruptions are creating new opportunities for the sector.”
”New age digital media with direct-to-customer (D2C) capabilities are on an upward trajectory making the Indian media and industry market ever more vibrant, against the backdrop of already popular broadcast TV and films,” Shankar added.
“The sector’s incumbents need to innovate, transform and increase their relevance to mass and individual consumers,” he further added.
As per the report, the television industry grew from Rs 660 billion to Rs 740 billion in 2018, registering a growth of 12 percent. Television viewing households increased to 197 million, which is a 7.5 percent increase over 2016.