Mumbai: The Indian media and entertainment industry is projected to generate $33.6 billion in revenue by 2021 on the back of international investments and digital growth. The industry generated $23.9 billion in 2018, rising 13.4%, according to a report.
Chartered accountancy firm Ernst and Young (EY) and the Federation of Indian Chambers of Commerce and Industry (FICCI) released a joint report at FICCI Frames’ 2019 inauguration ceremony.
Television, print, films and digital media are highlighted in the report. In terms of growth, digital media grew the most by 42% to reach ₹169 billion in revenue last year. The film segment saw 12.2% growth followed by television, which grew by 12%. Print, which accounts for the second largest share in the media and entertainment sector, grew by 0.7%.
“The M&E sector has a significant opportunity, given India’s young demographics. The growth of digital infrastructure is further enabling Indians to fulfil the need for personal content consumption, across languages and genre. There is a large shift in consumer behaviour from mass produced content to specific content defined for audience segments. The sector has an opportunity to serve a billion screens in India and globally," said Ashish Pherwani, Partner and Media & Entertainment Leader, EY India, in a statement released by the firm.
Amit Khare, secretary, ministry of information and broadcasting, Gary Knell, chief executive officer (CEO), National Geographic Partners, and film producer Ronnie Screwvala, among others, broadly discussed film piracy, decreasing movie screens, and lack of regulation in the entertainment industry, at the inauguration ceremony.
“India is the largest producer of movies but has the least number of screens," said Charles H. Rivkin, chairman and chief executive officer, Motion Picture Association of America. India has about 9,500 screens as compared to 50,000 screens in China, added Rivkin.