MEDIA AND ENTERTAINMENT INDUSTRY TO MAKE INDIA ECONOMICALLY STRONGER.
- kaniksha sharma
- Mar 2, 2021
- 2 min read
According to the report, the media and entertainment industry employs over a million youth.
The size of Indian media and entertainment industry, which grew at a rate of 10% over the last five years between 2012 and 2017 adding over `50,000 crore of revenue, stood in the range of `1,30,000-1,35,000 crore in 2017, according to a report called ‘Media and Entertainment: The Nucleus of India’s Creative Economy’, compiled by industry body CII and Boston Consulting Group (BCG). Moreover, taking the total economic impact, including indirect and induced benefits to the economy, the report estimates the industry at `4,50,000 crore by 2022, contributing 2.8% to India’s GDP.
India's media and entertainment (M&E) industry is expected to expand at a CAGR of 3.24% between 2019-20 and 2021-22 to reach US$ 25.56 billion by 2021-22 due to acceleration of digital adoption among users across geographies. In FY20, television, print and digital and OTT platforms stood at Rs. 778 billion (US$ 10.66 billion), Rs. 306 billion (US$ 4.19 billion) and Rs. 218 billion (US$ 2.99 billion), respectively. These mediums are projected to reach Rs. 769 billion (US$ 10.53 billion), Rs. 296 billion (US$ 4.05 billion) and Rs. 338 billion (US$ 4.63 billion), respectively, by FY22. In FY20, the Indian digital segment grew by 35% due to upsurge in paid subscriber base across all OTT platforms.
The online music market in India is expected to surpass US$ 273 million by end-2020.
In 2020, India’s mobile gaming segment registered a market size of US$ 1.2 billion and is expected to increase at CAGR of 6.1% by 2025. The country posted average revenue of US$ 8.8 per user, with user penetration rate of 10.1%.
In 2020, the television market size stood at Rs. 778 billion (US$ 10.66 billion) and is estimated to reach Rs. 769 billion (US$ 10.53 billion) by 2022. TV broadcasters witnessed a growth of 13% in FY20 to reach annual revenues worth Rs. 420 billion (US$ 5.75 billion). Share of the subscription revenues in the overall revenue of broadcasters rose from 32.4% in FY19 to 37.7% in FY20.
According to the Media and Entertainment Outlook 2020, India is likely to emerge as the world’s sixth-largest OTT (over-the-top) streaming market by 2024. The market is expected to post a CAGR of 28.6% over the next four years to generate revenue worth US$ 2.9 billion.
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