Previously in the year 2018, the Indian Media and Entertainment (M&E) sector acquired Rs. 1.67 trillion ($23. billion) accounting a growth of 13.4 per cent, reported EY-FCCI. Further the report was released at the FICCI 2019 in Mumbai.
Official Vice President of FICCI, Uday Shankar stated, The Indian M&E sector is entering a phase of accelerated growth. The status quo is being shattered by digital disruptions and that’s unshackling the creative economy in India like never before. These are exciting times for all it is to let our imagination and ambition guide us”.
Moreover, the report covers the M&E sector in India is anticipated to account Rs. 2.35 trillion ($33.6 billion) by 2021, registering a CAGR of 11.6%. The demand for television continues to hold the position as the largest segment in the Media and Entertainment industry, however, digital platform is also witnessing lucrative growth to overtake filmed entertainment in 2019 and print by 2021.
Media and Entertainment sector is sustaining to fatten at a rate faster than the GDP, considering the increasing economic growth and disposable income. Discussing the current scenario, the demand for internet is increasingly growing at an exponential rate, after China, India hold the second highest number of internet users with 570 million internet subscribers growing at 13% every year.
The report efficiently delivers that approximately 2.5 million consumers prefers digital media than television. Looping on to the previous statistics and overall Media and Entertainment sector, the consumer base for digital media will promptly grow to 5 million by 2021.
It has also been reported that traditional media companies record an expense in investing their customer data through second-screen interactive propositions, house-to-house surveys, polls & opinions, integration of third-party data and more. Digitalization is impressively winning the consumer needs, thus will witness the monetization avenues with great innovations to cater to the new Indian customer segments. In the digital media, the demand for advertising is also encountering the growth outspaced subscription growth and is anticipated to comprise 52% of the total pie by 2021.
“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 to audience segments. The sector has an opportunity to serve a billion screens in India and globally,” told Ashish Pherwani and Media & Entertainment Leader, EY India.