New Delhi, Sep 16 (IANS) India’s entertainment and media sector is expected to exceed Rs.227,000 crore in size by 2018 growing at a compound annual growth rate (CAGR) of 15 percent between 2013 and 2018, a report jointly prepared by the Confederation of Indian Industry (CII) and PricewaterhouseCoopers said.
The report on India Entertainment & Media Outlook 2014, released here Tuesday said that in 2013, the overall entertainment and media industry was estimated to be worth Rs.112,044 crore and grew by 19 percent over the previous year.
The largest segment, India’s television industry, continued its strong growth momentum led by subscription revenues, representing a year-on-year growth of about 15 percent.
Internet access and internet advertising have been the fastest growing segments with annual growth rates of 47 and 26 percent, respectively, it said.
“The key theme of our report this year is monetisation strategies in media sector. Clearly, the future lies in digital media as the internet segment is leading the growth in India,” said Chandrajit Banerjee, director general, CII.
The revenue from advertising is expected to grow at a CAGR of 13 percent and will exceed Rs.60,000 crore in 2018 from Rs.35,000 crore in 2013. Internet access has overtaken the print segment as the second-largest segment contributing to the overall pie of entertainment and media sector revenues.
“Digital success does not just necessarily mean better, improved technology. It means applying a digital mindset to build the right behaviour among industry stakeholders. This includes getting ever closer to the customer – across the entire organisation, and in everything it does,” Smita Jha, leader, Entertainment and Media practice, PwC India, said.
Television and print are expected to remain the largest contributors to the advertising pie in 2018 as well. Internet advertising will emerge as the third-largest segment, with a share of about 16 percent in the total entertainment and media advertising pie.
The film segment, estimated at Rs.12,600 crore in 2013, is projected to grow steadily at a CAGR of 12 percent on the back of higher domestic and overseas box-office collections as well as cable and satellite rights.