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Media and entertainment sector touched Rs 1.67 lakh crore mark in 2018: EY - FICCI FRAMES report 2019 

The Economic Times , Mar 12, 2019

The Indian Media and Entertainment (M&E) sector witnessed 13% growth to touch Rs 1.67 lakh crore mark ($23.9 billion) in 2018, according to EY-FICCI report ‘A billion screens of opportunity'. The report was launched during the annual FICCI Frames 2019 in Mumbai on Tuesday.

“The media and entertainment sector is poised to kickstart a new era of growth. Technological disruptions are creating new opportunities for the sector. However, the sector’s incumbents need to innovate, transform and increase their relevance to mass and individual consumers,” Uday Shankar, VP, FICCI and chair, FICCI Media and Entertainment Division, and chairman, Star and Disney India, and president, The Walt Disney Company Asia Pacific, said.

“The M&E sector is poised to kickstart a new era of growth,” he said.

According to the report, the M&E sector in India is expected to cross Rs 2.35 lakh crore ($33.6 billion) by 2021, at a CAGR of 11.6%. While television retained its position as the largest segment, digital as a category is expected to grow exponentially and will overtake filmed entertainment in 2019 and print by 2021.

With internet subscribers growing at 13% annually the report estimates that approximately 2.5 million consumers in India are digital only and would not normally use traditional media. It is expected that this customer base will to grow more than five million by 2021.

The report further reveals that with more and more consumers watching content online telco bundling will drive consumption for a majority of Indian OTT audience. Advertising growth outpaced subscription growth and is expected to comprise 52% of the total pie by 2021.

According to Ashish Pherwani, partner and media and entertainment leader, EY India, 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 behaviour from mass produced content to specific content defined to audience segments.

 

 

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