The country’s media and entertainment (ME) sector will be the fastest-growing globally in consumer and advertising spending and will be an over-Rs 4-lakh-crore industry by 2025, a consultancy said on Monday.
According to consultancy’s partner Rajib Basu, “Despite the pandemic, the Indian entertainment and media sector has shown remarkable resilience.”
He further stated that India would be regarded as the fastest-growing entertainment and media market in consumer and advertising revenue.
The development of advanced technology and worldwide internet access will influence how Indians consume content.
Additionally, there will be new business models, which will evolve along with a wide range of localised contents.
According to the report, In 2020, TV advertising significantly grew INR 35,015 crore despite the pandemic attack.
It will further expand to 7.6% to contribute over Rs 50,000 crore to the overall pie.
From 2020-2025, we expect to see the massive progress of advertising on the Internet, about 18.8% per annum to Rs 30,000 crore by the end of the cycle.
In 2020, the revenue from internet advertising in India was Rs 7,331 crore. By 2025, we can expect a rise of 22,350 crores, showing a 25.4% increase in profit.
As the Internet is blooming, the newspaper and consumer magazine industry withering away at a much lower clip of 1.82% to Rs 26,299 crore by 2025.
Print advertising revenues decreased to 12%, and print circulation deteriorated to 4% in 2020 due to the pandemic.
According to the report, Box-office revenue is expected to have a complete recovery and increase at a CAGR of 39.3% to Rs 13,857 crore by the end of 2025.
Due to the pandemic in 2020, the cinemas’ industry had a massive hit, which will be reverted to pre-pandemic levels by mid of 2023, PwC stated.
India’s total music, radio and podcasts market revenues dropped in 2020 to Rs 4,626 crore, as the pandemic stripped almost Rs 522 crore from the country’s live music sector, it said.
The overall music, radio and podcast industry will grow 19.1% per annum to reach Rs 11.026 crore in 2025, the consultancy added.
The report further stated that video games and e-sports revenue reached Rs 11,250 crore in 2020 and are set to expand to Rs 24,213 crore in 2025, at an annual growth rate of 16.5 %.
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