Indian media industry has tremendous scope for growth in all the segments due to rising income and evolving lifestyle. Media is consumed by audience across demographics and various avenues such as television, films, out-of-home (OOH), radio, animation, and visual effect (VFX), music, gaming, digital advertising, and print. 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.
Within the M&E sector, Animation, Visual Effects, Gaming and Comic (AVGC) sector is growing at a rate of ~29%, while the audiovisual sector and services is rising at the rate ~25%; is recognised as of one of the champion sectors by the Government of India.
India’s advertising revenue is projected to reach Rs. 789 billion (US$ 10.81 billion) in FY22 from Rs. 726 billion (US$ 9.94 billion) in FY20. India’s advertising revenue is forecast to expand at a CAGR of 4.3% between FY20 and FY22. Digital advertisement revenues are likely to outweigh TV advertising revenues by FY21; an achievement previously projected to occur only by FY23. Digital advertising emerged as the second-largest advertising medium in India; generated revenues worth Rs. 199 crore (US$ 2.73 billion) in FY20.
India’s gaming market is projected to reach Rs. 143 billion (US$ 1.96 billion) by FY22, due to rapid increase in consumption.
The online music market in India is expected to surpass US$ 273 million by end-2020.
The online gaming segment registered a 45% growth in revenues in FY20 with the user base surpassing 365 million by March 2020, with real money games (RMG), both card-based and fantasy witnessing strong traction.
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.
The Government of India has supported this sector's growth by taking various initiatives such as digitizing the cable distribution sector to attract greater institutional funding, increasing Foreign Direct Investment (FDI) limit from 74% to 100% in cable and direct-to-home (DTH) satellite platforms and granting industry status to the film industry for easy access to institutional finance. FDI inflow in the information and broadcasting sector stood at US$ 9.33 billion during April 2000 to June 2020.
On September 2, 2020, Government of India announced its plans to develop an Animation, Visual Effects, Gaming and Comic (AVGC) Centre for Excellence in collaboration with IIT Bombay. The centre is expected to launch in the next 1-2 years (2021-2022). The AVGC sector is the fastest growing sector, rising at a rate of ~ 29% between 2019 and 2024, while the audiovisual and services sector is expanding at a rate of ~25%.
Click to access the Media and Entertainment Industry Archived Report
India has one of the largest film industries in the world, produces the largest number of films annually, constitutes the highest number of tickets so...
Milk Production – Overview
India is the leading milk-producing...
More than half of India’s population depends on agricu...
India is the 4th largest market of medical devi...
Long before the emergence of fantasy sports in India, sp...
Food processing is simply a method by which agricultural pro...
In India, the aerospace industry is growing significantl...