India’s entertainment and media sector is expected to grow steadily over the next five years as per CII-PwC’s latest report titled India Entertainment & Media Outlook 2014. The industry is expected to exceed 227,000 crore INR by 2018 growing at compound annual growth rate (CAGR) of 15% between 2013 and 2018.
In 2013, the overall entertainment and media industry was estimated to be 112,044 crore INR and grew by 19% 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%. Internet access and internet advertising have been the fastest growing segments with annual growth rates of 47 and 26% respectively.
The key theme of the report is ‘monetisation strategies in media sector’ which needs to be matched to the digital imperatives in the entertainment and media industry.
Widespread technological advances and the digital experience has brought a new mindset to make business – quicker, more targeted, experimental, experiential, inclusive and collaborative.
The 2014 edition of the joint CII-PwC report analyses key trends and developments across nine major E&M industry segments in the country.
The report highlights that businesses no longer need a digital strategy, what they need is a business strategy fit for a digital age – which is about getting even closer to the consumer and adopting more flexible business models. To do this, companies must exhibit three behaviours: forging trust with consumers; creating the confidence to move with speed and agility; and empowering innovation.
The report was released on 19 September against the backdrop of the 3rd edition of the CII Big Picture Summit 2014: Monetising Strategies – The Tryst for a USD 100 Billion Indian M&E Industry” being organized by CII on 19-20 September, 2014 in New Delhi.