The report said the Indian Media and Entertainment (M&E) sector reached Rs 1.82 trillion (US$25.7 billion) in 2019, a growth of 9% over 2018. With its current trajectory, the M&E sector in India is expected to cross Rs 2.4 trillion (US$34 billion) by 2022, at a CAGR of 10%.
Also, online gaming retained its position as the fastest-growing segment on the back of transaction-based games mainly fantasy sports, increased in-app purchases and a 31% growth in the number of online gamers to reach around 365 million.
FICCI Vice President and FICCI Media and Entertainment Division Chair Uday Shankar said, “Riding the wave of exponential progress made towards digital accessibility and adoption, the M&E industry has been a forerunner of a dynamic and aspirational India. New products and business models are being imagined to capitalize on the rise in media consumption. Global players are recognizing the need to build India-centric offerings. The coming years are likely to usher in greater innovation in content formats, means of dissemination, and business models.”
EY India Partner and Media & Entertainment Leader Ashish Pherwani added, “The M&E sector witnessed a surge in content consumption as digital infrastructure, the quantum of content produced and per-capita income increased in 2019. Driven by the ability to create direct-to-customer relationships, the sector firmly pivoted towards a B2C operating model, changing the way it measured itself. As entertainment and information options grew and choice increased the era of consumer Acquisition, Retention and Transaction (ART) redefined the media value chain leading to the emergence of many new trends and strategies across content, distribution, consumption, and monetisation.”