The Confederation of Indian Industry (CII) and Boston Consulting Group (BCG) released a report on the Media and Entertainment Industry with the title: ‘Blockbuster Script for the New Decade: Way Forward for Indian Media and Entertainment Industry.’
The report mentioned India’s recovery and comeback in the Media and Entertainment Industry after the impact of COVID-19.
K Madhavan, Chairman, CII National Committee on Media & Entertainment and President, The Walt Disney Company India and Star India says, “It is delightful to see that the hard work put in by all stakeholders in the face of great challenges, both professional and personal, has paid off and now our industry is back on track. Media and entertainment played a crucial role in helping the country navigate and overcome this crisis and reinforced its role in people’s lives”.
As per the report, the Indian ME Industry is expected to become a $55-70 billion industry by 2030 with an annual growth rate of 9-11%. Apart from Entertainment, gaming and animation have been the big contributors to the growth. In India, since the pandemic, the OTT platform has witnessed a significant rise and is still being competitive.
“The share of traditional media is slowly declining with increased digital adoption but there is still high headroom for penetration with only 54% of Indian households having a pay-TV connection compared to more than 70% in China. For many households, TV continues to be the centre of the home and a significant part of family time,” Mandeep Kohli, managing director and partner, Boston Consulting Group India, explained to LiveMint.
