Media and entertainment (M&E) industry in India has the potential to reach $100 billion (about Rs 6.5 lakh crore) by 2025 provided it gets enabling infrastructure and proper on government support.
Growing at its pegged potential, the M&E industry will touch Rs 2.1-2.5 lakh crore by 2020, says a vision paper by industry body CII and Boston Consulting Group. The industry size this year is estimated to be Rs 1.15 lakh crore.
“Such robust growth can come only on the back of enabling infrastructure and the support of the government and the industry itself.
“With a growth potential of 13-16 per cent YOY it has the potential to emerge as one of the largest employment providers, contributing significantly to the Gross Domestic Product (GDP),” said the CII-BCG paper – ‘Vision 2020 Document on Media & Entertainment Sector’.
It will be discussed at the CII Big Picture Summit to be held on October 19th & 20th. Bollywood actor and Producer Ajay Devgan and veteran actress Sharmila Tagore are among those likely participate in the Summit.
As per the report, the next decade could also provide India the opportunity to emerge as a global M&E hub. Opportunities, content and players are all becoming universal, and India – backed by a stable macroeconomic outlook, youthful, English speaking workforce and the government’s Make in India and Digital India blueprints is strongly positioned to exploit such trends.
“At the core of this optimism is the fact that the underlying Indian consumer trend is positive,” noted Kanchan Samtani, Partner & Director at BCG.
CII Director General Chandrajit Banerjee said: “The next decade will see a consumption explosion with the rapid growth of digital media. India already has 250-300 million digital screens which include smart phones, tablets, laptops and PCs.
“This is more than the number of TV and film screens put together. This number is projected to multiply to 600 million screens by 2020 implying that every second Indian will have a personal media consumption device. The impact of this will be massive.”
India has the world’s third largest television viewership base after the US and China, the world’s second largest print industry in terms of circulation, and produces the highest number of films worldwide (over 1,900 per annum).