New Delhi:
India's entertainment and media sector is expected to grow at a steady rate and touch over Rs 2.27 lakh crore by 2018 on account of healthy growth in areas like advertisement and television industry, a report by CII-PwC today said.
"The industry is expected to exceed Rs 2.27 lakh crore by 2018 growing at compound annual growth rate of 15 per cent between 2013 and 2018," the report - India Entertainment & Media Outlook 2014 - said.
In 2013, the industry was estimated to be Rs 1.12 lakh crore.
The largest segment - television industry, continued its strong growth momentum led by subscription revenues, representing a year-on-year growth of about 15 per cent.
Internet access and Internet advertising have been the fastest growing segments with annual growth rates of 47 and 26 per cent respectively, it added.
"Clearly, the future lies in digital media as the Internet segment is leading the growth in India," CII Director General Chandrajit Banerjee said.
The report also said that the revenue from advertising is expected to grow at a CAGR of 13 per cent and nd will exceed Rs 60,000 crore by 2018 from Rs 35,000 crore in 2013.
"Internet access has overtaken the print segment as the second-largest segment contributing to the overall pie of entertainment and media sector revenues," it said.
It said television and print are expected to remain the largest contributors to the advertising pie in 2018.
Further, it said the film segment estimated at Rs 12,600 crore in 2013 is projected to grow steadily at a CAGR of 12 per cent, on the back of higher domestic and overseas box-office collections as well as cable and satellite rights.
With the rapidly increasing adoption of smartphones and tablets, the gaming sector is fast emerging as a promising source of revenue for the industry.
"Digital success does not just necessarily mean better, improved technology. It means applying a digital mindset to build the right behaviors among industry stakeholders.
"This includes getting ever closer to the customer across the entire organisation and in everything it does," PwC India Leader, Entertainment and Media Practice, Smita Jha said.
