Media and entertainment industry grew 13.4 percent in 2018 over 2017 to reach Rs 1,67,000 crore, a Ficci report stated
While television remains the king in the media and entertainment industry, filmed entertainment is the one seeing tough competition from digital.
In fact, digital will overtake filmed entertainment in 2019, said a Ficci EY 2019 report titled 'A billion screens of opportunity', launched on Tuesday at a FICCI Frames event on media and entertainment. The report added that by 2021, digital will overtake print as well.
According to the report, the media and entertainment industry grew 13.4 percent in 2018 over 2017 to reach Rs 1,67,000 crore and is expected to grow to Rs 2,35,000 crore by 2021.
The growth for the sector was led by online gaming that increased 59.4 percent in 2018 versus 2017. Digital media grew 41.9 percent and for animation and VFX (visual effects), the growth was by 18.5 percent. Films, television and music witnessed a growth in the range of 10-12 percent last year as compared to 2017.
Online gaming grew across real money gaming (including fantasy and e-sports) as well as casual gaming, on the back of 52 percent growth in online gamers who reached 278 million in 2018.
For the digital media, the segment commands 21 percent of total advertising spends. Digital subscription in 2018 grew by over 250 percent with Indians shelling out for online content.
Strong year for film industry
There is no denying that the film industry had a strong year in 2018, which also reaffirmed that content is king and star power is no more a guarantee for success. In numbers, the industry crossed Rs 10,000 crore in domestic theatrical revenues (box office collection from Indian theatres). The revenue was further supported by the growth in Indian film exports, particularly to China, and increasing values for digital rights.
Last year, the music industry saw an interesting trend as the sector made a strong recovery led by digital revenues from a host of ever-growing audio streaming platforms whose user base grew by 50 percent.
Talking at the event, Amit Khare, Secretary, Ministry of Information & Broadcasting, said the government is focusing on ease of filming in India and, for this, a film facilitation office will be set up in India which will allow filmmakers to get single window clearance online. This will come into place next month.
Another initiative the government is emphasizing on is co-production between nations which will enhance content greatly, said Khare.
He also said there should be a global film summit, like a film bazaar, that will focus on the commercial side of the Indian film industry.
