Media and entertainment industry likely to grow 25% in 2021: FICCI-EY

After a tough calendar year 2020, the domestic media and entertainment industry is set to rebound in 2021, consultancy firm EY said on Friday. The observations were made in its annual study on the sector, released in conjunction with the Federation of Indian Chambers of Commerce & Industry (FICCI).
 
The media industry would grow 25 per cent this year to reach Rs 1.73 trillion, covering up for the loss suffered in 2020, when the market shrank 24 per cent due to disruptions induced by the Covid-19 pandemic.
 
The market, EY said, would cross the Rs 2.2-trillion-mark by 2023, growing at a compounded annual growth rate of 17 per cent.
 
TV remained the largest segment, while the digital media had overtaken print, and online gaming had overtaken film entertainment, the study said.