 "India Media & Entertainment valued between $27-29 bn in 2022: Report")
The India Media & Entertainment industry is estimated to be valued between USD 2729 billion in 2022 and is poised to grow to USD 5565 billion by 2030, said a report.
The industry, which had witnessed some setbacks during the pandemic, is back to its pre-Covid growth story, said a joint report by the industry body CII and BCG.
"With the industry witnessing strong growth tailwinds, it is poised to grow to USD 5565 billion by 2030 with a potential to reach USD 6570 billion, driven by growth in OTT and gaming," said the report titled "Shaping the future Of Indian M&E".
The report highlights the role of some media segments, particularly OTT platforms and said the sector has witnessed rapid changes fueled by "accelerated technological progress and evolving consumer behaviours".
According to the report, the digital video & gaming segment is leading the "boom" with an over 40 per cent of total media consumption in 2022 backed by growth in internet and smartphone penetration.
Now growth in digital consumption "outstripping all other segments", it added.
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The total growth of the India Media & Entertainment industry between 2020 and 2022 is expected to be around USD 6 billion and "2/3rd of the growth" would be "driven by digital", it added.
Subscription Video on Demand (SVOD) subscriptions are estimated to grow 8590 million in 2022, registering "an increase of 16x17x over past 5 years," the report said.
Moreover, there is now "increasing willingness" to pay for premium/exclusive content, it added.
The report estimates SVOD to touch 55 to 60 per cent of overall OTT revenue in India by 2030 pushing AVOD (Advertising-based Video On Demand) platforms.
Some of these emerging trends are likely to have long-term implications for the industry.
"OTT sphere has exploded with strong subscription growth and increased investments in content. On the back of rising interest in interactivity, gaming continues to show promising growth," it said.
According to the report, it will become critical for companies in the sector to understand the imperatives that will help them seize these opportunities and harness their true potential.
The report mentions Metaverse which stands at the confluence of multiple disruptive technologies.
"As adoption increases, use cases expand, and connectivity and interoperability improve, it will be interesting to see the wider adoption of Metaverse technologies beyond the gaming industry," it added.
Though it is still in the nascent stages, media companies and content creators are already pushing towards providing more interactive and immersive experiences to the viewer, it said.
"M&E companies will need to keep up with these trends to fortify their position and be more important in consumer's lives through interactivity," it said.