Entertainment and media growing fastest in India: PwC

India is set to emerge as the fastest growing market in the global entertainment and media (E&M) space with a size of over Rs 100,000 crore by 2011, a study by PricewaterhouseCoopers (PwC) says.

Driven by a sharp growth in the digital media space, as well as the traditional segments like TV, radio and films, the global E&M industry will grow at a compound annual rate of 6.4 per cent to $2 trillion in the same period, the study adds.

While identifying Asia-Pacific as the fastest-growing region, PwC said the rapid growth in this region would be led by India and China.

"India will be the fastest growing country over the next five years at 18.5 per cent Compound Annual Growth Rate (CAGR) while China will continue to record a double-digit annual gain that will average 16.8 per cent CAGR," it said.

The global outlook projects Indian E&M industry revenue at Rs 120,871 crore in 2011, against Rs 51,715 crore in 2006, PwC Executive Director Timmy S Kandhari said.

Internet advertising is expected to emerge as the fastest growing segment over the next five years, driven by a growing number of internet users, Kandhari said.

The average spending in Asia Pacific would be at 9.6 per cent, the fastest for any region, moving up to $470 billion in 2011 from $297 billion in 2006. Interestingly, the report noted that the US, the largest market in the world, would grow at the slowest pace.

"The US remains the largest but slowest growing market at 5.3 per cent CAGR to $754 billion by 2011,"Kandhari said.

Led by India and China, E&M spending in BRIC would grow at double-digit annual rates and would account for 24 per cent of global E&M growth.

Spending in the BRIC countries would rise to $251.1 billion in 2011, from $127 billion in 2006 and the growth rate would be nearly three times the projected 5.5 per cent CAGR for the rest of the world, the report added.