The media and entertainment (M&E) industry in India saw a remarkable growth of 19.9% (approximately 20%) in 2022, surpassing pre-Covid levels and crossing the US$ 24 billion (Rs. 2 trillion) mark. According to the ‘Windows of Opportunity: India’s M&E Sector Maximizing Across Segments’ report, launched at the FICCI Frames event in Mumbai, the sector has been expanding at a compound annual growth rate (CAGR) of 10.5% and is expected to reach US$ 35 billion (Rs. 2.83 trillion) by 2025. Mr. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), stated that the M&E sector is set to become one of the largest in the world by 2030, when India becomes the third-largest economy.
The report also revealed that the advertising revenue for the media and entertainment sector exceeded US$ 12 billion (Rs. 1 trillion) in 2022, with digital advertising accounting for the largest share. Digital advertising accounted for 48% of all ad income, which is higher than TV's portion of 30% and print's share of 16%. The traditional media also saw an increase in revenue in 2022. Animation, visual effects, and graphics were identified as areas with immense potential in the M&E sector. The expansion of digital media has been facilitated by smartphone usage, low-cost data, and even distant locations' access to the internet.
The media and entertainment industry in India has grown at a staggering 19.9% (approximately 20%) in 2022, surpassing pre-Covid levels and crossing the US$ 24 billion (Rs. 2 trillion) mark. This growth is attributed to the industry's expansion into various segments and the introduction of new technologies, which have helped to keep the sector thriving.
News Conclusion:
The media and entertainment industry in India has demonstrated remarkable growth, surpassing pre-Covid levels and crossing the US$ 24 billion (Rs. 2 trillion) mark in 2022. The sector's expansion is being driven by various factors such as the growth of digital media, low-cost data, and increased smartphone usage. Furthermore, animation, visual effects, and graphics have been identified as areas with immense potential. With a compound annual growth rate of 10.5%, the M&E sector is expected to reach US$ 35 billion (Rs. 2.83 trillion) by 2025, making it one of the largest industries in the world by 2030.
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