Entertainment industry will be worth $23.9 billion, sez report

India’s 587 billion rupee ($12.9 billion) media and entertainment industry is projected to almost double to $23.9 billion by 2014, according to a report released by the Federation of Indian Chambers of Commerce & Industry and research company KPMG Tuesday.

The film industry shrank 14% in 2009 to $1.9 billion due to a combination of the recession, a producer-multiplex stand-off that nixed new film openings for weeks, box office failures and inroads made by the massive popularity of the Indian Premier League cricket tournament. However, that is projected to grow 9% annually to reach $3 billion by 2014.

The TV industry, currently valued at $5.6 billion, is expected to touch $11.4 billion by 2014. The animation and vfx sector is projected to grow 18.7% annually to reach $1 billion by 2014.

The fastest growing area is likely to be gaming. It was up 22% in 2009 over 2008 and is on track for a 32% hike to reach $702.3 million by 2014.

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