Media, entertainment to be worth $28.3 bil
The value of India’s media and entertainment biz is projected to double in size by 2015.The biz is worth $14.5 billion a year now and will rise by 14% a year to $28.3 billion in four years, according to a report published by the Federation of Indian Chambers of Commerce and Industry, and research company KPMG. The film industry took a hit last year, shrinking to $1.84 billion from 2009’s $1.9 billion. This was due to a combination of big-budget box office duds and the absence of major releases in April and May during the Indian Premier League cricket tournament. However, the film biz is expected to grow to $2.93 billion by 2015. Advertising spend grew 17% in 2010 to reach $5.8 billion. Fueled by advertising and subscription revenues and a growth in satellite subscribers to 28 million, the TV biz as a whole grew 15.5% and is expected to touch $14 billion by 2015, with the number of TV households reaching 156 million. Digital music, radio, gaming, animation, VFX and digital advertising are expected to be the main growth drivers. The print industry, in decline almost everywhere else, is projected to grow 10% to $6.9 billion in 2015, due to rising literacy levels.