LONDON – India’s 820 billion rupee ($15 billion) media and entertainment industry is projected to double to $30.4 billion by 2017, according to the annual trade report released by research company KPMG and the Federation of Indian Chambers of Commerce and Industry.
Overall growth from 2012 was 12.6%. As in past years, future growth will be driven by TV which is set to expand 18% to reach $15.5 billion in 2017, and by the new media, animation and vfx sectors.
The hitherto slow-growing film sector showed the biggest numbers in 2012 on the back of stronger content and digitization. It climbed 21%, compared with 2011’s 11.5% to top $2 billion. Some 77% of screens are now digital, with the report forecasting close to 100% take up by 2015.
Music grew 18.1% to reach $194 million. Advertising continued to decline, but was still up 9% compared with 2011’s 13%.
India also ended a selection drought at Cannes with four films, “Gangs of Wasseypur” parts 1 and 2, “Peddlers” and “Miss Lovely,” playing in different sections of the festival.
Jehil Thakkar, KPMG’s head of media and entertainment in India, said: “The advertising environment went through one of the toughest years in the last decade. However, the implementation of digitization, the stellar performance of the film industry, backed by excellent content and digital distribution, the continued growth in regional print and the momentum in new media have all finally provided the needed platform to boost the industry.”