India Film and TV Slow in 2016, but Forecast to Recover, Says KPMG

India Film and TV Slow in
Courtesy of Disney India

The Indian film industry had a dismal year, growing just 3% in 2016 according to an annual media and entertainment industry report by KPMG.

The accounting firm published its annual assessment on the first morning of the three-day FICCI-Frames conference (Mar. 21-23) in Mumbai.

In a paradoxical year when Disney India decided to close its film production division, yet racked up record numbers on its production “Dangal,” the movie industry expanded slightly from $2.12 billion to $2.18 billion. The report predicts a growth of 7.7% per annum to reach $3.1 billion by 2021.

The fast-growing television industry also stuttered in 2016 due to lower subscription revenues and challenges from digital platforms. It grew 8.5% from 2015’s $8.3 billion to $9 billion in 2016. Growth is predicted at 15% over the next five years with advertising, subscription and domestic consumption all expanding.

The digital advertising sector continues to be the fastest growing sector with revenues rising 28% from $920.4 million in 2015 to $1.17 billion in 2016. Forward growth is predicted at 31%.

The animation and VFX sector is another strong growth area, with 2016 revenues rising to $911 million in 2016, and growth forecast at 17%. Similarly, gaming touched $472 million in 2016, with predicted growth 18%. Music was worth some $187 million in 2016, with growth prospects at 16%.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading