MUMBAI — The Indian film industry’s revenues grew by just 0.9 % from 2013 to 2014, according to the annual media industry report compiled by consulting firm KPMG.
The report is published with the Federation of Indian Chambers of Commerce and Industry. It was released at the FICCI-Frames convention in Mumbai.
Theatrical and ancillary revenues for the film industry rose marginally from $2 billion to $2.02 billion as opposed to the projected $2.21 billion in the 2014 report. This was mainly due to weak box office returns.
The film industry was saved from a revenue drop only by the Christmas 2014 release of “P.K.” that grossed more than $100 million worldwide. KPMG is projecting 2015 revenues at a modest $2.18 billion.
(Recent data from the Motion Picture Association put 2014 theatrical revenues in India at $1.7 billion. The comparable figure for 2013 was $1.5 billion, implying theatrical growth of some 13% in 2014.)
Films aside, the overall entertainment industry picture is rosier. The Indian media and entertainment industry grew 12% to $16.5 billion and is expected to cross $18.5 billion next year.
Television grew 14% to $7.6 billion and is projected to reach $8.7 billion in 2015.
Animation and VFX grew 13% to $720 million and are projected to reach $817 million next year.
Gaming grew 22% to reach $376 million, with $441 million being next year’s projection.
The report also notes the rapid growth of India’s internet enabled smartphone sector, with numbers expected to touch 435 million devices by 2019.