India’s creative industries sector, comprising television, film, OTT and related industries had an overall market size of $23.9 billion in 2018 and is projected to grow 12% to reach $33.6 billion by 2021. That is according to the annual EY report released during the Frames conference in Mumbai, organized by the Federation of Indian Chambers of Commerce and Industry.
Television continues to be the largest sector, valued at $10.6 billion, according to EY. The number of Indian television households increased to 197 million and 77% of viewing time was on general entertainment and film channels. Due to the upcoming general elections and the cricket world cup this year, television is projected to grow further. It is estimated to be worth $13.7 billion by 2021.
While India’s print market defies the global downturn, digital news consumption grew 26%, boosted by India’s Internet subscriptions rising to 570 million.
Feature film grew 12% to reach $2.5 billion in 2018, driven by an increase in digital rights and overseas theatrical revenues. China remaining the single largest international market for Indian cinema. The number of Hollywood releases in India fell from 105 to 98, and their combined box office revenues, including Indian-language dubbed versions, were $132 million.
EY describes 2018 as the birth of the digital only market, with a proliferation of OTT platforms. Digital subscriptions saw 262% growth, delivering subscription revenues of $200 million. This was mainly due to telecom majors bundling content with their data plans. Examples in 2018 include Airtel’s offer of Netflix free for three months to its subscribers, and Amazon Prime Video free for a year.