Media is consumed by audiences across demographics and various avenues such as television, films, out-of-home (OOH), radio, animation, and visual effect (VFX), music, gaming, digital advertising, live events, filmed entertainment, and print.
India’s Media & Entertainment industry is expected to reach $30.9 bn by 2024. Smart connected TVs increased by 10 mn in 2021 and are expected to exceed 40 mn by 2025. The digital media segment grew 29% to reach $5.2 bn in 2021.Online gaming grew 28% in 2021 to reach $1.2 bn and is expected to reach $1.9 bn by 2024.
The filmed entertainment segment grew 28% in 2021. 757 films were released, with over 100 films releasing directly on streaming platforms. The Animation & VFX segment grew 103% in 2021 to reach $1 bn and is expected to attain $2.2 bn by 2024.
Up to 100% FDI allowed in Teleports, DTH, Multi-System Operator, cable networks in DAS areas, mobile TV, Headend-in-the-Sky Broadcasting Services. 100% FDI is allowed in Publishing/ Printing of scientific and Technical magazines/ Speciality journals/ Periodicals under the government route. India is spending 80% of its time on mobile phone apps on media and entertainment. India’s Media & Entertainment industry is expected to grow to $55-70 Bn by 2030 at 10-12% CAGR, led by OTT, Gaming, Animation and VFX.
Demand for regional content consumption is on the rise. The share of regional content in TV and OTT consumption is expected to reach 60% and 50% respectively by 2025. Video viewers have increased to 497 mn, i.e., around 94% of smartphone owners and wired broadband subscribers.
At 1.5 bn hours, Indians spent amongst the most time on online sports in the world, around a third of global time spent on sports apps. Animation segment saw huge demand from OTT platforms and kids channels.
Government Initiatives
The Government of India has taken various initiatives such as digitizing the cable distribution sector to attract greater institutional funding, increasing the FDI limit from 74% to 100% in cable and direct-to-home (DTH) satellite platforms, and granting industry status to the film industry for easy access to institutional finance.
Film Facilitation Office (FFO) set up by the Ministry of Information & Broadcasting, Government of India, acts as a single window clearance and facilitation point for producers and production companies with a view to assist them in getting requisite filming permissions.
The merger of Film Media Units in December 2020 by the Ministry of Information and Broadcasting under one corporation will lead to convergence of activities and resources and better coordination, thereby ensuring synergy and efficiency in achieving the mandate of each media unit.
In September 2020, the Government of India announced its plans to develop an Animation, Visual Effects, Gaming and Comic (AVGC) Centre for Excellence in collaboration with IIT Bombay.