Ascending Towards Victory: The Media And Entertainment Industry
The strong growth and employment can come only on the back of enabling infrastructure and support of the government
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The Media and Entertainment industry stands at a net worth of 91,800 crores and has the potential to touch $100 billion by 2025. The industry stands accountable for more than 2 million jobs in India, and is likely to create many more employment opportunities in the coming future. The strong growth and employment can come only on the back of enabling infrastructure and support of the government and with "Make in India", it seems possible.
The coming decade might provide India the chance to emerge as a global Media and Entertainment Industry, looking at the current trends and growth in the sector. The contents and media players are all becoming universal and government's 'Make in India' and 'Digital India' campaigns are strongly positioned to exploit such trends.
Chandrajit Banerjee, General of the Confederation of Indian Industry, said next decade will see a consumption explosion with the rapid growth of digital media. India already has 250-300 million digital screens which include smart phones, tablets, laptops and PCs. The number is expected to multiply to 600 million screens by 2020 implying that every 2nd Indian will have personal media consumption device.
India has 3rd largest television viewership base after China and United States. The country has 168 million television households in 2014. The television penetration is 61% which will grow to 72% in 2017. Television gathers half of the media and entertainment industry and is expected to grow up to Rs 299 billion by 2019. The industry is expected to create 50,000 jobs by next year.
By producing more than 2200 feature films every year, India is one of the biggest film industries of the world in scale of number of movies made. Indian film industry employs more than 2 lakh people on permanent and temporary basis. To promote joint productions and co-productions, agreements have been signed by various countries. Film industry is expected to reach Rs 204 billion by 2019. Under 'Make in India' initiative government is planning to produce films for the international film festivals.
Newspapers and magazines are expected to drive Industry growth. Government is planning to promote regional print and local news through 'Make in India' campaign. Government has allowed 49% FDI under the automatic route, and up to 74% under the government route in the Media and Entertainment sector.
Big media players like Walt Disney, Bloomberg, Sony, BBC, Ogilvy and Mather investing in India's media and entertainment industry, employment chances in the sector will boom. With growth potential of 13-16% every year, the media and entertainment industry has the potential to emerge as a strong sector of economy and major service providers.