The media and entertainment (M&E) industry of India has witnessed tremendous success in the last few years, growing at compound annual growth rate of 14%. Emergence of internet has influenced a boom in the M&E industry as the majority of the population is below the age of 35 which comprises of tech-savvy young people seeking high standard of living. The increase in average household incomes, digitalization, government initiatives and subsidies, increased consumer demand, Foreign Direct Investment in M&E, developing infrastructure, etc. are the key triggers for stimulating exponential growth in this sector.
The media and entertainment industry is divided into 9 segments:
Indian Television industry is one of the fastest growing entertainment industries throughout Asia. The total number of TV channels has gone up to 832 which includes 429 non-news channels and 403 news and current affair channels. The figures are expecting more growth in the future as the government has allowed 100% FDI in DTH satellite and cable network while it’s 49% in news channels. The industry is joining hands with other countries to attain growth in technical, creative, artistic and financial terms. Giant TV corporates like Zee, Viacom, Sony, Star, etc. are leading the industry at a global level.
The Print media industry of India is the pioneer industry in media sector since 1780. A huge amount of newspapers and magazines are published in Hindi, English as well as regional languages. Being the second largest market of newspapers, India’s diversity is key-factor behind boosting the print sector. One of the bestselling newspapers and magazines of the world are from India. The regional newspapers have exceeded their outreach creating immense competitive edge internationally. FDI is creating a boom in the industry as it allows 26% in newspapers, periodicals and Indian edition of foreign magazines while 100% in scientific and technical journals.
Indian film industry commonly known as Bollywood, has set a benchmark at a global level being one of the greatest money-spinner industry. The popularity of Bollywood stars is the best proof of it. Apart from Hindi cinema, the regional cinemas of India has also grown on a large scale. After tobacco and alcohol industry, film industry is the most taxed sector. Bollywood is expecting it to decrease with the emergence of GST. The current scenario of Indian film industry is experiencing corporatization and rapid technological developments while the government initiatives and policies are working on growing it at a faster pace.
After the emergence of All India Radio (AIR), Radio became the ultimate entertainer of the nation until television didn’t strike. In the 90s, radio industry witnessed a boom due to private sectors engaging in media and foundation of commercial FM Radio channels took place. Currently, there are more than 10 national radio channels collaborated with regional channels as well. Being the most intimate and socially personal medium, Radio industry is dynamically progressing in terms of entertainment and advertising.
- Digital Advertising
Internet has changed the human lifestyle and 21st century has witnessed the significant dependency on it. From computers to mobile phones, digitalization has transformed the universal perspective of science and technology. India has 500 million mobile users out of which 200 million users have access to the internet. The number of internet users are expected to increase in the future due to emergence of 4G VolTE. The digital advertising industry of India is growing tremendously attracting global markets.
Indian Music Industry is a well-established economy and it’s also considered as a money-spinner business. Apart from live concerts and events, music industry is indulged in music production for films, music albums and digital entertainment as well. The popularity of Indian music has crossed the borders and its increasing demand has reached global level which can be easily analysed through current music charts. The music industry of India contributes a significant role in development of M&E industry in terms of economy.
- Out-Of-Home Advertising
Outdoor advertising in India has witnessed exponential growth in recent times. With the emergence of FDI and big brands in India, the demand for Out-Of-Home advertising is increasing. OOH advertising mainly targets the urban population of the country and many Indian organisations are making a fortune out of it.
- Animation & Gaming
Animation & Gaming industry of India is currently developing to reach its global significance. While the international players in the industry are growing faster, India has managed to stay in the competition with animated films, visual effects in films, animation in digital entertainment and gaming as well. The future of this sector is ensured as the government is promoting animation and visual effects education amongst the youth.
The Indian Media and Entertainment industry possess lots of challenges and opportunities with increasing public interest and innovations. One of the best creative and artistic minds are behind the curtain of Indian M&E industry in order to bring a disciplined approach and professionalism. India is recognised as a well-developed country when it comes to media and entertainment.