Mumbai, Feb 27 (PTI) The entertainment industry in the country is projected to be more than USD 62.2 billion by FY2025, according to a report. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
“While strong economic fundamentals continue to drive growth, the Indian media sector is on the cusp of rapid transformation with digital media taking centre stage across all sub-sectors,” according to accounting, tax and advisory firm BDO’s report on the media industry ‘Mediatalk- The Future is bright in India’.It however did not mention the current size of the industry. Also Read - Zee5 Club Launched as a New Entry-Level Subscription Plan for Rs 365 a year
The report expects that over the next five years, digital technologies will increase their influence across the sector, leading to a sea-change in consumer behaviour across all segments. Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration
“As media organisations are looking to build out digital strategies, the economic and business models required to succeed in the digital landscapes are challenging and will need a significant shift in mind-set and approach,” it said.
Noting that India was a top target region for media acquisitions in 2017 and grew its deal share by 3 per cent, it said merger and acquisition deals in 2017 have ranged from USD 24 million to USD 120 million, which included the acquisition of 9X Media and INX Music by Zee Entertainment, SVG Media by Dentsu Aegis Network and Zapr Media Labs by Hotstar.
The majority of India’s urban consumption comes from non-metro cities and regional markets with distinct cultures, languages and content preferences, it found.
While observing that India is the largest producer of films in the world, it said the recent movie theatre revenue figures along with satellite deals across the country are disappointing. “The inconsistency of qualitative content is the primary reason for the poor performance of films,” it said.
This is published unedited from the PTI feed.