A recent study on media and entertainment industry by auditing firm PricewaterhouseCoopers or PWC and voice of India's business industry FICCI, reveals that India's media and entertainment sector is on a high growth trajectory and it would continue to grow by leaps and bounds, going forward.
The Indian entertainment and media industry showed strong growth in the last one year with revenues increasing from about Rs 805 billion in 2011 to Rs 965 billion in 2012. This amounts to growth of 20% on a year-on-year (y-o-y) basis. This growth was attained despite slowdown in the economy, reinforcing the recession-proof nature of the entertainment industry.
Among the various segments, India's television market has shown strong growth. Revenues from the television segment have increased to Rs 383 billion in 2012 from Rs 340 billion in 2011, showing a growth of about 13% on a y-o-y basis. Besides television segment, the filmed entertainment segment also showed exceptional growth of 17% to Rs 112 billion in 2012 on a y-o-y basis.
The research report says, "Digitisation has been a significant driver for the growth of both these sectors. In the television market, rising adoption of digital platforms such as DTH and digital cable is helping usher in a new wave of transparency and consumer choice leading to higher sector revenues."
Television
Rising pay TV penetration will propel the growth of the Indian television market over the next few years. Going forward, India's pay TV market is expected to see sustained increase in subscriber base. Rising TV penetration among households and pay TV penetration among TV-owning households will be major factors driving growth.
It is noteworthy that TV penetration in India is in the range of 55% to 60% in comparison with over 90% in the developed markets. This means there is a lot of scope for growth.
Over the next few years, India's currently dominant cable industry is likely to grow at a relatively slower pace with the total cable TV subscribers reaching about 84 million in 2017 due to rapid digitisation.
The DTH industry is expected to reach around 90 million subscribers by the year 2017. With cable digitisation, the average revenue per user of pay TV is expected to increase. It will be the case of paying for quality service.
India's print industry is expected to grow robustly over the next few years. Unlike its global peers, India's print industry is not expected to decline over the next few years and is likely to continue growing strongly, benefiting from rising literacy and income levels across the country.
Total industry revenues are expected to increase at over 9% CAGR to reach Rs 331 billion in 2017 from Rs 212 billion in 2012. In spite of being a significantly larger segment, newspaper publishing revenues are likely to grow at almost 10% CAGR from Rs 197 billion in 2012 to Rs 312 billion in 2017.
Film Industry
Favourable demographics, widespread acceptance and expansion of multiplexes and digital distribution are likely to lead to robust growth in domestic box-office collections.
The Indian film industry is expected to grow robustly at about 12% CAGR over 2012-2017 to increase from Rs 112 billion in 2012 to almost Rs 200 billion in 2017.
This growth will be driven primarily by domestic box office collections, expected to increase at a CAGR of about 12% over 2012-2017 to reach Rs 148 billion in 2017 from Rs 83 billion in 2012.
Large content owners such as Eros Entertainment, Shemaroo, etc have launched their own websites and apps or have tied up with online aggregators such as YouTube, etc.
The report informs that YouTube has already started offering paid movie ownership and rental schemes for Indian as well as foreign films to Indian consumers.
Source: Nirmal Bang's Beyond Market
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