Media and entertainment industry in India is forecast to touch Rs 917 billion in 2013 with a growth rate of 11.8% and estimated to touch Rs 1661 billion by 2017, according to a new report.
The industry clocked Rs 728 billion in 2011 to Rs 820 billion in 2012, registering an overall growth rate of 12.6%, according to a report by trade body Federation of Indian Chambers of Commerce and Industry and global advisory and consultancy firm, KPMG.
Hoping to overcome the sluggish conditions of the past year, the industry is aiming to cash in on impetus introduced by digitization, continued growth of regional media, upcoming elections, continued strength in the film sector and fast increasing new media businesses among other contributing factors.
The report states that Radio is anticipated to see a spurt in growth at a CAGR of 16.6% in the 12th Plan period (2012-17), post the rollout of Phase 3 licensing. The report pointed out that total advertising spend across media was Rs 327.4 billion in 2012 but advertising declined 4% as it grew only 9% (2012) as against 13% (2012) 17% (2010). Print advertising continues to be the largest beneficiary with a total advertising share of 46% of the advertising pie at Rs 150 billion, the report said.