Updated: Mar 17, 2019 11:06 IST
New Delhi [India], Mar 17 (ANI): New-age digital media and online gaming are the fastest growth drivers for Indian media and entertainment industry which is fast approaching an inflexion point in wireless broadband connectivity and infrastructure, according to a new report by consulting major Ernst & Young and industry body FICCI.
With one in eight internet users globally being an Indian, digital media with new content genres targeted for well-defined audience segments is galloping at a compound annual growth rate (CAGR) of 28 per cent and will overtake filmed entertainment this year, said the report titled ‘A Billion Screens of Opportunity.’
The volume of the film entertainment industry in 2017 was Rs 15,600 crore and moved up to Rs 17,500 crore in 2018, marking a growth of 12.2 per cent. It is forecast to clock revenues of Rs 19,400 crore in 2019 and Rs 23,600 crore in 2021 with a CAGR of 10.6 per cent.
On the other hand, digital media was worth Rs 11,900 crore in 2017 and grew to Rs 16,900 crore in 2018, clocking 41.9 per cent growth. It is forecast to reach a level of Rs 22,300 crore in 2019 and Rs 35,400 crore in 2021 with a CAGR of 28 per cent, said the report.
As the online population grows from 44.6 crore in 2017 to 84 crore in 2022, Indians are likely to consume 12 exabytes (EB) of video content per month by 2022, up from 1.2 EB in 2017. One EB equals about 8.6 billion gigabytes GB).
Nearly 68 per cent of 220 crore networked devices will be mobile connected in the next three years. Smartphones will account for 39 per cent (829 million) of all networked devices.
At the same time, the country has more than 250 game development companies and ranks among the top five markets globally based on the number of users for online and mobile gaming.
“This provides India with the opportunity to become a key game development centre of the world which can generate two billion dollars (about Rs 14,000 crore) by 2021,” said the report adding that gaming companies are increasingly investing in cutting-edge technologies like virtual reality, augmented reality, artificial intelligence and blockchain.
The online gaming industry grew from Rs 3,000 crore in 2017 to Rs 4,900 crore in 2018, marking a growth of 59.4 per cent.
It is set to clock a CAGR of 35.4 per cent and reach a volume of Rs 6,800 crore this year and Rs 12,000 crore in 2021.
While television retains pole position with revenues of Rs 74,000 crore in 2018, forecast of Rs 81,500 crore in 2019 and Rs 95,500 crore in 2021, print media is expected to clock 3.4 per cent CAGR: Rs 30,600 crore last year to Rs 31,700 crore in 2019 and Rs 33,800 crore in 2021. (ANI)