New Delhi: The Indian media and entertainment (M&E) sector is expected to grow by 25 per cent in 2021 and is expected to reach Rs 1.73 lakh crore ($23.7 billion), according to a FICCI-EY report.
Titled 'Playing by new rules', the report said that with its current trajectory, the M&E sector in India is expected to reach Rs 2.23 lakh crore ($30.6 billion) by 2023 at a CAGR of 17 per cent.
In 2020 while the television continued to remain the largest segment, digital media has overtaken print, and online gaming has overtaken a disrupted filmed entertainment segment. The Indian media and entertainment sector has de-grown by 24 per cent to Rs 1.38 trillion ($19 billion) in 2020.
Digital media and online gaming were the only segments that grew in 2020 adding an aggregate of Rs 2,600 crore. Other segments have de-grown by an aggregate of Rs 46,700 billion.
Dilip Chenoy, Secretary General FICCI, said that though the media and entertainment sector has been largely impacted by the pandemic, the positive news is that the digital subscription has grown by 49 per cent and the online gaming industry has grown by 18 percent. He further mentioned that different sectors of the media and entertainment industry will take different time to recover and this makes the report more crucial.
Ashish Pherwani, Partner and Media & Entertainment Leader, EY India, said the M&E sector witnessed a shift in demand patterns as consumers actively sought alternatives and had the time to try new things.