The Media and Entertainment Industry has consistently been one of the significant contributors to the Indian Economy in the recent years, aiding it to tide over quite a few economic crises in the wake of Recession. In this article we are going to discuss in detail the present scenario of this industry, its future prospects and the employment opportunities presented by it.
Media and Entertainment Industry—Present Scenario
The vast industry covering major segments like Television, Print, Music, Films, Animation and VFX, Radio, Digital Advertising is approximately worth INR 800 billion (recently projected figures). Let us see how each of them has fared in the recent past.
Films: With its worth pitched at around INR 93 billion in the year 2011, the staggering figures continued to roll in the year 2012 with some major grossers at the box office. While the Bollywood or the Hindi film industry remained one of the key earners with back to back big releases and successes with a few of them joining the much coveted “100 crore club”, the regional films continued with the promise of better showing in the future. Overall the year 2012, as the last quarter reaches its fag end looks to be quite a good year in terms of business.
Television: The industry worth INR 329 billion (2011) and a rough 60% penetration in the Indian household is expected to touch figures of 15 billion dollars by 2017 according to the findings of a Media Partners Asia (Hong Kong) report. Recent years have seen fierce competition between prime TV channels Zee and Star in terms of ranking with the former remaining the highest revenue earner, and the latter growing in its competitiveness. While Network18 proved to be an emerging threat for big players, Sun has witnessed plummeting rankings.
Print: The reduction in advertising expenses has affected the growth prospects of this industry; however it registered figures of INR 209 billion in 2011 with a modest growth rate of 8.3 percent from 2010.
The Animation and VFX industry registered an astounding growth rate of 31 percent in the year 2011 (touching figures of INR 31 billion), while the music and radio industries also turned out to be modest earners.
Reasons behind success and challenges
The aforementioned figures must have given you an idea that none of the segments in the Media and Entertainment Industry of India had either suffered major or marginal losses in the year 2011. With the year 2012 still to end, the recent times can be regarded as overall profitable for this industry. Let’s find out the reasons behind this success:
The success of the Indian film industry, not only in 2011-’12 but over the years can be attributed to its ability to produce and distribute local films, thus resisting the thrust of Hollywood movies. The audience for the consumption for these local films is huge as well and as a result most of the revenues are generated by these films only. Only South Korea and China can compete with India in producing, distributing and consuming local movies.
The success of the television and music segments can be attributed to the launch of diverse content and digital platforms respectively.
Nonetheless it must be mentioned that though the new players in the game – Gaming, Animation and VFX made huge profits, the old segments like music was still seen registering humble figures with piracy mainly ruining chances of higher profits
Employment- top companies to work with in the industry
- Tips Industries
- Balaji Telefilms
- Zee News
- Reliance Media
- Cinemax India
- Cyber Media
- Pritish Nandy
- Deccan Chronicle
- Mukta Arts
Future Estimates of Media and Entertainment Industry in India
- Increased impact of PC, smart phone, tablets as non traditional media usages on news, radio, television etc
- Growth in digital consumption
- The television industry to touch figures of INR 735 billion in 2016
- Digital advertising to grow at a CAGR of 30% up till 2016
- Film industry to attain a total worth of INR 150 billion by 2016
*Information regarding present statistics and projected growth has been sourced from kpmg.com, Business Standard and moneycontrol.com.