Media & entertainment industry pegged at Rs 4.5 trillion by 2023

Media & entertainment industry
According to PwC Media and Entertainment (M&E) Outlook 2018-23 released by the research firm on Thursday, the Indian M&E sector is poised to grow at a compound annual growth rate (CAGR) of 11.28 per cent over the next five years, and reach Rs 4.51 trillion by 2023. 

This is significantly higher than the global M&E revenue growth projected at 4.3 per cent for the same period. While new media platforms such as over-the-top (OTT) video and internet advertising are expected to lead the growth, traditional platforms such as TV and print continue to show growth.

OTT video: India's OTT video market will grow at a 21.8% CAGR from Rs 4,464 crore in 2018 to Rs 11, 976 crore in 2023 with subscription video on demand set to increase at 23.3% CAGR. India's OTT video market is expected to overtake that of South Korea to become the eighth-biggest market in the world by 2023

Internet advertising: Total Internet advertising revenue for India in 2018 was Rs 8, 150 crore, a 40.2 per cent year-on-year increase from 2017. The ICC World Cup and elections in 2019 are expected to boost advertising spends in 2019. Internet advertising is forecast to be worth Rs 18, 445 crore in 2023

E-sports: While outside sponsorship remains lower than global markets, India's e-sports sector is set to increase at a 36.8 per cent CAGR at the end of the forecast period 

Music: India's music, radio, and podcasts market was worth Rs 5,753 crore in 2018, up from Rs 3, 890 crore in 2014. With streaming services germinating, total music revenue is forecast to hit Rs 10,858 crore in 2023, rising at a 13.5 per cent CAGR

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