Entertainment Media In India Will Be Worth $55 Billion In Next Four Years
A latest report surrounding the entertainment industry in India by Pricewaterhouse-Coopers states that the entertainment and media industry will grow at 0.1 per cent and will be worth $55 billion by 2024.
The PwC Global Entertainment and Media Outlook 2020-2024 predicted that a K-shaped recovery will take place in the industry after the coronavirus pandemic and stated that the upward curve will be lead by strong OTT platforms, internet, adverstising, video games, music and podcast sections.
“OTT video in India is expected to see the largest gain and reach 5.2% by 2024, closely followed by internet advertising, the report stated. It also added that the cinema revenue in the nation will contract at -2.6% to $1.5 billion over the next five years.
The pandemic has accelerated ongoing shifts in consumers’ behaviour pulling forward digital disruption and reaching industry tipping points that wouldn’t otherwise have been reached in the next few years. Our research shows that India will be the fastest growing entertainment and media market globally in terms of pure consumer revenue, says Rajib Basu from PwC India.
The report also stated that the companies must build direct-to-consumer relationships and should make use of right technology. The report sees the OTT space as the key driver of growth and revenue overtaking South Korea, Germany and Australia to become the sixth-largest OTT market by 2024.
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