Indian media, entertainment industry to grow 3-4 times in 7 years: Report
New Delhi, Oct 24 (IANS) Driven by digital media and increasingly connected rural consumers, the Indian media and entertainment industry has the potential to grow three to four times over the next seven years, a report said on Monday.
The report by the Confederation of Indian Industry (CII) and global business consulting firm BCG seeks to foresee the future of the Indian media and entertainment industry and plan a roadmap for it to achieve its $100 billion vision.
Excerpts of the report were released here on Monday.
The full report will be released by CII-BCG on Tuesday at the 5th edition of the CII Big Picture Summit here.
“With smartphones and mobile data becoming affordable, it is estimated that the number of connected rural consumers will increase from about 120 million in 2015 to almost 315 million in 2020, leaping over 30 per cent year-on-year. Rural consumption in recent times has been growing at a faster pace than urban consumption patterns,” said Chandrajit Banerjee, Confederation of Indian Industry Director General.
“This is because of pent-up demand and the willingness of rural consumers to trade-up to latest technologies such as high-definition TV channels and 4G mobile devices. With the exception of radio, media penetration in rural areas is currently 30 per cent (TV) to 60 per cent (Internet). This is much lower than urban centres and represents a significant scope for future growth,” he added.
“Digital consumption of media represents a large database of consumption patterns, viewing habits and consumer content preferences. Leveraging this data intelligently can help content creators customise new content to consumer tastes and preferences to create targeted hits and subsequent success,” said Kanchan Samtani, Partner and Managing Director, BCG, India.