New Delhi [India], Oct.25 (ANI
): The latest CII and Boston Consulting Group (BCG) report suggests that the media and entertainment industry has opportunity to grow five to six times over the next decade with the right vectors of growth and ecosystem interventions in place.
"Television is by far the largest component of the industry, and has grown steadily at 11 percent annually over the past year, the print section which is on a decline on global markets is showing positive growth in Indian context due to a steady increase in literacy and regional growth," says the report of CII BCG accessed by ANI
The report also says that print circulation in Hindi and vernacular languages has grown by six percent over the past years with regional publications proving to be the most substantial drivers of this growth.
The report on media and entertainment industry, launched by Union Information and Broadcasting Minister Venkaiah Naidu in New Delhi, is even embracing disruption to stay competitive.
CII BCG report suggests, "The digital medium has the wherewithal to change the game for industry. The per capita consumption of traditional media continuous to grow at three percent however digital consumption has expanded at a much more exponential pace clocking up to 15 percent annually."
"Indian media and entertainment industry represents an opportunity for five to six times of the growth over the next 10 years. Report also points India still lagging behind many developed and developing countries," it further says, adding, "India's current per capita media consumption is only half that of Brazil and the USA and bridging this divide can unlock exponential growth. Unlocking this latent consumption power can create new value of the industry."
The report has also suggested how three key opportunities will be drivers of consumption growth over the coming five to seven years tapping the rural in connected consumer, capturing an explosion for strategically segmented audiences.
TV impressions in China are twenty times the cost of TV impressions in India while print impressions are four times higher. While the media and entertainment industry in India sees better price points on the digital video medium and is almost double its Chinese counterpart, it continues to lag behind in other forms of digital media such as display advertising. CII BCG report
says that if these gaps are successfully bridged India can increase digital advertising to two to three times of the current revenue levels with relative ease.
Industry ecosystem too needs to be reflective of both growth in the audience reached as well as the quality of engagement and is necessary to refine these across all sectors of the media industry to truly benefit from increasing consumption.
Collaboration, convergence and co ordination across stakeholders will thus be the key pillars driving exponential growth and expansion in the Indian media
and entertainment industry