India is looking at an opportunity of billion screens and the average viewing time set to increase by 15 minutes in next two to three years.
The media and entertainment (M&E) industry could convincingly say "Apna time aayega" this year, thanks to its strong growth to reach a value of Rs 1,67,000 crore in 2018. This value could reach Rs 1,80,000 crore in 2019, according to a report which was released at the FICCI Frames 2019 in Mumbai.
The various segments of the industry - films, television, over the top platforms (OTTs), radio, music, print, sports and advertisement - maintained a healthy rate of growth and performed as per expectations in the past year. The digital space in particular seems to have an explosion in growth on its cards.
Panel discussions at the M&E convention spoke of how digital streaming will grow at a fast pace and are providing a bigger platform for talent and producers.
Subscriptions for OTTs are increasing as more people begin to see the advantages of choosing their own content. Online payment wallets help these streaming services with its robust bandwidth of payment gateways.
Websites like Netflix and Amazon Prime Video are also partnering with telcos and e-commerce companies, so that the latter can keep their customers happy.
India is looking at an opportunity of billion screens, with the average viewing time to increase by 15 minutes in the next two to three years.
This means a greater opportunity for the advertising market which has tripled. In 2017, advertising revenues stood at Rs 66,800 crore. Last year it was Rs 75,300 crore thanks to the dramatic change in the media scene in India.
“The consumption pattern has changed and tech has redefined our working day. New norms are getting established everyday,” said Sam Balsara, Chairman, Madison World at the event.
He added that growth in the advertising space has come on the back of digital. Even television has seen more than 3,000 new advertisers in the last decade.
Mr Balsara also pointed out that the top five advertisers accounted for 43 percent of total advertising expenditure in 2009, which come down to 34 percent in 2018. The number will further reduce to 25 percent in next two to three years.
Even small and medium enterprises (SMEs) which typically advertise in yellow pages, local print or out of home and radio in limited numbers, have now diverted a significant chunk of their spending to digital platforms.During the three-day convention, the members of the M&E expressed their confidence that India’s thirst for knowledge and escapism will ensure that the products of the industry remains a necessity.