Dubai, Mar 21 (PTI) India’s animation and visual effects industry is now a back office of the world, making it the fastest growing sector this year with growth of around 57% , according to the FICCI-EY Media and Entertainment Report published here Monday.
The rise of the VFX segment further signals its double growth by 2024, which is expected to be around Rs 18,000 crore by 2024, according to the report.
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“Studios in India serving the sector number around 954, with 139 training universities producing around 185,000 artist hours. The number of trained artists is expected to increase to around 1 million over the next three to four coming years.”
On the finished content side, “The Great Indian Content Factory” is gaining audiences all over the world.
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According to the report, India produced around 156,000 hours of TV content last year, 2,500 hours of OTT content and 2,000 hours of movie content despite the lockdown. This figure is set to grow with the 2500 hours of OTT expected to reach around 4500 hours by 2026.
Not only that, this content also garners global accolades.
Twenty percent of Amazon Prime Indian Originals viewers are from outside India, while 11 of Netflix India Originals are in the top 10 list from 10 or more countries. Indian content on OTT has received more than 10 awards, according to FICCI-EY report.
Overall, times are bright for the Indian media and entertainment (M&E) sector as the industry in 2022 grew by around 16.4% to reach Rs 1.61 trillion.
After a 24% decline in 2020, the M&E sector is only 11% away from reaching pre-pandemic 2019 levels.
On the gaming side, India is one of the largest and fastest growing gaming markets in the world.
India has around 390 million gamers and it is growing rapidly.
According to the report, the media and entertainment industry is expected to grow by 17% in 2022 to reach Rs 1.89 trillion in 2022.
By 2024, the industry is expected to grow to approximately Rs 2.32 trillion growing at a compound annual growth rate (CAGR) of 13.1%.
Over the past two years, GDP growth has exceeded advertising growth.
This year, for the first time after two years, advertising growth is 25.4%. And the whole industry grew by 16.4%. The industry has seen lower growth than advertising as events and movie promotions during the pandemic have been on a smaller scale, the report said.
In absolute terms, digital media grew by around Rs 68 billion and established itself as the second largest segment, after VFX, in the media and entertainment industry.
The whole industry was up around 16% and TV and radio were the only ones at less than 16%.
India today has around 790 million internet connections, of which 25 million are wired broadband and 771 million are mobile broadband.
This leads to the increase in connectivity, which is now around 10 million, and it is expected to reach around 40 million. Mobile broadband connections lead to around 5 million smartphones and have a reach of around 467 online information and entertainment.
There will be 1.4 million Indian consumers and 1 billion smartphones, according to the report.
Even as the top of the pyramid grows in terms of OTT subscriptions and connected TVs, free-to-air TV households have also grown to around 43 million.
In 2021, only 12 million subscribers, out of a total of 890 million, were disconnected from the cable connection. About 300 million people consumed content through telecommunications and cable subscription.
In the esports segment, the country will have 1 million gamers by 2022 and around 100 brands supporting them.
A large portion of this industry’s revenue, around 70%, still comes from online fantasy games and real-money games.
This year, digital advertising has increased by around 29%. The “Search and Social”, that is to say Google and Facebook, monopolized approximately 69%.
E-commerce like Amazon and Flipkart, where people shop a lot, are getting aggressive with digital ads, with stats rising to 16%.
The report was launched at the India Pavilion as part of EXPO2020 Dubai in the presence of Apurva Chandra, Secretary, Ministry of Information and Broadcasting, Government of India; actor R Madhavan; Jyoti Deshpande, CEO, Viacom18 and Co-Chair, FICCI M&E; Sunjay Sudhir, Ambassador of India, UAE; Aravind Singh, Secretary, Tourism, Government of India; producer Bobby Bedi and Vikram Sahay, Joint Secretary, Ministry of Information and Broadcasting, Government of India.
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