Entertainment sector: ‘Entertainment and media in India will be worth $55 billion by 2024’ | India Business News

NEW DELHI: A report on growth prospects for the media and entertainment industry by Pricewaterhouse-Coopers indicates that India’s entertainment and media segments will grow by 10.1% and reach $55 billion by 2024.
The PwC Global Entertainment and Media Outlook 2020-2024 predicted a bifurcated K-shaped recovery for the sector following the coronavirus pandemic and said the upward curve would be driven by strong growth in OTT platforms, advertising on the Internet, videos, games and e-sports segment, music and podcasts. He also said that digital revenues, globally, are expected to contribute 60% of total entertainment and media revenues by 2020.
“OTT video in India is expected to see the largest gain and reach 5.2% by 2024, closely followed by Internet advertising,” the report said, adding that while India would remain the largest market in cinema in the world in terms of admission, cinema revenues in the country will contract by -2.6% to 1.5 billion over the next five years.
“The pandemic has accelerated ongoing changes in consumer behavior, driving digital disruption and reaching industry tipping points that would otherwise not have been reached in the next few years. Our research shows that India will be the fastest growing entertainment and media market in the world in terms of pure consumer revenue,” said Rajib Basu, Partner and Leader, Entertainment and Media, PwC India.
PwC’s outlook also indicates that companies need to build and maintain direct relationships with consumers, provide enough differentiation or scale to compete, and unlock greater value using the right technologies.
In the post-pandemic world, India holds the greatest potential of any market globally in the OTT video segment and its growth rate is expected to see total OTT video revenue overtake South Korea, l ‘Germany and Australia to become the sixth. largest market in 2024, according to the report.
look Entertainment and media in India will be worth $55 billion by 2024, says PwC report