‘Entertainment, media in India are going to be worth $55 billion by 2024’

A report on the prospects of growth within the media and show business by Pricewaterhouse-Coopers said Indian entertainment and media segments will grow at 10.1% and would be worth $55 billion by 2024.

The PwC Global Entertainment and Media Outlook 2020-2024 predicted a K-shaped bifurcated recovery for the world within the aftermath of the coronavirus pandemic and said the upward curve would be led by strong growth in OTT platforms, internet advertising, videos, games and e-sports segment, music and podcasts. It also said digital revenue, globally, was expected to contribute 60% to the entire entertainment and media revenues by 2020.

“OTT video in India is predicted to ascertain the most important gain and reach 5.2% by 2024, closely followed by internet advertising,” the report said, adding that while India would remain the world’s biggest cinema market in admission terms, cinema revenue within the country will contract at -2.6% to $1.5 billion over subsequent five years.

“The pandemic has accelerated ongoing shifts in consumers’ behaviour, pulling forward digital disruption and reaching industry tipping points that wouldn’t otherwise are reached within the next few years. Our research shows that India are going to be the fastest growing entertainment and media market globally in terms of pure consumer revenue,” Rajib Basu, partner and leader, entertainment and media, PwC India, said.

The PwC outlook also said companies must build and maintain direct-to-consumer relationships, offer enough differentiation or scale to compete, and unlock greater value using the proper technologies.

In the post-pandemic world, India holds the foremost potential of any market within the world within the OTT video segment and its rate of growth is predicted to ascertain total OTT video revenue overtake South Korea , Germany and Australia to leap to being the sixth-largest market in 2024, the report said.

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