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Others Entertainment industry to grow over Rs 580 billion by 2010: CII - KPMG report

Entertainment industry to grow over Rs 580 billion by 2010: CII - KPMG report

Author | Noor Fathima Warsia | Wednesday, Mar 23,2005 7:37 AM

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Entertainment industry to grow over Rs 580 billion by 2010: CII - KPMG report

The entertainment industry, which is currently valued at Rs 222 billion, is only expected to grow and CII - KPMG report puts this growth figure to be over Rs 580 billion by 2010. While this is one aspect that comes across from the report on Indian Entertainment industry titled, 'Focus 2010 - Dreams to Reality', it is also the reason why these organisations decided it's time for the industry looked at the 'The Big Picture'.

In a session organised by the two bodies, CII - KPMG released the mentioned report. Speakers like Ian Gomes, Country Managing Partner, KPMG India, and Filmmaker Subhash Ghai, also the Chairman, CII National Entertainment Committee pointed out the reasons on the need to look at the bigger picture of where the Indian media industry is presently poised, the potential of its growth and more importantly on how to attain this growth. Ghai said, "Today we are on the international landscape but in the next few years we will be competing on this platform for international excellence."

Taking a cue from the speakers, Rajesh Jain, National Industry Director, Information Communication, Entertainment, KPMG India explained a few key findings of the report. Jain began with an observation that while films in India represented the evolution in culture, from Mother India to Miss India, television represented the economic growth. Not surprisingly, it is from this segment that major contribution to the media model is expected, which will grow both from advertising revenues and subscription revenues.

He said, "From an asymmetrical push model, we are moving to symmetrical model and we are poised for a second wave of growth. The contribution of TV would be as much as 60 per cent."

Other segments of the industry are also set to see growth with films tripling in size, radio growing four times and the music company expected to recover. Following this, he enumerated the factors that play a role in this growth, saying, "There are internal and external factors that would lead to this growth."

Giving an industry overview, the points that come forth here included, the macro economic growth, with industries getting in the corporate structure, the increasing consumerism and demographics was the second point, where Jain also explained further on a non-homogenous market and advertising spends. The third aspect to come across was content and the growth in the variety of content, technological growth and finally regulatory intervention.

Deriving from the mentioned points, he listed a ten-point action plan that the industry players should follow which included matters on Governance, Revenue Diversification, Technology and Organisational Effectiveness.

Jain concluded his session saying, "Importantly, we should remember that government is only the facilitator. Action has to be taken by the industry and this can best be expressed by the quote, "You should be the change you wish to see in the world".

This session led to a panel discussion, which comprised of industry leaders like Tariq Ansari, Managing Director, Mid-Day Multimedia, Sunil Lulla, CEO, Times Group News and Business Television channel, Booby Bedi, MD, Kaleidoscope Entertainment, Ronnie Screwvala, CEO, UTV Software, Subhash Ghai and Rajesh Jain. The moderator of this session was Senthil Chengalvarayan, ED, CNBC.

The session began on what how the experts saw corporotisation affecting the current ways of working. Points like more time for the system to settle in, need for talent in the field and the fact that the industry was smoothly getting in the gear of multiple project management was seen here.

Another point that the experts brought out was that with niche content coming and different mediums emerging, the ad pie wasn't getting fragmented but more focussed.

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