Entertainment & media industry to clock over Rs 451,373 cr by 2023: PwC Report
OTT video market will grow from Rs 4464 crore in 2018 to Rs 11976 crore in 2023; Internet advertising is forecast to be worth Rs 18445 crore in 2023
Key highlights of the report:
OTT (Over-The-Top) Video: India’s OTT video market will grow at a 21.8% CAGR from Rs 4464 crore in 2018 to Rs 11976 crore in 2023. Subscription video on demand will increase at a 23.3% CAGR from Rs 3756 crore in 2018 to Rs 10708 crore in 2023. The potential of India’s enormous scale will become reality during the forecast period with its OTT video market overtaking that of South Korea to become the eighth-biggest market in the world by 2023.
Internet advertising: Total internet advertising revenue for India in 2018 was Rs 8150 crore, a 40.2% year-on-year increase from 2017. The Cricket World Cup and elections in 2019 are expected to boost advertising spends. Internet advertising is predicted to continue to grow rapidly in 2019 and beyond, and is forecast to be worth Rs 18445 crore in 2023.
E-sports: India’s e-sports revenue is small at present but has strong potential with a calendar of well-supported events and leagues emerging. While outside sponsorship remains lower than global markets, this will see India’s e-sports sector increase at a 36.8% CAGR to the end of the forecast period. The main challenge for the segment has been poor online infrastructure, which has historically restricted growth. However, with improvements in infrastructure, this is expected to improve significantly in the near future.
Music & Podcasts: India’s music, radio and podcasts market was worth Rs 5753 crore in 2018, up from Rs 3890 crore in 2014. With streaming services finally germinating, total music revenue is forecast to hit Rs 10858 crore in 2023, rising at a 13.5% CAGR. At that pace, India would be the fastest-growing major economy on the planet. And with a population surging past 140Cr, it is forecast to surpass that of China in 2022.
Podcast listening has increased markedly in India in the past few years. Monthly listeners (defined as people who listened to at least one podcast in the last month) totalled 4 crore at the end of 2018, up a sharp 57.6% from 2.54 crore in the previous year. This made India the world’s third-largest podcast-listening market (after China and the US), although it ranks much lower on a per capita basis. Growth is set to continue over the forecast period with listener numbers set to increase at a 34.5% CAGR to 17.61 crore by 2023.
Four priorities shaping companies’ strategies
As E&M companies reinvent their organisations and offerings for an increasingly personalised world, four priorities are coming to the fore:
Ennèl van Eeden, Global Entertainment and Media Leader and Partner, PwC Netherlands, comments, “The personalisation wave — fuelled by evolving customer behaviour — is set to be amplified by the forces of technology, scale, and aggressive investing and competition. The implications for organisations are profound. As the borders separating former media silos erode, companies need to think more broadly about the areas and segments in which they operate. At the same time, all E&M players must take the need to ‘know your customer’ more seriously, and marketers need to allocate their time and attention to new types of content and platforms — influencers, live events, ads inside apps and more. Finally, companies must focus intently on their core capabilities and geographical markets, while continually scanning the horizon for new developments and regulations, and being agile in responding to technological developments such as 5G. Put simply: it’s time to get personal with consumers — or be left out of the conversation.”
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