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FICCI Frames 2005: PricewaterhouseCoopers report bullish on Indian entertainment industry

02-April-2005
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FICCI Frames 2005: PricewaterhouseCoopers report bullish on Indian entertainment industry

The 2004 edition of `Indian Entertainment Industry - An Unfolding Opportunity,' by FICCI and PricewaterhouseCoopers (PwC) comes as a breather for the film industry. According to the report, India continues to maintain its number one position in the world, in terms of the number of films produced and admissions. Digital cinemas, satellite television and the emerging home video segment are the distribution formats, which are expected to expand the market to over Rs 12,900 crore in 2009.

Television is going through a good spell according the report, which states that advertising revenues for this medium is expected to outperform the GDP growth by at least 5 per cent in the coming years. Increases in the content spectrum will drive the revenues of the content producers. The television segment is projected to grow at 18 per cent to reach Rs 30, 000 crore by 2009.

Deepak Kapoor, Executive Director and Leader for PricewaterhouseCoopers Entertainment and Media practice in India, said, "India and China continue to be the primary drivers in the Asia Pacific region. The Indian entertainment scene looks extremely buoyant as it is set to grow at 18 per cent compound rate (CAGR) to reach Rs.45, 000 crore in 2009. The industry's positive momentum will ride on the economic growth and rising income levels that India has been experiencing in the past few years. The industry is expected to outperform the growth of the economy by a significant margin in the coming years."

The study asserts that the industry is experiencing a major shift in the way entertainment is distributed, with new distribution channels such as broadband, Internet access and wireless communications driving significant growth in the industry.

Kapoor said, "Animation and gaming are the emerging segments on which emphasis has been laid in this year's report. With wireless uptake in India growing at a CAGR of over 80 per cent in the last few years, the channel is providing the industry players with a new revenue stream for selling their entertainment content. Indian animation has risen to its highest levels in 2004, with its dominance in the out sourcing arena. Increased number of downloads of games on mobile phones is likely to open up new opportunities for gaming companies."

Meanwhile, the report suggests that expected rationalisation in the licence framework of FM broadcasters, could treble its size by 2009. Music and live entertainment have also shown a steady growth.

How do we stand in comparison to our counterparts in Asia? The report said that China and India are likely to be the principal catalysts of growth. Both are investing heavily in the communications and media infrastructure and opening up to foreign investment while eliminating regulatory restrictions that hampered growth in the past. Their huge populations and relatively low penetration of media usage gives them a lot of room for expansion

On the television scene, China and India will add 83 million multichannel households during the next five years. That gain will be 61 per cent more than the 51.6 million total increase in the rest of the world put together.

The forecast was published in the 2004 edition of `Indian Entertainment Industry - An Unfolding Opportunity,' by FICCI and PricewaterhouseCoopers. The study is similar to that carried out by the Confederation of Indian Industries and KPMG, which estimated the entertainment industry to reach Rs 588 billion by 2010, with the growth rate at 18 per cent.

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