New Delhi: The Indian media and leisure (M&E) sector is anticipated to develop by 25 per cent in 2021 and is anticipated to succeed in Rs 1.73 lakh crore ($23.7 billion), in response to a FICCI-EY report.
Titled ‘Taking part in by new guidelines’, the report mentioned that with its present trajectory, the M&E sector in India is anticipated to succeed in Rs 2.23 lakh crore ($30.6 billion) by 2023 at a CAGR of 17 per cent.
In 2020 whereas the tv continued to stay the most important phase, digital media has overtaken print, and on-line gaming has overtaken a disrupted filmed leisure phase. The Indian media and leisure sector has de-grown by 24 per cent to Rs 1.38 trillion ($19 billion) in 2020.
Digital media and on-line gaming had been the one segments that grew in 2020 including an mixture of Rs 2,600 crore. Different segments have de-grown by an mixture of Rs 46,700 billion.
Dilip Chenoy, Secretary Basic FICCI, mentioned that although the media and leisure sector has been largely impacted by the pandemic, the constructive information is that the digital subscription has grown by 49 per cent and the web gaming business has grown by 18 %. He additional talked about that totally different sectors of the media and leisure business will take totally different time to get well and this makes the report extra essential.
Ashish Pherwani, Accomplice and Media & Leisure Chief, EY India, mentioned the M&E sector witnessed a shift in demand patterns as customers actively sought options and had the time to attempt new issues.