India’s media & entertainment industry grows 12% in 2013: report
The Indian Media & Entertainment industry grew 12 per cent last year with its revenue touching Rs 920 billion, a fresh report by market research firm KPMG and the Federation of Indian Chambers of Commerce & Industry (FICCI) said.
The film industry enjoyed a double digit growth in 2013, as a great number of movies scored big on box office collections. Nearly 90 per cent of movie screens are now digitized in India, as the industry is focusing to tier II and tier III cities.
The print media sector recorded a growth of 8.5 per cent as its revenue touched Rs 243 billion; while steady advertiser spending, state elections and new launches provided a big boost to regional markets.
Jehil Thakkar, head of media & entertainment at KPMG India, said, "In spite of a very challenging macro environment, the industry grew 12%, a far better performance than many other industries. The structural changes taking place in the industry . continued to take the industry down the path of fulfilling its potential."
Structural changes have especially been taking place in the television and digital sector of the industry. Economic slowdown also impacted advertising revenue in TV as well as print.
Depreciation in the value of the Indian rupee hurt print, cable and DTH companies very hard but the same depreciation helped export-oriented sectors like animation and VFX.