[ad_1]
Madras Intercom/Lyca Productions
India’s media and entertainment industry will grow by 20% to 2.1 trillion Indian rupees ($26 billion) in 2022, 10% higher than in 2019 before the pandemic, according to an annual report by Ernst & Young. Chamber of Commerce and Industry of India.
The report collates data from television, digital media, film, animation and VFX, as well as home media, live events, music, radio, online gaming and print. Overall, the electromechanical industry is expected to grow 12 percent to reach $28.6 billion by 2023, the report said.
Although TV remains the largest single component of the M&E industry in 2022, valued at $8.6 billion, it shrinks by 1.5% from 2021 levels, even as advertising revenue rises by 2% to a level second only to 2019 . The contraction came as subscription revenue declined for the third year in a row, down 4% due to 5 million fewer pay-TV households and stagnant average revenue per subscriber. Linear TV viewership is down 7% from 2021. Television is expected to grow slightly this year to $8.8 billion.
Digital media is the second largest component of the industry, worth $6.9 billion in 2022, growing to $8.2 billion by 2023. In terms of digital infrastructure, the report states that Internet penetration will increase by 4% to 866 million subscriptions in December 2022. More than 800 million broadband users, India It has the second largest broadband user base in the world after China. Smartphone users will reach 538 million in 2022, but growth will slow from mid-2021 due to the increase in the average cost of purchasing a smartphone, resulting in only 35 million net new smartphone users in 2022. About 32 million Indian households have a wired broadband connection.
In terms of streaming, the report states that video viewers will grow by 6% (30 million) to 527 million by 2022. In 2020, 30% of streaming original content will be in languages other than Hindi, increasing to 50% by 2022. Produced approximately 3,000 hours of original content for streaming platforms, a 19% increase over 2021. Total investment in online video content in India is $1 billion by 2022. There were 75 films that were released directly to streaming platforms without a theatrical release, down from more than 100 in 2021.
The report found that video subscription revenue will increase by 27% to US$832 million in 2022, and paid video subscriptions will reach 99 million in 2022, covering 45 million households in India, with a total audience rating of approximately 13.5 to 180 million users.
At the same time, subject to success of south indian cinema Like “RRR”, “KGF: Chapter 2”, “Kantara”, “Ponniyin Selvan: 1” and “Vikram”, Bollywood hits “Brahmastra: Part 1 – Shiva”, “The Kashmir Files”, “Drishyam 2 ” and “Bhool Bhulaiyaa 2,” filmed entertainment returned to 90% of pre-pandemic levels with $2.1 billion in revenue. Among them, local theater revenue was US$1.2 billion, overseas theater revenue was US$196 million, broadcasting rights income was US$122 million, digital copyright income was US$440 million, and in-house advertising revenue was US$61.1 million.
In 2022, South Indian films from Tamil, Telugu, Kannada and Malayalam combined will account for 53% of the box office, Hindi Bollywood 35% and other Indian languages 5% %. Hollywood’s share falls from a pre-pandemic high of 15% in 2019 to 13% in 2022. The report expects the filmed entertainment segment to grow to $2.7 billion by 2025.
The report states that the animation sector will grow by 25% to $465 million in 2022, while VFX will grow by 30% to $611.7 million and India’s vibrant post-production industry will grow by 35% to $232.4 million.
[ad_2]
Source link