In a major relief for India’s media and entertainment (M&E) industry, the latest EY report suggests that the industry has grown by 20 percent to reach Rs 2.1 trillion ($26 billion) in 2022. This is a remarkable growth of 10 percent compared to the pre-pandemic 2019 levels. The report was released during the ongoing FICCI Frames conference in Mumbai.
One of the major reasons for this growth was the success of films like RRR, KGF: Chapter 2, Kantara, Bhool Bhulaiyaa 2, and others. These movies have played a significant role in reviving the industry, which had suffered a major setback due to the pandemic.
The report covers various segments of the M&E industry, including television, digital media, film, animation and VFX, out-of-home media, live events, music, radio, online gaming, and print. It reveals that the sector is projected to grow by 12 percent in 2023, reaching $28.6 billion.
The success of the film industry has been a major contributor to this growth. The report highlights the box office success of films like RRR, which has grossed over Rs 800 crores worldwide, and KGF: Chapter 2, which has collected over Rs 500 crores. Other movies like Kantara and Bhool Bhulaiyaa 2 have also performed well at the box office.
Apart from the film industry, the growth of digital media has also contributed significantly to the overall growth of the M&E sector. With the rise of OTT platforms, digital media has become a major source of revenue for the industry.
Overall, the EY report suggests that the Indian M&E industry has made a remarkable recovery post-pandemic, and the future looks promising. The growth of the film industry and digital media, coupled with the rise of new technologies like virtual reality and augmented reality, is expected to fuel further growth in the coming years.