NEW DELHI: The media and entertainment industry has “humongous” potential in India and can grow up to four times to USD 100 billion in the next 10 years, said Star & Disney India Managing Director K Madhavan.
The audience demand for entertainment is only going up and the mode of distribution has changed for the industry, he said in his valedictory address in the ‘Big Picture Summit’ organised by industry body CII.
Currently, the media and entertainment industry stands at USD 24 billion and is about one per cent of the country’s gross domestic product (GDP), he added.
“The industry has the potential to grow from USD 24 billion to USD 100 billion by 2030, which is what our vision is and our target should be. The potential of the media industry is untapped and humongous,” said Madhavan.
Over the print media, Madhavan said it still accounts for nearly Rs 20,000 crore of advertisements, as part of its overall Rs 30,000 crore of revenue.
“In the past few years, growth in print has come from the regional markets where the focus is on local and hyperlocal news,” he said.
Across the world, reputed publishers in the print space have expanded their operations to podcasts, online apps, and other extensions, Madhavan said. “In India, there has recently been a rise in subscription-only journalism, especially online.”
Animation and visual effects are also at an inflexion point.
“India has less than 10 per cent of the global market share in VFX and animation, despite costs being almost one-fifth of developed markets,” Madhavan said.