New Delhi: India's entertainment and media sector is expected to grow over the next four years and exceed $40,000 million (Rs. Rs 26 lakh cr approx.), a report said.
"The industry is expected to exceed $40,000 million by 2020, growing at compound annual growth rate (CAGR) of 10.3% between 2016 and 2020," said PwC's Global Entertainment and Media Outlook 2016-20.
"In terms of admissions, India is currently the biggest cinema market in the world. It will remain so until the end of the forecast period, although China is expected to be close to overtaking it at that point," it added.
In 2015, admissions were at an estimated $2.04 billion and in 2020 are predicted to be at 2.80 billion, rising at a 6.6% CAGR.
Box office revenue in India stood at an estimated $1.64 billion in 2015 and will rise to $2.74 billion in 2020, at a 10.9% CAGR.
"There is still a considerable room for expansion. In terms of multiplexes, India remains undeserved. At the end of 2014, there were around 11,200 screens in the country as a whole a small number given the population and the appetite for cinema," the report added.
The report also highlighted growing importance of new forms of advertising.
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Paid search Internet advertising revenue is, and will continue to be, India's largest Internet advertising sub-component over the forecast period. Paid search grew 26.7% year-on-year in 2015, reaching revenue of $211 million, the report said.
"With a forecast of 18.5% CAGR over the next five years, paid search Internet advertising revenue will rise to $492 million by 2020," it added.
TV advertising in India is expected to achieve double-digit growth over the forecast period at a 11.7% CAGR and will generate revenue of $5.54 billion in 2020, compared with $3.19 billion in 2015.
Even publishing industry is reporting good growth in India, unlike the trends in the rest of the world, where magazine, books and newspaper publishing combined are at a near flat or negative growth trajectory, PwC said in the report.
"Indian publishing remains one of the fastest growing (industries) in the world. In 2015, the overall publishing revenues were at $6,133 million, an increase of $302 million over 2014," it added.
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