Hope to come up with NFDC's own OTT as a platform to showcase those films that don't get space in the market
Indian M&E sector to touch Rs 3 trillion in 2025: FICCI-EY Report
MUMBAI, 03 May 2023: Mr Apurva Chandra, Secretary, Ministry of Information & Broadcasting, Govt of India today shared that the government is working to soon bring an Animation, Visual Effects, Gaming and Comic (AVGC) policy and create an AVGC Mission.
Addressing the 23rd edition of FICCI FRAMES, Mr Chandra said, “Animation, visual effects and graphics are areas which have tremendous potential. With the establishment of the AVGC Task Force and the creation of a national policy for AVGC, India will be well on its way to becoming a global leader in the AVGC industry.”
Highlighting the untapped potential of the Indian Media and Entertainment industry, the Secretary asserted, “There is still a world left to be captured by the Indian Media and Entertainment industry. The world is interested in Indian stories and Indian culture.”
He further assured the industry of support from the government and stated, “The government would like to be facilitators and supporters of the media and entertainment industry so that it reaches the world stage. We would like to work with the industry to set up more and more institutes so that more manpower comes on board in the industry.”
Mr Chandra added that the government is in the works to set up a National Centre for Excellence operational in Mumbai by next year.
Underlining the role of National Film Development Corporation of India (NFDC), Mr Chandra said, “Through NFDC we need to finance projects and give support to young film makers who don't have access to funds otherwise. We plan to come up with NFDC's own OTT as a platform to showcase those films that don't get space in the market so that young talent gets a chance to showcase its talent.”
Commenting on the Cinematograph Act, the Secretary said, “The Cabinet has recently approved the revamp of the Cinematograph Act so that strict actions can be taken against piracy. The act is likely to be introduced in the Monsoon Session of the Parliament. We hope to get it passed soon.”
“This (Cinematograph Act) will give direct powers to the government to take action against websites showing pirated films,” shared the secretary.
Dr PD Vaghela, Chairman, Telecom Regulatory Authority of India (TRAI) said, “With the way technology is changing and the way new players are coming, we must ensure a level playing field for all. We should not impose regulations or restrictions on the new players; less regulation is the best regulation.”
Mr Subhrakant Panda, President, FICCI said, “Media & Entertainment industry in India is growing at a CAGR of 10.5 per cent and is expected to reach Rs 2.86 trillion in 2025, underscoring both its importance and resilience. Internet access even in remote areas, low cost of data and smartphone penetration has contributed to the growth of digital media.”
Mr Panda further stated, “Given the rapidly changing landscape, industry participants must be agile and respond to evolving trends. Conducive policies have led to M&E becoming an integral part of the economy, it’s not just in terms of creativity and entertainment, but also job creation. FICCI is committed to working with all stakeholders for the growth of the Indian M&E industry and supporting its global ambitions.”
Ms Jyoti Deshpande, Chair, FICCI M&E Committee; CEO, Viacom 18 Media & President - Media & Content Business, Reliance Industries Ltd said, “With disruptions and an imminent equally disruptive entertainment launch, a digital-forward economy has already seen content and data consumption levels reach monumental proportions by global standards. Indians now consume nearly 20GB data per month on an average, No. 1 in the world already, and expected to reach 46 GB by 2027.”
“The proliferation of Smartphones, Connected TV, advent of 5G and affordable data rates all contribute to the fulfilment of the Digital India dream. Propelled by double digit growth, by 2025 we are set to become Rs 2.86 trillion industry,” added Ms Deshpande.
Highlighting the global recognition of Indian film industry, Actor Mr Ayushmann Khurana said, “The more local we go, the more global we reach. Our film industry is at the cusp of global greatness. India is now being looked at as a creative juggernaut and our industry is being welcomed globally.”
Mr Shailesh K Pathak, Secretary General, FICCI said, “The art of storytelling that Indians across the country have is amazing. In 2030, when India will be the 3rd largest economy, our Media & Entertainment sector will be one of the largest in the world.”
FICCI-EY report titled ‘Windows of opportunity - India’s media & entertainment sector maximizing across segments’ was also launched at the FICCI FRAMES 2023. Sharing salient outcomes of the report, Mr Ashish Pherwani, Partner - Media & Entertainment, EY India, stated, “The Indian M&E consumer base is large but heterogenous, hungry for content but willing to pay only for value, and more than ready to experiment with technology, be it streaming, digital payments, online education, virtual experiences, e-commerce, social media, or gaming. The diverse consumer base, coupled with favorable macroeconomic and demographic factors, have translated into a very exciting time for the sector.”
Highlights of the FICCI-EY Report:
- Indian M&E sector grew 20% in 2022, touching the highest ever mark of INR2 trillion
- It is expected to grow a further INR 734 billion to reach INR 2.83 trillion in 2025
- Advertising grew 19% and crossed INR1 trillion (INR1 lakh crore) for the first time
- Digital media grew by INR132 billion to reach INR571 billion, and now comprises 27% of the Indian M&E sector and 48% of all advertising revenues
- Except for TV subscription, all M&E segments grew in 2022
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