tMumbai: As per the details given by the study released, The Indian media and entertainment sector revenues reached $22.7 billion in 2017, and are expected to cross $31 billion by 2020, at a compound annual growth rate (CAGR) of 11.6 per cent.
The report by the Federation of Indian Chambers of Commerce and Industry (Ficci) and Ernst & Young LLP was launched here by Information and Broadcasting Minister Smriti Irani at the inaugural session of the Ficci Frames 2018.
“The media and entertainment sector continues to show great potential, and we expect it to grow on the back of India’s need for escapism, knowledge and social acceptance. Media and entertainment has become a necessity of life, and provides exciting opportunities for existing and new companies.”The report also said the digital media will be a game changer. Uday Shankar, Chairman, Ficci Media and Entertainment Committee, said the sector has become a “critical contributor to the economic and social narrative of the country”.
“It generates millions of jobs directly and indirectly, contributes to economic growth with a rate almost twice the GDP and provides an immeasurable ancillary contribution by serving as a platform for the growth of several other industries,” Shankar said.