It's been lights, camera, and action time, literally, for India's media and entertainment industry. With box office cash registers ringing, thanks partially to rapid proliferation of multiplexes, animation segment booming, and changing lifestyle of consumers, the industry would not have asked for more. And with several global consultancy firms painting a brighter picture for the industry, it's party time indeed.
In fact, it is not just the traditional segments like TV, radio (thanks to FM revolution), and film, but even the niche non-traditional segments like animation, Internet and gaming are now pushing the growth of the industry. The figures say it all. According to a report by CRISIL, India's leading rating agency, the industry has grown substantially in recent times; its size nearly doubled from Rs.187 bn in 2000 to Rs.361 bn by 2005. The TV, radio, publishing, film, music and advertisement industries now account for around Rs.353 bn. Bollywood along with its regional counterparts (together worth about US$1,256 mn) is considered as one of the largest in the world, dishing out around 1,000 films every year. The TV advertisement market, which is the most popular medium of advertisement in India, grew to $1,067 mn in 2005-06.
The animation industry, progeny of the film industry, is rapidly gaining momentum. According to Nasscom, animation business in India recorded $300 mn in 2004 and is all set to grow at a rate of about 20% annually in the coming years. The Indian television market, which is the third largest in the world, has grown to touch Rs. 139 bn despite the fact that only 60% of the Indian households are under TV coverage. Moreover, out of these, only 42% have cable connection.
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