The Media and Entertainment (M&E) industry in India is one of the most important factors of Indian economic growth, and it shows massive growth in recent times due to rising digital consumption. The Major turning point of the Indian media industry is Data affordability. The launch of Jio was a game changer in the telecom and data industry that played a master stroke in the Indian media & entertainment industry.
The market size of the Indian Media and Entertainment industry is 2.7 lakh crore Indian rupees ( $32 billion) in 2024, and it’s expected to grow by 8-10% year to year. India will become the world’s largest media-consuming market by audience size.
Important Parts of Indian Media & Entertainment Industry:
- Television
- Digital Media/OTT
- Print Media:
- Films (Bollywood & regional)
- Gaming & Animation
- Music
- Radio
- Live Events
Let’s understand the Key reason to boost the Indian media and entertainment industry.
- Data Affordability: Reliance industries, one of the most valuable conglomerates, interrupted the telecom sector by launching Jio, a Telecom company which initially offered free data across the country and later launched charges, the data charges still remained significantly lower in comparison to past data cost. this move transformed India’s digital landscape making smartphone and high-speed internet access affordable to masses .
- Digital Boom: After rising to over 750 million internet users, digital streaming companies like Netflix, Amazon, Disney-Hotstar started to expand their services in India with more Indian friendly content. In a very short time, the Indian population adopted Digital Streaming concept.
- Introduction of Influencer Concept: After the huge number of internet users and easy access to content, people are now engaged in making content on their own on Instagram and YouTube which is easily accessible by billions of people without any extra marketing, now everyone can be a hero for their audience, and that’s called an influencer and this industry is growing rapidly.
- Regional Content Surge: Now, everyone can see any digital content on their phone, which resulted in more demand for regional films, music, and news. Digital streaming platforms started investing heavily in Tamil, Telugu, Bengali, Marathi, and Bhojpuri content.
- Gaming Revolution: Indian has more number of youth population, and this population likes to play games and With the data revolution, now gaming has more become easier to play with anyone in the world.
- Cinema & Bollywood: Films are one of the strongest pillars of the Media and entertainment industry in India. People in India worship two things: cricket and Movies. And after the digital revolution, the film industry became more versatile to fulfill the demand. Global success of Indian films (e.g., RRR, Pathaan, Jawan)
- Ad Revenue Shift:The easy access to the internet makes India a hot cake for ad revenues. Now, a huge number of Indians are watching something on digital platforms every second, which gives an opportunity to make more revenue by showing ads in between digital content.
What are the Challenges?
After easy access to data, Piracy and copyright issues have become major issues for media and entertainment stakeholders. Now, making a copy and spreading it online has become easier.
People are using digital media to defraud other people too by different new methods.
Sometimes the huge amount of digital content is accused of unregulated and vulgar content.