PwC Report Says Media, Entertainment Sector Will Grow Over 10% Till 2024
According to a report by PwC India, the media and entertainment industry is expected to grow at an annual rate of over 10% to reach $55 billion by 2024.
In terms of online advertising, the report stated that India is the sixth-largest market in the Asia Pacific (APAC) region.
The report also states that mobile will be the primary driver of revenue in this space because of data affordability, new mobile-first formats, ability to measure, and strategic targeting.
PwC India in the report said the sector’s growth, which would be like a K-shaped bifurcated recovery, is on the horizon led by over-the-top (OTT), online advertising, video/games/e-sports, music and podcasts.
The report stated,
“Our research shows that India will be the fastest-growing entertainment and media market globally in terms of pure consumer revenue.”
The report is also bullish about the subscription video-on-demand segment and says it will be the prime driver of revenue.
Growing at a CAGR of 30.7%, the subscription video-on-demand segment is forecasted to reach from $708 million in 2019 to $2.7 billion in 2024.
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