Conventional pillars of the industryThe television media is among the preferred choice of media consumption in the country. The main flag bearers of the industry are prestigious media houses like Zee Entertainment Enterprises, STAR network and Sun TV network. Similarly, the film industry has displayed a promising growth rate over the past years, following high budget productions and successful box-office revenues. The film industry has expanded its horizon to foreign nations even though its domestic popularity is unmatched. The localized print industry has been the source of regional broadcasts and is often used as advertisement opportunities to a niche demographic.
Unsurprisingly, the media and entertainment industry is among the fastest growing markets across the country on account of the unprecedented advancement of technology, rendering favorable conditions for consumption thanks to the ease of accessibility services across the nation.
Digitization and the evolution of mediaThe Indian demographic has witnessed a rapidly growing young population with access to high speed internet and portable devices to harness its potential. The technology dependent sectors of the entertainment industry benefitted from this increased usage of the available 3G and 4G internet spectrum resulting in the emergence of the online gaming, VFX and animation and over-the-top (OTT) media applications.
Online video platform subscriptions have shown promising growth over the last few years to attract foreign investment and mergers into this market. Early 2020 saw the arrival of Disney into the domestic market as Disney+Hotstar, a STAR network initiative to distribute regionally dubbed Disney+ shows and movies. The Direct-to-home (DTH) services also witnessed an overhaul with the merging of Airtel Digital TV and Dish TV in 2019, establishing a larger and efficient DTH service provider. Additionally, government initiatives also favor more capital inflow from foreign investors with the FDI limit being increased from 74 to a 100 percent in cable and DTH satellite platforms.
Despite the onset of the coronavirus (COVID-19) pandemic, the industry was set to make a quick recovery. With an estimated higher growth rate compared to other M&E markets around the world, rural markets are potential profit area for the country.