Media and Entertainment Definition
Media refers to the main means of mass communication i.e. broadcasting, publishing, and the Internet, collectively. Entertainment refers to an event, performance, or activity designed to entertain people. These two terms are linked inextricably with each other meaning entertainment provided through various media, whether aural, visual or verbal.
In a report, titled Global Entertainment & Media Outlook, PwC predicts that across 54 top countries, which were considered for the report, the Media & Entertainment sector will grow only at a 4.2% CAGR (Compound Annual Growth Rate). Also, for the first time in global markets, the growth of the sector will be lower than the average GDP growth, signaling that in many of these countries the sector is seeing plateauing.
Unlike the global economy, which will see a shrinking contribution from the entertainment and media sector, India's M&E industry is set to grow at a faster pace of 10.55% CAGR, with the sector’s growth rate predicted to outpace the overall GDP growth rate, according to D’Souza, partner & leader-entertainment & media at PwC India.
In its annual sector forecast for 2017-2021, PwC said the Indian M&E sector will touch $45.1 billion by 2021, up from $27.3 billion at the end of 2016.
India is the second-largest subscription TV market in the Asia Pacific region in terms of the number of subscription in TV households. The growth rate is tailing off in newspapers as the effects of digital disruption begin to be felt in the market. Growth for digital advertising is projected to be fast at a CAGR of 18.6% to $1.73 billion by 2021, while for Internet video, the CAGR is higher at 22.4% albeit at a lower base of $239 million. Radio is projected to witness the fastest growth among the traditional media at 14.7% CAGR over 2021 to reach $826 million, as against $416 million in 2016.
The Indian film industry is expected to undergo a strong growth to become the third largest cinema market, after the US and China by 2021, growing at a CAGR of 10.4%.
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