India’s media market is expected to grow to $73.6 billion by 2027 with a compound annual growth rate (CAGR) of 9.48%, PwC’s “International Leisure & Media Outlook 2023-2027” report said.
Increasingly, advertising leads the way in which revenue increased by 25% in 2022 to reach $1.8 billion. The market will continue to grow at 14% CAGR to generate revenue of $3.5 billion in 2027. This will be driven by the aggressive segment of SVOD, which will generate 78% of revenue in 2022. It will reach 13% CAGR to reach $2.6 billion, supporting industry ad (AVOD) will produce at a better price, even from the drop.
Cinema, which affected $402 million in 2021 through the pandemic, recovered to $1.1 billion in 2022 and is expected to make 15% to improve to $2.3 billion by 2027. is expected to improve to 1.4 billion by 2027.
In terms of segmentation, TV advertising remains the largest. it recovered from the fallout from the pandemic, with revenues rising 19% in 2021 and 12% in 2022 to reach $4.7 billion. According to the report, TV advertising is progressing at a 6.4% CAGR to reach USD 6.5 billion in 2027, making India the fourth fastest growing TV market in the world after the US, Japan and China.
Within the video games and gaming sector, India is the second fastest growing market in the world behind Pakistan. Revenues within this segment were $1.7 billion in 2022 and are expected to generate 19% CAGR to reach $4.2 billion by 2027.
Within the Internet promotion segment, 12% CAGR is expected to increase revenue from $4.4 billion in 2022 to $7.9 billion by 2027. billion.
India’s e-book market will grow at a 3.7% CAGR between 2022 and 2027, with revenue growing from $1.1 billion to $1.3 billion, with significant progress from the digital book sector, where revenue is rising at 10 % CAGR. Within the printed e-book segment, progress will be slower, with a 1.7% CAGR expected. Publishing remains the dominant force in this market, however, accounting for 80% of revenue in 2022, digital books making up 20% in contrast.
The market for music, radio and podcasts in India reached $1.1 billion in 2022 and is expected to reach $1.5 billion in 2027.
In a long-term study, the report says that downloads are increasing in pockets that are increasing, where there are many rural people who were not protected and the strong demand for rural activities and sports that have other options available. With the release of 5G functionality worldwide by the end of 2024 and the presence of mobile phones in India is expected to grow by 125 million during the entire forecast period to 888 million, which is 62.52% of the population of India, behind only China, there is a huge risk. alternatives to the primary market in India, the report says.
It mentions a major problem in the streaming market because the penetration of broadband in India is low, only 10.8% in 2022 and predicted to reach 14% in 2027. .
Generative AI will allow developers to excel in multiple languages and geographies with templates that can be customized and adapted to different segments and brand messages. “Since customers are using the AI ChatGPT software at an unprecedented rate, it can be seen that it can improve the efficiency and productivity of the products,” the report says.
Companies in the area of product or technology, media and telecom are capitalizing on the metaverse, AR and VR for innovation and revenue generation, the report suggests. Driving the most forward in this field is the development of AR-VR and blockchain technology.
“Due to the introduction of emerging technologies such as AI, machine learning and transformational change, the diversity of performance is widening, leading to significant disruption in media marketing,” said Manpreet Singh Ahuja, chief technology officer and chief technology officer. , media and telecom at PwC India.
“Media companies and content creators are already working hard to visualize more interactive and engaging content for their viewers. We expect media and entertainment businesses to invest more in long-term adaptive thinking to engage with their audiences.”
Rajib Basu, partner and head, entertainment and media, PwC India added: “We now have a better idea of how business will change after the pandemic. The increased cellular penetration and the use of digital science are about to disrupt existing methods and create new m ‘the coming years. It is very important for the media and entertainment industry to find the best ways to move forward while facing competitors from the electronics industry.”