A latest report on the entertainment industry in India by Pricewaterhouse-Coopers indicates that the entertainment and media industry will grow 0.1% to $ 55 billion by 2024.
The PwC Global Entertainment and Media Outlook 2020-2024 predicted that a K-shaped recovery will occur in the industry after the coronavirus pandemic and said the upward curve will be driven by strong OTT platforms, the internet, advertisements , video games, music and podcast sections.
“OTT video in India is expected to see the biggest gain, reaching 5.2% by 2024, followed closely by internet advertising,” the report said. He also added that cinema revenues in the country would contract -2.6% to $ 1.5 billion over the next five years.
The pandemic has accelerated the ongoing changes in consumer behavior, driving digital disruption and reaching industry tipping points that would otherwise not have been reached over the next several years. Our research shows that India will be the fastest growing entertainment and media market in the world in terms of pure consumer income, says Rajib Basu of PwC India.
The report also says companies need to build direct relationships with consumers and need to use the right technology. The report sees the OTT space as the primary driver of growth and revenue overtaking South Korea, Germany and Australia to become the sixth largest OTT market by 2024.
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