India’s entertainment industry is one of the reasons why the country’s economy is experiencing impressive strides. The Indian Media and Entertainment is foreseen to grow to Rs. 2.23 trillion by 2023 and the expected growth is linked to the dramatic growth of online adoption among users across the country. In addition, the latest technological advancement, affordability of smartphones, the rising number of telecommunication companies, and the accessibility of cheap internet and data packages have positive effects on India’s economy.
When the Covid-19 pandemic hit the world, many sectors suffered, and the entertainment industry was limbo. Everything was uncertain, but as people were confined in the four corners of home because of the imposed lockdown, many resorts to various forms of entertainment; well, for entertainment reasons, and to keep their sanity and prevent depression. It has caused a significant rise in India’s entertainment sector. It includes all sorts of entertainment such as:
- Print media
- Digital advertising
- OTT and Gaming industries
It is projected that by 2024, India’s entertainment industry will continue to prosper with 40% of growth from television, 13% from print media, 12% from digital advertising, 9% from cinema, and 8% from OTT and gaming sectors.
The resiliency of India’s entertainment and media sectors
The resiliency of India’s entertainment media sectors has been tested during a pandemic. The consumer and advertising revenue showed that India is one of the fastest-growing media and entertainment markets worldwide. It has something to do with the country’s continuous technological advancement and easy access to the internet. Online advertising is expected to grow by 18.8% by 2025, with a projected value of Rs. 30,000 crore. Mobile advertising revenue is projected to rise to Rs. 22,350 crore by 2025. By the end of 2025, box-office revenue is projected to reach Rs. 13,857 crore. Video games and eSports are expected to grow further to Rs. 24,213 crore in 2025, with a yearly growth rate of 16.5%.
Online media, online games, and eSports
There has been significant growth in online media, online games, and eSports in the country in recent years. The internet penetration in the country is at 45%, with over 620 million online users. Social media platforms have grown tremendously by over 20% over the last year, with over 32% of the entire population connecting and engaging on social media. There’s a possibility that it will reach billions of users, which will positively impact the country’s economy.
There is also a significant growth in eSports wherein fans get to witness their favorite sports in the comfort of home. Live streaming of sports, especially the ones loved by Indians, such as the Indian Premier League for cricket, positively impacts the country’s entertainment sector and the economy. Live streaming platforms benefit from such a rise and the online gaming sector. Many Indians participate in online sports betting, and their numbers remain high despite pandemic.
The smartphone revolution
There are over 500 million smartphone users in 2019, as per KPMG and Cisco. Furthermore, the number is expected to grow more in 2024 by up to 842 million. The affordability, availability, and accessibility of smartphones in India are the major factors for the country’s continued growth of mobile phone users. Adding up to the smartphone revolution is the availability of mobile games. There are tons of mobile-based games to choose from, and most of them can be played for free and give you the option to play using real money.
Classic and modern casino games also made their way to the mobile gaming sector. There are plenty of online blackjack sites that have created their very own mobile app to make it easier for players to access the game. Casino and card games are growing in popularity with the rise of mobile phone users and the availability of affordable smartphones. These smartphones are equipped with state-of-the-art features making mobile gaming all the more entertaining.
Not to mention, many online gaming software developers create online games exclusive for mobile gamers. Another thing that accounts for the growth of online gaming is cloud gaming, which will transform the gaming experience into a whole new level. Cloud gaming will be beneficial to a huge group of people in India, especially those having difficulties accessing premium data packages and limited resources to invest in gaming hardware.
What the future holds in India’s entertainment industry? The future is bright for the country’s entertainment sector. The entertainment industry is expected to grow even more in the coming years, even if the pandemic is far from over. The growing online sophistication among Indians as well the continuous improvement in digital platforms, especially in the field of online entertainment, availability of online payment portals, continuous advancement, and progress in technology, cloud gaming, and artificial intelligence, all point to the wonderful future of India’s entertainment sector.