MUMBAI: India’s entertainment and media industry is expected to see a growth of 9.7 per cent annually in revenues to reach $73.6 billion by 2027, according to a PricewaterhouseCoopers (PwC) report.
Evolving consumer preferences, increased internet access and emerging technologies are fast reshaping the Entertainment and Media (E&M) industry, PwC said in a report titled ‘Global Entertainment & Media Outlook 2023-2027’, the 24th annual analysis and forecast of E&M spending by consumers and advertisers across 53 territories in 13 sectors.
For the industry, it said 2022 marked an important inflection point. The total global E&M revenue of $2.32 trillion witnessed a sharp decline from a 10.6 per cent growth rate in 2021 to 5.4 per cent in 2022. This sluggish E&M growth comes on the back of a decline in consumer spending.
For some key sectors, the surge in uptake and revenues experienced during Covid-19 ran out of steam, for example, podcasts, which were among the industry’s major success stories in the pandemic, fell by an estimated 80 per cent in 2022.
