Media and entertainment industry may grow to Rs 4,51,373 crore by 2023

The Indian entertainment and media industry is expected to reach Rs 4,51,373 crore by 2023, growing at a compounded annual growth rate (CAGR) of 11.28% between 2018 and 2023, according to a PwC report released on Thursday. Analysts at PwC estimate India’s video OTT (over-the-top) market to reach Rs 11,976 crore in 2023 from Rs 4,464 crore in 2018, growing at a CAGR of 21.8%. “The potential of India’s enormous scale will become reality during the forecast period with its OTT video market overtaking that of South Korea to become the eighth-biggest market in the world by 2023,” the analysts said.

Subscription video on demand (SVOD) is estimated reach Rs 10,708 crore in 2023 from an estimated Rs 3,756 crore in 2018 on the back of attractive subscription rates, localised content and bundled packages, according to the report.