Media & entertainment industry pegged at Rs 4.5 trillion by 2023

According to PwC Media and Entertainment (M&E) Outlook 2018-23 released by the research firm on Thursday, the Indian M&E sector is poised to grow at a compound annual growth rate (CAGR) of 11.28 per cent over the next five years, and reach Rs 4.51 trillion by 2023.

This is significantly higher than the global M&E revenue growth projected at 4.3 per cent for the same period. While new media platforms such as over-the-top (OTT) video and internet advertising are expected to lead the growth, traditional platforms such as TV and print continue to show growth.

OTT video: India’s OTT video market will grow at a 21.8% CAGR from Rs 4,464 crore in 2018 to Rs 11, 976 crore in 2023 with subscription video on demand set to increase at 23.3% CAGR. India’s OTT video market is expected to overtake that of South Korea to become the eighth-biggest market in the world by 2023