Out of the 12 segments in the media and entertainment space, only digital subscription and online gaming grew steadily last year but rest of the areas saw a dip, according to Federation of Indian Chambers of Commerce & Industry (FICCI) report titled ‘Playing by new rules’, which was released on March 26.
Every segment in the media and entertainment industry witnessed a double-digit decline last year except music and digital advertising that had neither positive nor negative effect owing to the pandemic. Digital subscription rose by 49 percent whereas online gaming segment increased by 18 percent in 2020 as compared to 2019.
But still the media and entertainment industry is set to gain its momentum in 2021, consultancy firm EY affirmed on Friday. During its annual study, an analysis was made by few experts on the sector, released in association with the FICCI.
Reports now claim that the media industry is expected to grow to 25 per cent this year to reach Rs 1.73 trillion, covering up for the loss faced in 2020, when the market reduced to 24 per cent due to covid-19 pandemic induced loss.
From the study it is learnt that that TV remained the largest segment, while the digital media had overtaken print, and online gaming had surpassed film entertainment.
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