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The CII-BCG Big Picture 2021 Report titled ‘Blockbuster Script For The New Decade – Way Forward For Indian Media & Entertainment Industry’ cites that India’s media and entertainment industry has revived to pre-Covid levels and is expected to grow to $55-70 billion, mainly powered by OTT, Gaming, Animation and VFX. OOH is clubbed with ‘Others’ including Live Events and projected as having 1% share of the estimated size of India’s media and entertainment industry for 2021E. Cinema has a higher estimated percentage of 5-7%.
On the advertising front, the report points out that “Indian ad spend as % of GDP is among the lowest in the world” and hence there is high potential for multi-fold growth in advertising over the next few years.
As regards OOH is concerned, the report states the growth will be triggered by infrastructure development projects and evolving DOOH.
The report in its concluding section lists the following imperatives for media companies:
- Create more differentiated, diverse content catering to diverse audience segments and provide a more personalized viewing experience.
- Continue to innovate on pricing and new monetization models; take Indian content to international audiences.
- Develop new, strategic selling models that enhance the value proposition for advertisers.
- Develop Media & Entertainment as the industry of choice for new age talent.
- Invest in technology and advanced analytics to drive content curation, targeting, measurability, visibility