The digital transformation of India's media and entertainment sector will help it generate in excess of INR2.245 billion by 2017, according to a joint report from PricewaterhouseCoopers (PwC) and industry body CII.
The report suggests the industry will expand at a compound annual growth rate of 18% from 2012 to 2017, bucking the general economic trend in India.
"This growth is driven by the introduction of cable TV digitisation, continued growth of regional media, continued strength of the filmed entertainment sector, fast increasing new media businesses and transparency," Chandrajit Banerjee, director general, CII, is quoted as saying by The Economic Times.
India's TV sector grew at 13% with revenues increasing from INR340 billion in 2011 to INR383 billion in 2012. Revenues for filmed entertainment rose by around 17% from INR96 billion in 2011 to INR112 billion in 2012.
Smita Jha, leader entertainment & media practice, PwC India, added: "With increasing proliferation of digital platforms, industry participants will need to invest in constant innovation that encompasses products and services, business and operating models and most importantly, consumer experience and engagement. Innovation should be seen as an important enabler to get closer to consumers and profitably deliver relevant content and services."