New Delhi: With the number of internet users is rapidly increasing, the digital media is likely to dominate the film entertainment industry and is expected to clock a turnover of Rs 35,400 crore at CAGR of 28 per cent, said a new report by Ernst & Young and industry body FICCI.
According to the report titled ‘A Billion Screens of Opportunity’, With one in eight internet users globally being an Indian, the size of the digital media industry grew to Rs 16,900 crore in 2018 from Rs 11,900 crore in 2017, at an impressive rate of 41.9 per cent.
It is expected to reach to Rs 22,300 crore in 2019. On the other hand, the volume of the filmed entertainment industry rose by 12.2 per cent to Rs 17,500 crore in 2018 from Rs 15,600 crore in 2017. It is estimated to reach to Rs 23,600 crore by 2021.
Digital media with new content genres targeted for well-defined audience segments will overtake filmed entertainment this year, pointed out the report. As the online population grows from 44.6 crore in 2017 to 84 crore in 2022, Indians are likely to consume 12 exabytes (EB) of video content per month by 2022, up from 1.2 EB in 2017. One EB equals about 8.6 billion gigabytes GB).
In next three years, mobile phones will account for nearly 68% of the total 220 crore networked devices, while smartphones will account for 39 per cent (829 million) of all networked devices. Besides, the online gaming industry in India took giant strides and grew by 59.4 per cent to Rs 4,900 crore in 2018 from Rs 3,000 crore in 2017.