Media and Entertainment industry to cross Rs 2.35 trn mark by 2021: Report

The media and entertainment (M&E) industry is expected to cross the Rs 2.35-lakh-crore mark (around $ 33.6 billion) by 2021, clipping at 11.6 percent annually, says a report.According to a Ficci-EY report, the industry stood at Rs 1.67 lakh crore ($ 23.9 billion) in 2018, growing 13.4 percent over 2017."While TV will remain the largest segment,growth is expected to come from digital that will overtake filmed entertainment in 2019 and the print by 2021," says the report released at the annual industry summit Ficci Frames Tuesday.Of the 570 million Internet users, around 2.5 million use only digital media and eschew the traditional media, according to the report which forecasts that this digital-only customer base is slated to double to 5 million by 2021. "Digital consumption will grow,and monetisation avenues will see innovation to meet customer demands and one big growth driver will be OTT players on the back of telcos bundling their offerings with data. Already advertising growth has outpaced subscription growth and is expected to comprise 52 percent of the total pie by 2021," says the report.