The Indian media and entertainment industry grew 20% to reach INR2.1 trillion in 2022, 10% above pre-pandemic 2019, according to the annual EY report released during the ongoing Frames conference in Mumbai, organized by the Federation of Indian Chambers of Commerce and Industry.
While television remained the single largest component of the M&E sector in 2022 with a valuation of $8.6 billion, it shrank 1.5% from 2021 levels, despite advertising revenues growing 2% to reach levels just behind 2019. The reason for the shrinkage is that subscription revenue continued to fall for the third year in a row, reducing 4% due to a reduction of five million pay-TV homes and stagnant average revenues per user. Linear TV viewership declined 7% over 2021.
On the streaming front, the report observes that video viewers increased 6% in 2022 to reach 527 million. In 2020, 30% of streaming originals were in languages other than Hindi and this increased to 50% in 2022. Some 3,000 hours of original content was produced for streaming platforms, which is 19% higher than 2021. Total online video content investment in India stood at $1 billion in 2022.
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