New Delhi: India is set to emerge as the fastest growing market in the global entertainment and media space in the next five years, says a latest market report. Also, developing on a mammoth scale is the Internet portals’ business and online advertising, the report adds.
With the advent of new web portals and rising Internet users, a major chunk of TV advertising and viewership has now passed on to Internet. However, there are little worries among traditional segments like radio, TV and films.
With a size of over Rs 1,00,000 crore market cap by 2011 the global E&M industry will grow at a compound annual rate of 6.4 per cent to $2 trillion over the next five-years, global consultancy firm PricewaterhouseCoopers has said in its study.
Identifying Asia-Pacific as the fastest-growing region, PwC says that the rapid growth in this region would be led by India and China.
"India will be the fastest growing (country) over the next five years at 18.5 per cent CAGR (Compound Annual Growth Rate) while China will continue to record double-digit annual gains that will average 16.8 per cent CAGR," it said.
The global outlook projects Indian E&M industry revenue at Rs 1,20,871 crore in 2011, against Rs 51,715 crore in 2006, PwC Executive Director Timmy S Kandhari told PTI.
Internet advertising is expected to emerge as the fastest growing segment over the next five years, driven by the growing number of internet users, Kandhari said.
The average spending in Asia Pacific would be at 9.6 per cent, the fastest for any region, moving up to USD 470 billion in 2011 from USD 297 billion in 2006.
Interestingly, the report noted that the US, the largest market in the world, would grow at the slowest pace. "The US remains the largest but slowest growing market at 5.3 per cent CAGR to USD 754 billion by 2011."
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