安永：2022年印度媒体和娱乐报告（EN）_374页_8mb

Summary of "Tuning into Consumer" Report

Core Content

This report outlines the transformation and growth of the Indian Media & Entertainment (M&E) sector, emphasizing the shift towards a consumer-centric approach. It highlights the resilience of the industry in the face of the global pandemic and its rapid adaptation to digital technologies, leading to a significant recovery and expansion in 2021 and 2022.

Main Points

• Industry Resilience: Despite the challenges posed by the pandemic, the Indian M&E sector showed remarkable resilience, rebounding with a 16.4% growth in 2021 to reach INR1.61 trillion, just 11% short of 2019 levels.

• Digital Transformation: The digital segment has become a key driver of growth, with digital media growing the most at INR68 billion in 2021, increasing its contribution from 16% in 2019 to 19% in 2021. The sector is expected to reach INR2.3 trillion by 2024, with a CAGR of 13%.

• Consumer Behavior: Indian consumers are increasingly adopting digital platforms, with a significant portion of the population having access to smartphones. This has led to a shift in content consumption, with a rise in digital and social media usage, and a growing demand for culturally relevant content.

• Content Diversity: The sector is diversifying its content offerings, with a notable increase in regional content consumption and the emergence of new content formats and distribution models, such as OTT, streaming, and social media-based content.

• Technological Advancements: The industry has made significant strides in technology, particularly in animation, VFX, and digital production, which have enabled India to compete globally and support the 'Make in India and Show the World' initiative.

• Advertising Growth: Advertising has outperformed GDP growth, with a 25% increase in 2021. Television advertising saw the highest growth, while digital advertising also contributed significantly to the overall recovery.

• Subscription Models: Subscription-based revenue has seen modest growth, with digital subscriptions growing by 29% to INR56 billion. However, overall subscription revenue was 18% below 2019 levels due to reduced pay TV households and lower ARPUs.

• Future Outlook: The M&E sector is expected to continue its growth trajectory, with digital, films, and television being the main contributors. The industry is also moving towards a more medium-agnostic model, with video remaining the largest revenue segment.

Key Information

Segmental Trends (2021)

• Television: Grew by 25% to reach INR313 billion, contributing 42% to total advertising revenue.
• Digital Media: Grew by 29% to INR246 billion, contributing 33% to total advertising revenue.
• Print: Grew by 12%, with subscription revenue increasing due to recovery in direct to home and newsstand sales.
• Online Gaming: Grew by 28% to INR101 billion, with real money gaming accounting for over 70% of segment revenues.
• Filmed Entertainment: Grew by 28%, with over 750 films released in 2021, though still at half 2019 levels.
• Animation and VFX: Grew by 57%, becoming the fastest-growing segment in 2021.
• Live Events: Grew by 20%, but remained at 40% of 2019 revenues.

Advertising Growth

• Advertising grew by 25% in 2021, reaching INR500 billion, with television advertising contributing the most.
• Digital advertising grew by INR55 billion, while print advertising saw INR29 billion in growth.

Subscription Growth

• Subscription revenue grew by INR15 billion in 2021.
• Film, print, and digital showed combined growth of INR42 billion, while television saw a drop of INR27 billion.
• The share of subscription revenue decreased from 51.5% to 46.5% of total M&E revenue.

M&E Deals

• Over 100 M&E deals were made in 2021, with new media accounting for 86% of deal volume.

Future Outlook

• The M&E sector is projected to reach INR2.3 trillion by 2024, with digital, films, and television expected to contribute the most.
• The LCO model is evolving, with two wires into each home for live and broadband content.
• Regional content consumption is expected to increase significantly, reaching 60% of television consumption by 2025.
• Talent shortages are anticipated to drive up production costs, especially in the OTT sector.
• New content windows, including premium SVOD, theatrical, and TVOD, are expected to emerge.

Emerging Trends

• Connected TV: Expected to exceed 40 million by 2025, changing the landscape of large-screen content.
• Regional Content: Will see a surge in consumption, with a need for dubbing and localization services.
• Online Gaming: Projected to reach 500 million gamers by 2025, driven by mobile-based real-money gaming.
• Avatars and Metaverse: The rise of avatars and virtual experiences is anticipated, with over 50 million avatars expected by 2025.
• Cinema Evolution: Cinemas will shift towards "experience zones" and lower-cost "cinema products" to cater to a broader audience.
• Out of Home (OOH) Spaces: Premium OOH spaces will be developed, especially in cities like Mumbai.
• Sports in the Metaverse: Niche sports will gain traction through virtual experiences, aiding their growth in India.
• Eventing: The events segment is expected to recover by 2025, with marketers planning to increase event spends.
• Online News: Reach is projected to grow to over 750 million by 2025, with a significant portion in vernacular languages.
• Newspaper Utility: Newspapers will enhance their relevance through local news, engagement tools, and community experiences.

Conclusion

The Indian M&E sector is on a path of rapid transformation, driven by consumer-centric strategies, digital adoption, and technological innovation. With a focus on regional content, new distribution models, and the integration of the metaverse, the sector is poised for continued growth and global recognition.