The media and entertainment industry in South India are growing at a compound annual growth rate (CAGR) of 15%, indicating a post-crisis recovery, according to a report released on Saturday by the Confederation of Indian Industry (CII). The South Indian industry is currently valued at around Rs 74,900 crore.
The report, titled ‘Regional is the New National – Way Forward for the South India Media and Entertainment Industry,’ was released on Saturday at a CII Dakshin – South India Media and Entertainment Summit by Tamil Nadu Chief Minister M K Stalin. According to the report, the television industry accounts for a larger share of the media and entertainment market, accounting for 35% of the total. As per the report, “it has been established as the most powerful medium of mass communication, ensuring its continued presence and potential for relevance in the face of advanced technological developments.”
The South Indian streaming and digital media market is expected to grow rapidly, with a CAGR of 25% and a market value of around Rs 16,200 crore by the end of 2022. “With the upcoming introduction of Metaverse,” it added, “this sector is expected to show the most promising growth.”
According to the report, Animation, Visual Effects, Gaming, and Comics (AVGC) is the fastest growing sector, with a CAGR of 30%, and is expected to account for up to 10% of the overall media and entertainment sector by 2030. According to media reports, the South Indian film industry is expected to grow at a CAGR of around 13%, worth around Rs 6,000 crore by the end of 2022, while the print industry is expected to be worth around Rs 9,900 crore.