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Indian Media and Entertainment Sector Set to Reach ₹3.08 Trillion by 2026, Despite Slower Growth in 2023

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The Indian media and entertainment sector, valued at ₹2.3 trillion in 2023, is poised for significant growth in the coming years, according to the annual media and entertainment (M&E) report by Ficci and consulting firm EY. Despite facing challenges such as a slowdown in advertising during the first half of 2023, the sector is expected to grow at a compound annual growth rate (CAGR) of 10% to reach ₹3.08 trillion by 2026. In 2023, the sector witnessed a growth of ₹17,300 crore, which was significantly lower than the ₹37,100 crore growth recorded in 2022. This slowdown was primarily attributed to headwinds in advertising. However, except for television, all segments of the M&E sector experienced growth. New media, including digital and online gaming, emerged as the fastest-growing segment, contributing ₹12,200 crore to the total growth. As a result, the contribution of new media to the M&E sector increased from 20% in 2019 to 38% in 2023. The M&E sector is projected to grow by 10.2% in 2024, with various segments reaching significant milestones. Television, digital media, filmed entertainment, and animation and VFX are estimated to touch ₹71,800 crore, ₹75,100 crore, ₹20,700 crore, and ₹13,200 crore, respectively. At the Ficci Frames event held in Mumbai, the report highlighted specific trends in different segments. Television advertising experienced a decline of 6.5% due to reduced spending by gaming and direct-to-consumer (D2C) brands. However, subscription revenue saw growth after three years of decline, driven by price increases. Print media continued to thrive, with advertising revenues growing by 4% in 2023. Subscription revenues also saw a 3% increase, indicating the resilience of print as a medium for affluent and non-metro audiences. Digital advertising grew by 15% to reach ₹57,600 crore, representing 51% of total advertising revenues. However, digital subscription growth slowed to 9%, as premium cricket properties such as the Indian Premier League (IPL) became available for free. The online gaming segment witnessed a growth slowdown to 22% in 2023, reaching ₹22,000 crore. Real money gaming accounted for 83% of segment revenues, with over 90 million gamers paying to play. The film segment grew by 14% to reach ₹19,700 crore, with theatrical revenues reaching an all-time high of ₹12,000 crore. However, the rise in box office was mainly due to increasing ticket prices, as footfalls remained below pre-pandemic levels. Animation and VFX experienced a modest growth of 6% in 2023, impacted by global supply chain disruptions. Potential mergers and falling ad revenues also affected the production of animated content for broadcast in India. Despite the challenges, industry experts remain optimistic about the future of the Indian M&E sector, emphasizing the enduring appeal of traditional media alongside the rapid growth of digital platforms. With evolving consumer preferences and technological advancements, the sector is poised for continued expansion in the years to come.

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The Rise of Podcasts: Exploring the Audio Entertainment Revolution

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In recent years, there has been an explosion in the popularity of podcasts, marking a significant shift in how we consume media and entertainment. These digital audio files, akin to on-demand radio shows, have become a cultural phenomenon, transforming the way we inform, entertain, and connect with others. In this blog, we’ll delve into the podcasting revolution, its global impact, and its unique place in India’s diverse media landscape. We’ll also discuss why podcasts have become so popular, their impact on various industries, and what makes them a captivating form of audio entertainment. The Podcasting Boom Podcasts have skyrocketed in popularity for several compelling reasons, making them a unique medium in the entertainment industry. Here are some key factors contributing to their surge: Accessibility: One of the primary reasons behind the rise of podcasts is their accessibility. Anyone with a smartphone or computer and an internet connection can easily access a vast library of content, often for free. Dedicated apps like Apple Podcasts, Spotify, and Google Podcasts have made this accessibility even more convenient. Diverse Content: The diversity of podcast content is staggering. From true crime and personal development to science, history, pop culture, and everything in between, there’s a podcast for everyone. This variety attracts listeners with a wide range of interests, ensuring that there’s always something new and exciting to discover. On-Demand Listening: Podcasts are available on-demand, allowing listeners to choose when and where they want to tune in. Whether you’re commuting, working out, or doing household chores, you can easily incorporate podcasts into your daily routine. This flexibility has made them a perfect companion for various activities. Engaging Storytelling: Many podcasts are known for their high-quality storytelling and immersive narratives. This has turned them into an art form, captivating audiences in ways similar to traditional radio dramas. The narrative depth and quality of storytelling have contributed to the appeal of podcasts as a unique form of entertainment. Also Read: ArdorComm ‘New Normal – Education Leadership Summit & Awards 2023’ to be held at Pune, Maharashtra on 24th November 2023 #ELSAPune #ELSAMaharashtra Impact on Entertainment and Media The rise of podcasts has had a profound impact on the entertainment and media landscape. Their disruptive influence can be observed in various aspects of the industry: Disrupting Traditional Radio: Podcasts have disrupted the traditional radio industry by offering a more personalized and flexible alternative. They provide listeners with the power to curate their own content, listen on their schedule, and explore niche interests. This has prompted radio stations to embrace podcasting, with many now offering their content in podcast format. New Opportunities for Creators: The low barrier to entry in podcasting has made it accessible to aspiring creators from diverse backgrounds. This democratization of media has led to an explosion of new voices and perspectives. Podcasting empowers creators to share their expertise, passion, and stories, further enriching the podcasting landscape with diverse content. Complementing Other Media: Podcasts often complement other forms of media, such as movies, TV shows, and books. They offer behind-the-scenes insights, interviews with creators, and discussions that add depth to the audience’s understanding and appreciation of their favourite media. For instance, podcast listeners often enjoy dissecting the latest episodes of popular TV shows, exploring fan theories, and engaging in lively discussions. Building Communities: Podcasts can foster strong communities of listeners who share common interests. These connections extend beyond the podcast itself, creating a sense of belonging and shared interests. The interaction between podcasters and their audiences often leads to lively discussions and the formation of fan communities, enhancing the overall entertainment experience. Also Read: The Importance of Emotional Intelligence in HR Leadership Why Are Podcasts So Captivating? Several factors contribute to the captivating nature of podcasts: Intimacy: One of the unique aspects of podcasts is the sense of intimacy they offer. Podcast hosts often speak directly into the listener’s ears, creating a personal connection that is distinct from other forms of media. This one-on-one interaction can forge a deep and personal connection with the audience. Expertise and Passion: Many podcast hosts are experts or enthusiasts in their respective fields. Their passion and knowledge shine through in their content, making it engaging and informative. This combination of expertise and enthusiasm adds depth and authenticity to the content. Long-Form Content: Podcasts are not restricted by traditional broadcast timeframes. This freedom allows for in-depth discussions, exploration of complex topics, and unhurried storytelling. Listeners can dive deep into subjects that interest them and immerse themselves in the content. Accessibility: The accessibility of podcasting makes it easy for listeners to explore niche subjects or discover new interests. Whether it’s a hobby, a professional field, or a personal interest, there’s a podcast out there catering to it. The wide range of content options ensures that listeners always find something that appeals to them. Interactivity: Some podcasts encourage listener participation through Q&A segments, surveys, or audience-submitted questions. This interaction enhances engagement and creates a sense of community, as listeners feel connected to the hosts and the content. Also Read: Strengthening Your Immune System Naturally: A Comprehensive Guide The Indian Perspective on Podcasting Shifting our focus to the Indian podcasting landscape, we find a burgeoning and vibrant scene that mirrors the country’s cultural and linguistic diversity. Indian podcasts cover a wide range of topics, from Bollywood and cricket to technology, politics, and mental health. What makes the Indian podcasting scene unique is its ability to cater to a diverse audience with varied interests and languages. The popularity of podcasts in India has surged due to factors like increased smartphone penetration, easier internet access, and a young, tech-savvy population. Moreover, the regional diversity of India is reflected in its podcast content, with shows in multiple languages, including Hindi, English, Tamil, and more. This rich linguistic tapestry allows Indian podcasters to create content that resonates with local audiences, sharing stories, discussions, and insights that cater to a wide range of interests. Indian podcasters have seized this opportunity to address local issues, share regional stories, and create

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Tata Play Expands Globally with Innovative Solution for International OTT Providers

In a groundbreaking move, Tata Play has extended its presence beyond India by offering a white-label solution tailored for global OTT aggregators. This initiative commences with a collaborative project involving the leading Pay-TV provider in the Philippines, Cignal TV. Tata Play, a prominent content distribution platform in India, has introduced the Tata Play Binge PaaS (Platform as a Service) for OTT aggregators worldwide, providing comprehensive development and deployment opportunities. Harit Nagpal, Managing Director & CEO of Tata Play, highlighted the advantages for partner companies, including access to Tata Play’s extensive experience in areas such as commercial partnerships, recommendation engines, subscription management, analytics, and more. This enterprise solution marks the creation of a distinctive OTT content aggregation and distribution ecosystem. Tata Play Binge, a service under the Tata Group conglomerate, consolidates content from over 26 apps into a single platform. The company’s primary focus is to collaborate with various OTT partners and acquire subscribers in global markets. Tata Play will oversee the complete technology platform, which operates in the cloud. While the initial partnership began with Philippines’ Cignal TV, Nagpal confirmed ongoing discussions with numerous international players interested in utilizing Tata Play’s technology solution to evolve into OTT aggregators. Nagpal emphasized the global scalability of the cloud-based solution, making it applicable to regions worldwide, including Africa, South America, South Asia, and Europe. Tata Play Binge presently boasts nearly a million subscribers, resulting in significant insights into technology, user interfaces, and overall user experience. Many global players have been grappling with the challenge of finding such a solution, which Tata Play is now offering. Nagpal explained the rationale behind this initiative, stating that since Tata Play has already invested resources in developing the solution, they can become the backend support for entities looking to aggregate content worldwide. While it may take some time for this approach to gain widespread acceptance, it offers economies of scale to all participating OTT players and is mutually beneficial, with Tata Play charging a fee for its tech solution. This strategic move by Tata Play aligns with the evolving OTT market, which is experiencing substantial growth in user numbers. Entering the global market with a Platform as a Service (PaaS) solution is well-timed, potentially yielding incremental revenues and a first-mover advantage. Moreover, if content aggregation becomes a global trend, Tata Play stands to benefit by capturing a larger market share.

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