Audiences consume media in a variety of ways, including television, movies, radio, animated films, music, video games, visual effects, digital advertising, live events, print media, and filmed entertainment. By 2024, the media and entertainment sector would be anticipated to generate $30.9 billion. Indians spend 80% of their free time on entertainment, games, and smartphone apps. This sector is anticipated to expand at a CAGR of 10–12%. The public has a high need for localized content.
This has thereby resulted in an increase in the sale of the television all across the nation. Rishi Tandon is the COO of Hisense, a leading technology company. He is responsible for all global operations and business functions for the company.
Rishi Tandon has more than 20 years of experience in the technology industry, and he has played a major role in the growth of Hisense. And Rishi Tandon has mentioned how the boom in the TV and entertainment industry would prove to be profitable for all the leading tech companies.
People entirely relied on internet media and entertainment during the COVID era to maintain their way of life because there was no alternative to go outdoors and have fun. To amuse and engage individuals at home, there was an abrupt rise in the acquisition of home theatres, music systems, TVs, speakers, PlayStations, etc.
The expanding young population, smartphone and internet customers, low-cost mobile data rates, and simple online payment processes are the major elements propelling the expansion of media companies.
The plan for the establishment of an AVGC center with IIT, Bombay was announced by the Indian government in September 2020. Animation, Visual Effects, Gaming, and Comics are all under the umbrella of AVGC.
By 2025, 71% of Indian households will have televisions, with the number growing at a rate of over 5% annually. Digitizing the cable distribution industry is a promising project the Indian government is undertaking to attract more institutional funding. India possesses the necessary manpower and skills for the M&E sector.
4 things to know about the television and the entertainment industry
1. Consumption patterns influenced by pandemics will persist
The pandemic hastened trends that were already present in the media and entertainment sector before to COVID-19, such as the growing market domination of digital sales, streaming services, gaming, and user-generated content.
Although the sector anticipates a return to some degree of normalcy, the analysis predicts that purchasing patterns and consumer habits developed during the pandemic will persist.
In the competition for market share, declining industries incurred bigger losses. Print books defied the trend in several markets, although these also included conventional television and home video, newspapers, and consumer magazines.
2. Connectivity fuels expansion
The statement that internet connectivity is now a fundamental and necessary utility in both wealthy and developing countries has almost become commonplace. But it also promotes growth.
Due to the high number of clients who were confined to their homes, internet service providers reported a 60% increase in data usage and a 30% overall increase in data consumption.
The number of smartphone connections is expected to increase (from 4.6 billion connections in 2020), although during the year, more customers made investments in fixed broadband internet connections, bringing the total to 1.1 billion homes.
3. Live events will endure
It goes without saying that the pandemic had a negative impact on live and in-person entertainment, and the live music industry, which was virtually shut down in the majority of the world’s countries, had a loss in income of 74.4% from the previous year.
Drive-in concerts and other workarounds provided some of the experience, but it is widely anticipated – and there is already some evidence of this – that live event demand will increase significantly.
4. Movies are still alive.
The epidemic forced a reevaluation of the movie business, which led to a historic 70.4% fall in cinema in 2020.
Disney+’s OTT channel debuted Mulan as a premium digital product while there were only a few theatres open. Studios like Warner Bros. then followed with simultaneous streaming and theatre debuts for films like the most recent Marvel film Black Widow.
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