The media and entertainment industry in South India is growing at a compound annual growth rate (CAGR) of 15 per cent making a post-crisis comeback, said a report by the Confederation of Indian Industry’s (CII) on Saturday. The industry in South 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 by Tamil Nadu chief minister M K Stalin on Saturday at a CII Dakshin – South India Media and Entertainment Summit. According to the report, the television sector contributes to a larger share of 35 per cent of the media and entertainment market. “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 report said.
The South Indian streaming and digital media market is expected to see a massive boom with a CAGR of 25 per cent and with an expected worth of around Rs 16,200 crore by the end of 2022. “With the upcoming introduction of Metaverse, this sector is expected to show the most promising growth,” it added.
Animation, Visual Effects, Gaming and Comics (AVGC) is the fastest growing sector at a CAGR of 30 per cent and is expected to account for up to 10 per cent of overall media and entertainment sector by 2030, the report added. According to the media reports, South Indian film industry is also set to grow at a CAGR of around 13 per cent worth around Rs 6,000 crore, while print industry is worth around Rs 9,900 crore by the end of 2022. Business Standard