PHDCCI has projected that Media and Entertainment (M&E) industry which has begun to grow at the rate of over 12 per cent is likely to exceed its annual turnover to over Rs.1,75,000 crores in next four years.
According to the Chamber, this industry which maintained a steady pace of growth rate at the rate of between 7-8 per cent even one the GDP growth fell below 5 per cent since the viewers of Indian cinema number around one crore each day and with this number rising with each passing day, the size of M&E will naturally reach the projected levels.
Currently, the size of M&E industry is estimated at Rs.1,00,000 crores with close to 12,000 amateur artists associated with it at different levels with enthusiasm of movie watcher going beyond expectations, the M&E industry is expected to exceed its turnover to over Rs.2,00,000 crores by 2019-20, said the Chairman of Entertainment & Media Committee of PHD Chamber, Shri Mukesh Gupta.
At an interactive session organized by PHD Chamber with well known Bollywood film Director & Producer, Shri Pankuj Parashar here today, it was highlighted that whereas the Hollywood sells close to 3.5 billion tickets to its movie watcher each day, the Bollywood provides with entertainment ticketing to its viewer ranging over 5 billion. With this strength supporting the M&E industry, its future can be but block buster, feels the Chamber.