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article imageIndian Media, Entertainment industry set to reach $21B

By Bodhisattva Banerji     Feb 18, 2009 in Entertainment
Indian media and the entertainment industry is all set to reach a whopping $21B industry within four years. Some recent studies revealed the figures that is turning Indian media into a truly mammoth force.
Not many around the world would have appreciated the comments of Mr. Amitabh Bachchan, one of the most popular actors in the Indian entertainment industry, when he stated that the Bollywood, or the Bombay film industry, remains more creative, while having its own exhibition, than the Hollywood. Perhaps now, leaving the creativity aside, there are some certain reports regarding the size of the bollywood industry. A recent survey has reportedly found the industry reaching a staggering volume of $21B by 2013. The survey further pointed out that entertainment industry alongside the Indian media has grown up 15 percent annually since 2006. The industry now stands at $11.68-billion. And it is all set to reach $21 billion over the span of next five years.
The study has been conducted by Federation of Indian Chambers of Commerce and Industry, known as FICCI, and KPMG.
The study further shows that the growth projection this ever-burgeoning industry for the span of 2009-13 would be lowered to 12.5 percent per annum. The drop is a significant one from 18 percent predicted earlier for the span of 2008-12. The reasons for such a drastic fall, however, has been awarded to worldwide recession. Mr. Amit Mitra, the secretary general of FICCI, reportedly stated that India remained one of the fewer countries where economic growth would be led by domestic consumption. And thus, according to him, India will be preferred as an attractive market for industries such as media and entertainment.
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