The media and entertainment sector consists of the creation, aggregation and distribution of content, products and services, news and information, advertising and entertainment through various channels and platforms. The media and entertainment industry is one of the fastest growing industries in the world. Ever evolving technologies, extensive use of media by corporate provide both opportunities and challenges to the media and entertainment industry.
Indian Entertainment Industry
Post reforms the media and entertainment industry in India has made tremendous strides. The M&E industry can be further classified into film, television, advertising, print media and music. The Indian entertainment industry came off age and gained global recognition when A.R.Rahman and Resul Pokutty won the Oscars for their work in Slum dog Millionaire.
Television
The Television industry in India is witnessing a major change over with even several actors and actresses from the Bollywood industry making a career shift. Digital network like direct to home (DTH) have helped television reach to millions of viewers across the country. Mobile TV where picture can be relayed to mobile phones is in the early stage of development and has got a tremendous future. The Television industry witnessed a surge in the number of channels; viewers had a wider range of channels to select from. Leading studio's from Hollywood like Turner and Warner Bros have shown keen interest in the Indian market. It is believed that more than 100 new channels across various segments would be launched in the next one year.
Music Industry
The music industry again has witnessed a tremendous growth. The Industry used to be dominated by film songs until recently, has diversified into other segments ranging from Indian classical to Western music. There is a mature market available to the Industry to cash in. Availability of quality audio cd's and digital music has enhanced the end users experience in listening to music. Unfortunately piracy is the bane for the music Industry. To counter rampant piracy, the Indian Music Industry (IMI) has announced the starting of Music Mobile Exchange (MMX), a body that encourages legal music downloads. The IMI has enrolled the services of 142 music labels to further their cause. Some of the major brands like Saregama, Tips, Venus, Universal, Sony, EMI and Aditya music with a combined market share of over 70% business are part of the consortium.
Journalism
The conventional newspaper has made tremendous progress since its inception, but with the advent of internet, it is facing immense pressure from new media like Cyber Journalism. Journalism has to gear up to the new competition, if it has to continue to be relevant and read in today's context. Cyber Journalism itself is evolving and it cannot be taken as a continuation of the print media. In Cyber journalism the information can be conveyed in three different formats-text format, audio mode and video clip. It would still take some time for Cyber Journalism to mature and carve a niche for itself.
Cyber Journalism is different from the print media in the following areas:
News Cycle, Updating Frequency, Packaging, Knowledge Links, News Vehicles
Advertising
This field has evolved from being a traditional copy writing, brand building, media planning and client servicing to new dimensions like internet marketing, image management, media research, graphic design etc. It is a rapidly growing industry which influences the consumer taste and preference.
Public Relations
Public Relation is extremely vital to create a positive image of a company. Massive foreign investment, privatization and initial public offerings by Indian companies have resulted in a rapid growth for this sector. Before companies used to have public relations department internally, but in recent times with increasing demand for PR, companies specializing in PR have been established. Be it corporate or, media, IT, entertainment or media every business venture requires a PR organization to create awareness about them. Even celebrities from movie stars, to sportspersons, to politicians, to party socialites have a PR firm representing them.
Future Trends
The Indian Media and Entertainment industry is forecasted to grow at an annual growth rate of 19 per cent to reach Rs 83,740 crore by 2010.
The forecasted CAGR of various segments of the Media and Entertainment industry in India till 2010 is:
