Something About the Indian Media Industry

The Indian media and entertainment industry is all poised to enter the golden era. India is currently one of the biggest markets of the media and entertainment industry and is expected to rake in multi-billion dollars in the next few years. The Indian media industry has over 500 national and regional TV channels and over 1,100 films are produced all over the country each year. The business of media in India is expected to grow exponentially.It can be undoubtedly said that the film industry has ushered in the greatest boom in the Indian media industry. The film industry of India is the largest in the world with over three billion submissions each year. Many of the leading global entertainment giants are making a beeline for the Indian film industry. Production houses like Warner Bros and Walt Disney are partnering projects in India in collaboration with the domestic production houses.There are several other factors that have contributed to the growth of the entertainment and media industry of India. The Indian middle class has witnessed a rise in their levels of income of late. Besides, the advancement of technology and change in the consumption patterns has almost overhauled the functioning and style of the Indian media industry. Right from production, distribution, marketing and exhibition, the entire process has undergone a complete transformation. The rapid growth of multiplexes that has now almost reached every nook and corner of the country has met the consumer’s demand for entertainment at an ambience and has also helped in boosting the production of niche films targeted at a select audience.Media in India has enjoyed freedom of expression since long ago. It has been able to highlight the ills of the society and has often built mass opinion to voice against corruption and other issues.At a recent seminar at New Delhi on the Indian media industry, experts said that all the stakeholders eke out a good roadmap, achieving $100 billion in the near future won’t be a tough target. The head of one of the major production houses pointed out in the seminar that there were several hurdles towards that end. Media in India needs to have better content, especially the TV industry. Talent is also another issue. But he too was of the opinion that $100 billion turnover wasn’t impossible to achieve.The Indian media industry is based on four pillars: content, digitization, distribution and platform. While great strides have been made in the last three, the content still remains a sore point, especially for the TV industry. Indian TV content is mired in mediocrity but there are some production houses that have taken prudent steps in improving their content.The coming days could be very important for the Indian media industry.