OTT Market:will expand at an impressive 14.1% to reach ₹21,032 crore by 2026. Cinemais all set to grow at a whopping 38.3% to reach ₹16,198 crore by 2026.
- By 2026, India will be one step ahead of both France and the UK to become the fifth largest newspaper market.
- Global VR headset sales in 2021 were 21.6 million and are expected to grow to about 66 million by 2026.
In 2020, during the first year of Covid lockdown, revenues from OTTs such as Netflix, Amazon Prime, Disney Hotstar and more doubled. The following year, as the second wave of Covid and the problems continued, it doubled again – indicating that there is still a lot of juice on the market.
This year it may be double again, but the growth in the OTT segment is far from over.
“While the growth rate will slow, the market will still expand by an impressive 14.1% to reach ₹21,032 crore in 2026. It is subscription services that drive this rapid growth, accounting for 90.5% of revenue in 2021 and expected to be 95% by 2026,” said a PWC’s Global Entertainment & Media Outlook report, published June 23.
While it may seem like India is all set to step into the digital bandwagon to meet their entertainment needs, it’s not quite so. Old-style entertainment will also grow and remain important in the coming years. At the top of this list is the cinema.
A multi-billion ticket market – cinemas
Even in the lockdown year 2021, 379 million cinema tickets were sold in the country. This is well over 278 million admissions in 2020 – which itself was over 226 million admissions in the US in the same year.
Without the pandemic, however, India has an average of just under a billion tickets per year.
The report says it will show the highest growth rate of all segments at a whopping 38.3% to reach ₹16,198 crore by 2026.
According to the report, the Indian media and entertainment industry is quite ‘unique’. “There is an exciting pace of growth in digital media and advertising, led by the deeper penetration of the Internet and mobile devices into our market. At the same time, traditional media will grow steadily in the coming years,” said Rajib Basu, Partner & Leader – Entertainment & Media, PwC India.
While India is embracing the new, it is also not abandoning existing forms of media. Newspaper revenues are also expected to grow. By 2026, it will surpass both France and the UK to become the fifth largest newspaper market.
It will also be the only country to grow total newspaper print revenues consistently over the five-year forecast period. It will also be the only country in the world to see daily print newspaper sales also grow in volume.
Metaverse and Its Potential Expands
Globally, many newer age trends are choosing – the best of which is the metaverse. While still a very small segment, global spending on it has grown by a whopping 36%, pointing to its growth potential.
Sales of Virtual Reality (VR) headsets in 2021 were 21.6 million and are expected to grow to approximately 66 million by 2026.
“The metaverse is an evolution that could fundamentally change the way businesses and consumers interact with products, services and each other. Its potential financial and economic value goes well beyond VR. Over time, much of the revenue associated with video games, music performances, advertising and even e-commerce could migrate to the metaverse,” the report said.
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