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India’s media, entertainment sector to cross $31 bn by 2020
Mumbai, March 4 (IANS) The Indian media and entertainment sector revenues reached $22.7 billion in 2017, and are expected to cross $31 billion by 2020, at a compound annual growth rate (CAGR) of 11.6 per cent, said a study released here on Sunday.
The report by the Federation of Indian Chambers of Commerce and Industry (Ficci) and Ernst & Young LLP was launched here by Information and Broadcasting Minister Smriti Irani at the inaugural session of the Ficci Frames 2018.
“The media and entertainment sector continues to show great potential, and we expect it to grow on the back of India’s need for escapism, knowledge and social acceptance. Media and entertainment has become a necessity of life, and provides exciting opportunities for existing and new companies.”
The report also said the digital media will be a game changer.
Uday Shankar, Chairman, Ficci Media and Entertainment Committee, said the sector has become a “critical contributor to the economic and social narrative of the country”.
“It generates millions of jobs directly and indirectly, contributes to economic growth with a rate almost twice the GDP and provides an immeasurable ancillary contribution by serving as a platform for the growth of several other industries,” Shankar said.
“The future of the sector is getting built on three pillars – engineers, designers and storytellers,” Shankar added.
As per the report, the reach of television increased to 64 per cent of the country, and with distribution now largely digitized, this has brought in more addressability. Bucking international trends, the print and radio segments continued to grow, as well as build their digital presence.
Indian films — both Hindi and regional — grew their international appeal with several doing well at the global box office.
It witnessed a growth of 27 per cent due to a combination of high growth in overseas theatrical releases, especially in China, growth in satellite rights values and domestic box office collections.
Increase in the demand for global content has also resulted in the growth of the animation, VFX and post production segment, where India has become known for its high quality and efficient capabilities.
Digital subscription and online gaming are showing signs of exponential growth, but on a small base.
The digital world is giving a boost to the overall sector.
“We estimate that there are around 1 to 1.5 million digital only consumers in India today, who would not normally use traditional media, and we expect this customer base to grow to around 4 million by 2020, and generate significant digital subscription revenues for the media and entertainment sector,” read the report.
According to John Harrison, Global Media and Entertainment Leader – EY, “India’s conducive regulatory environment and high volume of content consumption hold significant potential for foreign investments in the sector.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.