Print media most affected by COVID-19 pandemic: FICCI report

The FCCI report, however, said that India’s media and entertainment sector is expected to grow by 25 percent in 2021

Hyderabad: The print industry is the most affected in India’s media and entertainment (M&E) sector due to the economic impact of the COVID-19 pandemic, a report by FICCI said on Friday.

The Federation of Indian Chambers of Commerce and Industry (FICCI)  report, however, stated that the Indian (M&E) sector is expected to grow by 25 percent in 2021 and also that it is likely to reach Rs. 1.73 trillion (US$23.7 billion).

Titled ‘Playing by new rules’, the FICCI report was launched in New Delhi on March 26. The report also revealed that there was a drastic fall of 21.5 percent in advertising revenues to Rs 251 billion in 2020, due to the severe economic impact caused by COVID-19.

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Other M&E sectors also affected

The FICCI also said that the TV industry declined by 13 percent from Rs 787 billion in 2019 to Rs 685 billion in 2020. The segment, which is also M&E’s largest segment, saw a 21.5 percent fall in advertising revenues in 2020 to Rs 251 billion.

The TV industry is planning to increase its revenues by 7% to reach Rs 847 billion by 2023. An increase in growth will be made by connected TVs which could cross 40 million to 50 million homes by 2025.

In online gaming, transaction-based game revenues grew by 21 percent on the back of fantasy sport, rummy and poker. Casual gaming revenues also grew by eight percent, given that millions of people in the country were stuck at home during the lockdown.

Mergers and acquisitions in new media made big contributions on the deals in terms of volume as well. Its share increased in terms of deal value from 37 percent in 2019 to 92 percent in 2020.

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