Last year, the pandemic affected all sectors but the entertainment industry was affected particularly hard by COVID-19. Now, a report has been compiled by the Federation of Indian Chambers of Commerce and Industry and EY that show that India’s media and entertainment industry shrank by a whopping 24 percent last year.
The industry was valued at $18.9 billion which is roughly where the sector stood back in 2017. Of course, due to the closure of cinemas, the film industry was the worst affected. Revenue fell by 62 percent down to $997 million and over a thousand cinema screens have been permanently closed. In addition, last year only saw the release of 441 films in comparison to 2019’s 1833 films.
On the other hand, digital subscriptions grew by 49 percent, with 28 million Indians currently paying for subscriptions to streaming services. The rise in digital was mainly dominated by Disney+ Hotstar, which led the way in terms of online Indian entertainment last year.
Thankfully, the report suggested that 2021 can expect a phenomenal growth. With many of last year’s blockbusters such as ‘Sooryavanshi’ still lined up to release, India can expect to see a lot of support for its cinemas. Unfortunately, with the rise of COVID cases happening throughout the country, however, it remains unclear when India can fully go ahead with its plans.
