ENTERTAINMENT INDUSTRY IN INDIA - A general Scenario
Entertainment Industryis currently experiencing a worldwide new revolution. Entrepreneurs in the field of entertainment are capitalizing on this booming era. Hence, they are evolving fresh concepts and modes of entertainment everyday to capture the growing market demands. Where, the Americans are flooding the market with new ideas, the Japanese are not left behind in the race by providing the excellent technological support to develop these ideas and deliver a wonderful recreational experience to the people.
The projected filmed entertainment spending in the United States, EMEA (Europe, Middle East, and Africa), Asia/Pacific, Latin America, and Canada will rise at a 7.5 percent compound annual rate, reaching $108 billion in 2008 from $75.3 billion in 2010.
The Indian Entertainment Industry is currently standing at over Rs.20,000 Crores ( $ 4.5 billion ) & is expected to grow in high double digits at 18% per annum compounded annually over the next five years to reach over Rs.45,000 Crores ( $ 10 billion) by 2009.
In the current scenario of globalization, India has stepped out to get these latest technologies and entertainment experiences to satiate the leisure drive of our vast Indian population. Be it online gaming, virtual reality shows, 4 D theater experience, Indians are ready for all and are willing to spend on them. Various foreign Companies are equally eager to capture the huge Indian market and hence they look forward to collaborations and technology transfers to India.
The Indian Entertainment Industry is one of the fastest growing sectors of the Indian economy riding on the economic growth and rising income levels that India has been experiencing in the past few years. The Indian Entertainment Industry has grown at a rate of 18 percent in 2004 to approximately 22,500 crore from 19,200 crore in 2003.
Entertainment Industry today is being re-defined.in terms of content, delivery mechanisms and the emerging technologies. The film industry is overwhelmed by the growth of multiplexes, which has changed not only the entire entertainment experience for the consumers but also impacted the movie-making business.
(NOTE: The above mentioned information is authentically sourced).
