Media And Entertainment Industry Expected To Grow At 17 Per Cent In 2022: Report #Media #Entertainment #Industry #Expected #Grow #Cent #Report Welcome to Lopoid
New Delhi: According to a recent EY-FICCI report, the Indian media and entertainment (M&E) sector grew a whopping 16.4% to Rs 1.61tn ($21.5bn) in 2021. The industry is expected to grow 17% in 2022 to reach $25.2 billion and recover its 2019 pre-pandemic levels and is expected to grow at a CAGR of 11% to reach $30.9 billion by 2024. With the increasing scope in this talent-oriented sector, the scope of opportunities as well as business is tremendous. However, problems still lie with the structure of the arena.Also Read – World Music Day 2022: Singer Dhvani Bhanushali Expresses Her Views On Old Songs, Tips for Budding Singers and More | Watch
A number of issues are faced by the two parties in the process of exploring, booking, and payment of the artists. One of which is the presence of intermediaries. They exist only for commissions, which ultimately take a toll on the pockets of talent-seekers. Also Read – Alaya F Raises Temperature In A Stunning Red Hot Bikini, Checkout Her Bold Bikini Looks Here – Watch Video
When people talk about live entertainment the first thing that clicks in their minds is the “concerts”. But it’s more than that, the live entertainment industry means the industry that includes the promotion, presentation, performance, and/or ticketing of concerts, sporting events, theatrical presentations, family entertainment, festivals, conventions, and/or any other live entertainment acts or events of any kind or nature. Also Read – Esha Gupta’s Most Sensuous And Hot Looks Where Actress Crossed The Limits Of Boldness – Watch Video
The pandemic has impacted this portion of the media and entertainment industry gravely. The live event segment grew 20% over an extremely depleted base, primarily due to the relaxation of event curbs in a few states; however, revenues were just 40% of 2019 revenues. It should recover its 2019 levels by the end 2024. The expected growth is promising and the future prospects look good.
The scope for business in the entertainment domain is colossal and is open for more companies to venture into this unexplored unorganized sector. There is a huge capacity for the talent buyers as well as the talent providers to benefit and end up making a profit if the right kind of companies enter this industry and prepare a database for amateur as well as professional artists to streamline this ecosystem. No company in the Indians in the Media and entertainment sector is focusing on gathering or compiling data for physical shows, concerts, events etc where various artists perform and entertain the audience.
As a solution for this untapped space in the gig economy, a Delhi-based startup – Starclinch has stepped up as a moderator platform to eradicate middlemen culture and inflated pricing to provide centrality and transparency for both clients and artists. It is the first Indian company to be VC funded that works in the entertainment sector and is eyeing to capitalize on the opportunity while addressing unstructured talent discovery, reference checks, and performance assurance.