M&E industry predicted to grow by 13.9 % in 5 years reports KPMG
While there are a lot of obstacles in the way for media and entertainment industry in India, research report released by KPMG on the media and entertainment industry suggests that the industry in India is expected to register a staggering growth of 13.9 % from 2014-2019, while advertising revenues are expected to grow by 14.5% in the same period.
Soumo Ganguly, Advisor, Management Consulting at KPMG highlighted the key findings of the report in form of a presentation and explained the main challenges for the industry which include-
- Lack of skilled and fresh talent,
- Taxation issues by the government
- Little scope of consolidation in the industry
- Lack of single window clearance leading to inefficiency in execution
- Lack of proper venues for events, among others.
As the event industry in India matures we can see brands shifting from event based engagements to campaign based engagements for its audience. "Going forward IP events are expected to be major growth drivers in the industry and the new government at the center is expected to be a major contributor to the overall process", states Soumo.
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