The pandemic-hit Indian Media & Entertainment sector, which witnessed a contraction of around 24 percent at Rs 1.38 lakh Cr in 2020, is expected to log growth in 2021 and double its revenue to Rs 2.68 lakh Cr by 2025, a report said.

In 2020, the sector had a shortfall of Rs 43,900 Cr to Rs 1.38 lakh Cr (USD18.9 billion) and the revenue almost plunged back to 2017 level, said a joint report by industry body FICCI and global consultancy firm EY.

The last quarter of 2020 showed a marked improvement in revenues for most segments and we expect the Media and entertainment sector to recover 25 percent in 2021 to reach Rs 1.73 trillion (USD 23.7 billion) and then to grow at a Compound Annual Growth Rate of 13.7 per cent to reach Rs 2.23 trillion (USD 30.6 billion) by 2023, it said.   In 2019, the sector's revenue was Rs 1.82 lakh Cr.

While we expect the Media and entertainment sector to rebound in 2021 and double to around Rs 2.68 trillion by 2025, the recovery of various segments will vary, it said.

While analyzing the shortfall, the report said digital and online gaming were the only segments that grew in 2020 adding an aggregate of Rs 2,600 Cr, and consequently, their contribution to the media sector increased to 23 percent in 2020 from 16 percent of 2019.

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