The media and entertainment industry has "humongous" potential in India and can grow up to four times to USD 100 billion in the next 10 years, said Star & Disney India Managing Director K Madhavan.
The audience demand for entertainment is only going up and the mode of distribution has changed for the industry, he said in his valedictory address in the 'Big Picture Summit' organised by industry body CII. Currently, the media and entertainment industry stands at USD 24 billion and is about one per cent of the country's gross domestic product (GDP), he added. "The industry has the potential to grow from USD 24 billion to USD 100 billion by 2030, which is what our vision is and our target should be. The potential of the media industry is untapped and humongous," said Madhavan.
However, he also added that the industry needs 'lighttouch regulation' and need to be able to experiment with content and technology. "The regulatory framework has to be supportive to grow the sector. We hope that through continued discussion and collaboration with the policymakers, we will be able to fully implement the principles of the 'ease of doing business'," he said adding that the industry needs to be able to invest in growth. While talking about the industry potential, Madhavan said television penetration in India is only 70 per cent and has huge space to grow. "We have 300 million households and barely 200 million are connected to TV,” he said.
