Top advertisers and executives give optimistic projections about industry growth at South India Media Summit 2022
Top advertisers and executives give optimistic projections about industry growth at South India Media Summit 2022
Union Minister of State for Information and Broadcasting L. Murugan has said that the media should be seen as an enabler in a democratic nation and play a progressive role.
The Union Minister was addressing virtually the third edition of South India Media Summit 2022 held in Chennai on Wednesday.
Shankar, CEO, Fourth Dimension Media Solutions Pvt Ltd said that the Indian media and entertainment industry is expected to grow at a CAGR of 8.8 per cent and reach Rs 4.30 lakh crore by 2026, with South Indian media accounting for 35 per cent of the total media and market share. contribution of. Ltd.
The South Indian streaming and digital media market is expected to grow at a CAGR of 25% and reach a valuation of ₹16,200 crore. The Animation, Visual Effects, Gaming and Comics (AVGC) segment is the fastest growing segment at a CAGR of 30% and is expected to contribute 10% to the overall growth of the South Indian entertainment and media industry by 2030.
The South Indian film industry is set to grow at a CAGR of 13% to ₹6,000 crore, while for the print industry, the figure is expected to be ₹9,900 crore by the end of the year. OTT and social media platforms have witnessed tremendous growth during the lockdown and are still expected to grow at a CAGR of 30% annually. In addition, the integration of the “metaverse” will ensure that the industry grows exponentially in the future, he said.
Alukkas Varghese Joy, Managing Director, Joyalukkas India Limited was the Chief Guest.
Of. Lakshminarayanan, Puducherry Minister of Fisheries and Fishermen’s Welfare, Public Works, Tourism and Law; G. Vivekananda, Chairman, Visaka Industries Ltd.; Venkatesh Vijayaraghavan, CEO, KevinCare; Rana Barua, Group CEO, Havas Group India; Vinoth Vasant, MD, Vasant & Co; Dato K. Saravanan, Consulate General of Malaysia, Chennai; Rajaraman Sundaram, Business Head Colors Tamil, Viacom; Johnson, MD, Truth Agencies; was present.
According to a statement, effective implementation of the knowledge and discussions gained during the summit will certainly boost growth and help achieve the ambitious target set for 2030.