About 1.5 million consumers in India today are digital only and would not normally use traditional media, according to FICCI-EY report titled ‘Re-imagining India's Media and Entertainment’ sector.
The report estimates that the digital customer base will grow to 4 million by 2020, generating significant digital subscription revenue of about ₹2,000 crore.
“Going forward, micropayments, enabled through the Unified Payment Interface (UPI) and Bharat Interface for Money (BHIM) platforms developed by the National Payments Corporation of India (NPCI) will further accelerate subscription revenues for entertainment content,” it added.
According to the report, Indian Media and Entertainment (M&E) sector reached almost $22.7 billion in 2017, a growth of around 13% over 2016. With its current trajectory, it is expect to cross $31 billion by 2020, at a CAGR of 11.6%, it added.
The report was launched at FICCI Frames 2018 in Mumbai on Sunday.
