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Business EconomyPosted at: Mar 12 2019 7:01PM


Need to focus on self-regulation to allow entertainment industry to grow: Khare

Mumbai, Mar 12 (UNI) The Government is underscoring the need for self-regulation by media and entertainment industry players to allow the industry to grow, Information and Broadcasting Ministry Secretary Amit Khare said on Tuesday.

“We have taken the initiative of having a national broadcast policy. One should consider self-regulation and less regulation if we want the system to grow,” he said.
He was speaking at the 20th edition of three-day global convention on the media and entertainment industry, ‘FICCI FRAMES 2019’.
On content generation and enhancement, Mr Khare stressed the need to encourage co-production as it would bring more countries together and result in greater viewership.

On the occasion, a FICCI-EY report titled ‘A billion screens of opportunity,’ was also launched.
According to the report, the Media and Entertainment sector reached Rs 1.67 trillion in 2018, registering a growth of 13.4 per cent over 2017.
With its current trajectory, the sector in India is expected to cross Rs 2.35 trillion by 2021, at a CAGR of 11.6 per cent.
While television retained its position as the largest segment, growth is expected to come from digital which will overtake filmed entertainment in 2019 and print by 2021. The report captures key insights from the exciting and fast-growing media and entertainment sector.

The sector continues to grow at a rate faster than the GDP, reflecting the increasing disposable income and economic growth. India has the second highest number of internet users after China with 570 million internet subscribers growing at 13 per cent annually. The report estimates that approximately 2.5 million consumers in India today are digital only and would not normally use traditional media. It is expected that this customer base will to grow to 5 million by 2021.

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