In 2020, the traditional entertainment industry suffered. While cinemas and movie theaters were closed for most of the year, OTT had an outstanding year. The production houses then had to turn to digital screens and release their films on OTT platforms like Netflix, Amazon Prime and Disney + Hotstar.
According to a report from PwC, the media and entertainment industry is projected to grow by over 10 percent annually, reaching $ 55 million by 2024.
In relation to the market size of each segment, OTT is expected to generate the largest profit as a percentage of total industry sales. On the other hand, theatrical revenues will decrease by 2.6 percent CAGR.
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On the other hand, as billboards lost their charm, consumer businesses quickly spotted trends and turned to them Social media content creator for more meaningful advertising. The influencer marketing sector saw a huge surge. The pandemic therefore led to the rise of several internet influencers, even from cities outside the metropolises.
While cinemas try to lure movie viewers back to theaters and struggle to live with OTT, and digital creators find a way out to monetize their content, Budget from 2021 will play a critical role in how the Indian entertainment industry develops over the next year.
Expectations from key players in the entertainment industry:
Ashish Hemrajani, Founder and CEO of BookMyShow:
“India’s live entertainment industry demands that the government put the ecosystem on a broad footing favorable regulatory policyB. removing infrastructure barriers, streamlining the extremely high GST rates in the Indian cinema industry and aligning it with global industry standards, and enabling single window sharing to bring outside entertainment to millions of Indians. Taxation on live entertainment in several developed and developing countries around the world has been limited to below five percent. If we are to make India a truly sustainable, global destination for large scale entertainment, it is imperative Adopting global models for regulation and politics. ”
Niranjan Gidwani, independent consultant and former CEO of the Eros Group, Dubai:
“As we head into 2021, government, telecommunications, media and entertainment leaders should consider the following key strategic opportunities to recover from the COVID-19 crisis and boldly position themselves to thrive in the future.” to be:
- The focus must shift to the needs of customers and better customer loyalty
- Consumer entertainment experiences should be restored through new and innovative service offerings and entertainment packages – and through the introduction of new strategies that make this possible business agility and speed
- Fast Professionalization of industry and encouraging startups
- Government to encourage them faster rollout of 5G and advanced wireless networks through new products, services and better business opportunities. “
Malini Agarwal, Founder, MissMalini and Creative Director of Malini’s Girl Tribe
“The government’s first priority must be to take into account the most vulnerable in society and ensure their stabilization and recovery, otherwise the existing differences will only worsen in the years to come. Extension of the credit moratoriums, Debt relief, targeted tax breaksand increased credit facilities on accessible terms are just a few sensible measures that can help. However, these need to be designed intelligently in the short term so that they don’t run into crippling debt for just one more day. “
Ranveer Allahbadia aka BeerBiceps, Digital Content Creator, Entrepreneur and Podcaster:
“Media companies have shown remarkable growth lately, especially with programs like BharatNet – the world’s largest rural broadband project. The goal is to provide Internet access at 2.5 lakh grams of panchayats all over India. With the increase in content consumption on OTTs and social media platforms in various regional languages, the entertainment industry is no longer limited to Bollywood and cricket.
“With the increasing decentralization of distribution, we’ve seen developers from the most remote cities in India gather millions of followers on their social media channels. We’re seeing a sharp surge in the growth of content creators, not just from metropolitan and privileged backgrounds, but also from Tier II and Tier III cities, if the government could create programs to educate and encourage these creators and create incentives To push content creation forward, we saw a lot more media entrepreneurs than just job seekers over the next 10 years. “
Raveesh Jaiswal, Founder of the Bombay Theater Company:
“This budget is very important as it will improve and further stabilize the pandemic-disrupted economy. Aside from focusing on increasing the public’s purchasing power, this budget should provide the much-needed funding Tax and service cost reductions to the various venues for performing arts, which for the most part were dormant last year and will face enormous cost pressures anyway, mainly due to the new safety norms such as limited seating capacity and disinfection protocols. “
Abhi and Niyu, digital content creator duo:
“We expect the government to help the industry make more money overseas through sales. Indian entertainment, especially through short films, really has the potential to make money through online streaming. The film department can support filmmakers in marketing their art abroad. India also has excellent writers who can make foreign exchange by publishing books and writing articles online. Some clear policy choices to help freelancers would be welcome and would help many people make passive income online. “
Varun Mayya, Education Influencer and Founder of Avalon Meta:
“A solid provision or incentive by the government to step up the efforts of individual content creators would not only create micro-level jobs, but would also be in line with the government’s vision, one Aatmanirbhar Bharat at the macro level. “
Madan Gowri, South India’s Greatest YouTuber:
“The government must invest in the 2021 budget digital learning materials for children. The lockdown made us understand the importance of gadgets and software for the future of education. These are one-off investments that will make a huge contribution to our education system. “
Madhureeta Anand, independent filmmaker and writer:
“The household should use this time to address the central issue of concern – taxation. Taxes need to be cut. In addition, insurance systems must be put in place for freelancers so that they have access to a minimum basic income if a situation like COVID-19 recurs. “
Aditya Kripalani, Independent Filmmaker:
“I feel if it were like that less taxes on the income of the manufacturers of OTT platforms. For example, if my film is sold to Netflix, the tax on it should be lower as everyone was able to manage mental health all year round just because of OTT platforms. That would be a good thing in the household. “
Ambar Chakravarty, Director and Creative Head, Addict Studios India:
“The budget priority should be natural restore the economy and to restore the livelihood of those affected by the pandemic. For the entertainment industry, this would mean taking care of the workers, ie the technicians, the non-contract workers and the daily operations, through direct benefits and indirect measures such as lowering the entertainment tax for cinema-goers. People need to return to theaters in a safe and manageable manner so that filming can resume at full capacity. In general, thought should also be given to promoting and protecting the interests of independent filmmakers like us, who have suffered a particularly severe blow in the past year. Any initiative to encourage and motivate them would be very welcome. “