An overview including trends & analysis thereof, of the Indian Media & Entertainment industry in 2022, and its key segments, namely Film, TV, OTT/Digital, Gaming, Animation, VFX, Sports, Events, Music, Radio, etc.

1. The Indian Media & Entertainment Industry
2022
Chaitanya Chinchlikar
chaitanya.c@whistlingwoods.net
Vice President & Business Head – Whistling Woods International
Overview – Trends & Analysis

2. 1823.3
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500
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2019 2020 2021 2022E 2024E
INR
Billions
The Indian M&E Industry
• Armed with volume, looking for value.
• Dropped 24% in 2020 with only Digital & Online
Gaming growing.
• M&E recovered 16.4% to INR1.61 trillion (US$21.5
bn), 11% short of pre-pandemic 2019 levels.
• Except for in-cinema advertising and TV
subscription, ALL M&E segments grew in 2021.
• Will grow 17% in 2022 to INR1.89 tn (US$25.2 bn)
& reach 2019 levels.
• Will grow at a CAGR of 13% to reach INR2.32
trillion (US$30.9 billion) by 2024.
-
2
4
%
16.5% 17%
13% CAGR

3. M&E Industry
787
685 720 759 826
221
235
303
385
537
296
190
227
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251
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0
500
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2500
2019 2020 2021 2022E 2024E
Radio
Music
OOH
Live Events
Animation &
VFX
Filmed
Entertainment
Online Gaming
Print
Digital
TV
• Even during the worst period
for the economy, Gaming grew
double-digits.
• Digital grew the most at INR68
bn & increased its share of the
M&E industry to 19% in 2021.
• In % terms, Animation & VFX
had a massive year growing a
whopping 57%.
• India is the world’s only major
country where Print is still
growing.

4. M&E Industry
Growth Rates CAGR 20-21 CAGR 21-24
TV 5% 5%
Digital 29% 21%
Print 19% 3%
Online Gaming 28% 15%
Filmed Entertainment 29% 32%
Animation & VFX 57% 29%
Live Events 19% 32%
OOH 25% 25%
Music 27% 15%
Radio 14% 9%
Total M&E Industry 16% 13%
Filmed Entertainment & Events expected
to have ‘revenge growth’ till 2024.

5. M&E Industry – Customers
Consumer Profiles:
• Digital only – consume content ONLY on digital
platforms, do not access television
• Tactical digital – Consume Pay TV & at least
one paid OTT service
• Bundled digital – Consume Pay TV & only
telco-bundled content
• Mass consumers – Consume Pay TV & free OTT
content
• Free consumers – Do not pay for content
Fact: India’s Bundled Digital consumers are more than the entire content consumption population of the US.

6. Content
TV – 1.55L+ hrs (73% GEC, 23% News, 1% Sports, 2%
others).
Film – 1900+ hrs.
OTT – 2500+ hrs (all-time high). OTT spend over INR
23Bn on content in 2021.
Digital – 5L+ hrs (all-time high)

7. M&E Industry
The fact that advertising grew 25% in 2021 despite a second
lockdown shows the robust recovery of the economy & augurs
well for the industry.
That digital subscriptions grew 27% in 2021, on top of a massive
52% growth in 2020 is indicative of changing consumer
consumption patterns.

8. M&E Industry
Is going medium-agnostic and looking at content based on ‘content experience’.
Video – TV, OTT, Digital, SM video
Experiential – Gaming, Cinemas, Events, OOH
Textual – Print, Online news
Audio – Radio, Music, Audio OTT

9. Key Trends
• Screens – We’re on the cusp of a billion screens, with 75:25 ratio between mobile phones & TV sets.
• Gaming – 25% of Indians are gamers. 2022 should see it cross 35% & cross 500 million.
• Subscriptions – Digital subscriptions have almost doubled from 2019-2021.
• TV Sets – Big surge coming up in smart connected TV sets by the next wave of cord-cutters.
• Content Consumption pattern changing – From group / family viewing to individual viewing.
• Regionalisation – Non-Hindi Indian languages are augmenting their market shares.

10. Industry IMPACT Case Study
3 Idiots made 450 Cr at the global box office.
What do you think its real impact was for India?

11. Tourism Impact of Films – 3 Idiots
Value Added by film-induced tourism
- 4x revenue of the film
- 500x employment generation

12. The Indian Film Industry
Currently renovating…

13. 115
25
39
75
105
27
3
6
12
16
22
7
7
14
19
19
35
40
48
69
8
2
1
2
3
-
50
100
150
200
250
2019 2020 2021 2022E 2024E
INR
Billions
Film Revenues
DomesticTheatrical Overseas Theatrical Cable & Satellite Rights
Digital / OTT In-Cinema Advertising
The Indian Film Industry
• Largest in the world (pre-covid) by:
– Films produced: 1,800+
– Tickets sold: 4bn+
• Had record domestic theatrical numbers in
2019 with box office collections crossing
10,000Cr for the first time.
• In 2021, domestic Box Office grew 56%,
but remained at 1/3rd of its 2019 levels.
• Digital / OTT revenues have doubled in
2021 over 2019.

14. Lockdowns hit hard
• Despite capacity restrictions, over 750
films were released in 2021, as compared
to just 441 releases in 2020.
• Over 100 films released directly on
streaming platforms too.

15. Content windows for film
More content windows emerge:
1. Premium SVOD/OTT
2. Theatrical
3. SVOD/OTT
4. Bundled SVOD/OTT
5. Satellite TV
6. Free television

16. The Indian Film Industry = ‘Bollywood’

17. The ‘Indian’ Film Industry
While ‘Bollywood’ is a commonly used term to define the Indian Film industry,
Hindi films (which the word refers to), accounted for only 11% of films produced in 2021.
That said, Hindi did account for 20% of the revenues.
Telugu
27%
Hindi
11%
Tamil
20%
Kannada
14%
Malayalam
5%
English
7%
Marathi
2%
Bengali
5%
Punjabi
3%
Guajrati
3%
Others
3%
Films Released
Language 2019 2020 2021
Telugu 238 54 204
Hindi 236 74 84
Tamil 223 71 152
Kannada 207 72 103
Malayalam 170 38 39
English 109 34 55
Marathi 103 27 17
Bengali 102 37 40
Punjabi 55 10 22
Guajrati 40 14 21
Others 350 10 20
Total 1,833 441 757

18. Film Revenues
The Rise of The South !"#$%‍‍‍‍

19. Revenues & Films
• In 2021, GBOC of films from South India has
eclipsed Hindi films significantly.
• Pushpa was the highest grosser of 2021 at the
worldwide box office so far with 325 Cr crores.
• 3 of 5 films in the INR1 billion+ category at the
box office were South Indian films.
• Telugu language films had the biggest share in
box office revenues in 2020-21.
52
8
15
5
40
24
7 2
0%
20%
40%
60%
80%
100%
2019 2021
Language-wise GBOC (INR Billions)
Hindi English SouthIndian Others
20
2
1
4
0
1
8
3 3
0%
20%
40%
60%
80%
100%
2019 2020 2021
Language-wise 1bn+ films
Hindi English Other Lang

20. Revenues & Films

21. Where does your ticket money go?

22. Ticket Rate Split
When you pay Rs 100 for a movie ticket, where does the money go?
• Gross – Rs 100
• GST – Rs 15 (18% of Rs 85)
• Net – Rs 85
• Exhibitor & Distributor each get 50% each – Rs 42.5
• Producer(s) – depends on the distribution deal (Outright / Min Guarantee / Commission / Distrib Fee)
• Co-producer(s) – depends on the agreement with each other
• Publicity & Advertising funding – deal specific, but usually is Last-In-First-Out
• Talent (Actor/Director) – (s)he may be the producer OR may have sweat equity / some rights

23. We need MORE cinema screens…

24. Exhibition – Needs expansion!
124
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48
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0
20
40
60
80
100
120
140
US UK China Brazil India
Screens/Million
4,723
18,195
41,179
50,776
60,079
66,028
10,635 9,951 9,481 9,530 9,601 9,527
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2009 2013 2016 2017 2018 2019
Screens
China India
3.5
4.7
5.7
6.5
7.5
8.73
9.2
1.4 1.4 1.4 1.4 1.4 1.5 1.6
-
2.0
4.0
6.0
8.0
10.0
2013 2014 2015 2016 2017 2018 2019
Billion
$
Domestic Box Office Size

25. 925 1,225 1,500 2,100 2,450 2,750 2,950 3,200
9,710 9,121 8,451 7,400 7,031 6,780 6,651 6,327
-
2,000
4,000
6,000
8,000
10,000
12,000
2009 2011 2013 2015 2016 2017 2018 2019
Multiplex SingleScreen
Exhibition
ATP: Multiplex – Rs 150 | Single Screen – Rs 97
48 51
61
61 60
53
0
20
40
60
80
100
120
2017 2018 2019
INB
Bn
Collections
Single Screen
Multiplex
9,530 9,601 9,527
4511 4490 4470 4441
5090 5037 5003 4982
0
2000
4000
6000
8000
10000
2018 2019 2020 2021
Screen Count SouthIndia Rest ofIndia
9,601 9,527 9,473 9,423

26. Is ‘the world’ watching Indian films?
Or is it just the Indians all over the world?

27. Do Indian Films go global?
• 151 films released overseas, contributing
a gross box office collection of ₹ 5.9
billion, thereby showing a growth of
almost 50% as compared to 2020
• Less than 1% of India’s revenue comes
from non-diaspora viewers

28. Is Hollywood a threat?

29. Oh Hollywood…
Hollywood market share in 2018 was 11%.
In 2021 at 14%.
With growing access to global content, cultural
alienation between India & the world is reducing.
• In 2021 the No. 1 film at Indian Box Office was
SpiderMan: No Way Home.
• Footfalls for Hollywood at ~ 10Cr – highest in history.
• Hollywood is the 3rd largest contributor to box office.
Hindi is at (18%) Hollywood (14%) and South (52%).
• Hollywood Avg Ticket Price at Rs 161/-.
Hindi at Rs 145/-. Avg Rs 87/-.

30. Film Wrap Up
• We need more screens.
• We need better analysis of impact of cinema on the economy.
• Forget English & Hindi, focus on where you come from.
• We need to make films that ’travel’.
• Hollywood is a creeping threat.

31. The Indian Television Industry
The ‘Newsy’ Idiot Box?

32. The Indian Television Industry
• Homes: 168 mn
• Revenue Ratio
– Distribution 57%
– Advertising 43%
• Channels: 906
• Subscription fell for the second
year in a row due to a reduction
of six million pay TV homes and a
fall in consumer-end ARPUs.
• Connected TV sets doubled to 10
million in just 1 year.
468
434
407 415 432
320
251
313
344
394
0
100
200
300
400
500
2019 2020 2021 2022E 2024E
INR
Bilions
TV Revenues
Distribution
Revenue
Advertising
Revenue
787
685
720
759
826
0
200
400
600
800
1000
1200
2019 2020 2021 2022E 2024E
INRBillions
5% CAGR

33. Do we have too many (news) channels?

34. Channels
• India added, on an avg:
45 new channels p/y between 2000-2015
30 new channels p/y between 2015-2019
• News is 43% ! of all channels but has only
10.4% viewership. "‍‍‍
5 55
130
263
550
800
885
918 911 906
0
100
200
300
400
500
600
700
800
900
1000
1990 1995 2000 2005 2010 2015 2018 2019 2020 2021
No of Channels
532 521 516
386 388 390
0
100
200
300
400
500
600
2019 2020 2021
Non-news
News

35. Subscription & Subscription Revenues
• Subscriptions reduced by 6mn households in 2021 on top of a 2mn reduction in 2020.
• ARPUs reduced marginally from INR 226 to 223 pm.
• Subscription revenue fell 6%.
0
50
100
150
200
2020 2021
72 67
56 55
2 3
41 43
Subscribers
Free TV
HITS
DTH
Cable

36. Decoding India’s TV viewership

37. Viewership
Time spent watching TV decreased 8% over 2020.

38. Viewership
Language Channels Viewership
Hindi 175 29% 43%
Telugu 50 8% 13%
Tamil 65 11% 12%
Kannada 36 6% 7%
Marathi 27 4% 5%
Bangla 36 6% 5%
Malayalam 28 5% 3%
Oriya 19 3% 2%
Bhojpuri 15 2% 1%
Punjabi 21 3% 1%
English 60 10% 1%
Gujarati 15 2% 0%
Assamese 15 2% 0%
Others 8 1% 0%
Multi-lingual 43 7% 7%
Total 613

39. Viewership – Kids & Sports
More than 50% of content watched by kids is GEC Cricket is King

40. Why we see what we see on GECs?

41. GEC – TRP v/s Profitability
Why do we see what we see on
General Entertainment Channels?
How does programming get divided
between building a viewer base and
profitability, thorough the application of
the concept of ‘stick-ability’!
Low Viewership High Viewership
Low
Profitability
High
Profitability
Long running soaps
Low-cost game /
performance-based
reality shows
Mythological series
Recently released movies
Celebrity-based shows
Finite
Fiction Series

42. Kya aap Kajaria tiles khareedenge? !

43. Advertising – Languages, Celebrities
23% of all ads were celebrity-led.
Akshay Kumar retained his spot at the top.
Kiara Advani eclipsed both Amitabh Bachchan and Ranveer Singh.

44. TV Wrap Up
• More & more Indians are cukng the TV cord.
• We have too many news channels.
• Viewership is de-anglicising fast.

45. The Indian OTT/Digital Industry
Digital Indi@! Connected Indi@!
Roti-Kapda-Makaan-Data

46. OTT/Digital
221 235
303
385
537
0
100
200
300
400
500
600
2019 2020 2021 2022E 2024E
INR
Billions
29%
21% CAGR
• Valued at US$ 3bn in 2021. To double by 2025.
• India is the largest free-internet using country in
the world at 834mn users as of 2021, of which
795mn are broadband users.
• Smartphone users reached 503mn.
• Connected TVs crossed the 10mn mark after
doubling in 1 yr.
• Mobile data cost is the 2nd lowest in the world.
• Per capita data consumption grew from 4GBpm in
2017 to 18.4GBpm in 2021 & expected to reach
50GB pm by 2027.
57 48 39
662 747 795
0
200
400
600
800
1000
2019 2020 2021
Users
(millions)
Broadband
Narrow band

47. OTT/Digital – Telecom
Over 1.15bn telecom subscriptions, with plenty of headroom…

48. OTT/Digital – Subscriptions
• Digital subscription grew 29% to reach INR56 billion in total.
• Video was the bulk of it, with 80mn subscriptions across
40mn households generating INR54bn.
• Only 1.6bn comes from audio and less than 1bn from news.
192 192
246
314
430
29 43 56 71
107
0
100
200
300
400
500
2019 2020 2021 2022E 2024E
INR
Billions
Revenue
Advertising Subscription
Password
Sharing
Many
consumers share
their passwords
with family and
friends, ending
up with a
subscription
estimated to be
used by upto 3.5
people; hence
the number of
of 40mn subs
could in reality
be upwards of
120 mn.

49. OTT/Digital – Video watching
• Indians spend 4h 42m per day on average on their phones, of
which 2h 36m is spent on social media.
• Non-YouTube video viewers increase to 497mn. Breaches the 90%
smartphone penetration mark.
• YouTube video viewers cross 500 million MAUs in 2021. India is
YouTube’s largest market in the world.
• Hours of video streamed increased by 52% in 2021, over 2019.
• Original OTT content expected to grow from 2,500 hours in 2021
to over 4,000 hours in 2024.
• English is not the first choice for 95 out of 100 consumers.
2033
1187
2542
3140
0
500
1000
1500
2000
2500
3000
3500
2019 2020 2021 2022E
Orig OTT Content (Hours)

50. Platforms Galore!

51. OTT/Digital – Apps & Languages

52. OTT/Digital – Short Video
• Significant employment opportunities exist in short-form content.
• Content preference is overwhelmingly for Hindi / Indian languages
and not English.

53. Social Media
• With 467mn users, social media penetraeon crossed 33% of
India’s 16yr+ populaeon.
• Average eme spent daily on social media is 2h 30m.
Social Media platforms
penetration of
smartphone users

54. Social Commerce
• Social Commerce is the process of selling products directly on
social media platforms.
• It has emerged in India and is powered by social reselling
platforms such as GlowRoad, Shop 101, Meesho, Bulbul,
SimSim, etc.
• The sheer number of buy and sell groups on Facebook are
indicative of the fact that social + shopping make a highly
compatible pair.
• By 2025, India’s e-commerce market is projected to be US$220
billion, while social commerce can potentially grow to touch
upwards of US$50 billion in terms of gross merchandise value

55. Online News
• In 2021, online news had 467mn consumers.
• By 2025 it is expected to reach 750mn+
• 95% online news consumed is not in English.

56. Digital/OTT – Additional Points
• India’s Influencer Marketing size has reached INR9bn in 2021
• We have with approx. 1.5L influencers, 1/3rd of who are non-Hindi/English.
• There were no Indian apps in India’s top 10 apps in 2018. In 2021, there are 3.

57. Immersive
No more just ‘content’, now get ready for ‘experiences’

58. Content ‘Experience’
• Technology-enabled
experiences in content
consumption are what the
consumer is seeking out.
• The consumption
experience is becoming as
important is the content.

59. Content Platforms
Film / Theatrical TV Digital/OTT VR/AR
Nature of
Viewing
Captive Community viewing Non-captive Family viewing Non-captive Individual viewing Captive Individual viewing
Platform
Viewing
Details
Fixed frame, large screen,
2D & 3D
Fixed frame, small screen,
2D
Fixed frame, mini screen,
2D
FRAMELESS, 2D & 3D,
Duration &
Structure
110-180 mins
60-100 scenes
1-8 shots / scene
22–44 mins
8-10 scenes
1-20 shots / scene
3–60 mins
2-20 scenes
1-4 shots / scene
60secs - 60mins
Fiction
Content
Structure
Primarily stand-alone,
marginally serial
Primarily serial, marginally
stand-alone
Equal amount of stand-alone &
serial content
Equal amount of stand-
alone & serial content
USP
Larger Than Life,
Audio-visual narrative
spectacle
Appointment Viewing,
Story & Character
development
Individuality,
High concept, less formulaic,
writing-focused, pace is critical
???
Immersive & interactive is
all we know currently

60. Platforms
Low Volume High Volume
Low
Value
High
Value
Premium OTT
Theatrical
Immersive
Content
Free(mium) OTT
C&S / DTH
Note:
This is India-specific
There are 4 viewing
platforms & multiple types
of content presently.
On a Viewership / Value
matrix, this is where are
they now & where are they
likely to be 5 yrs from now. Free OTT

61. Gaming & E-Sports
No child’s play…

62. Gaming
Grand Theft Auto 5 is the single most profitable piece of media of ALL TIME!
Produced at a cost of US$265mn in 2013, it has earned US$9bn+ as of 2022.
1 in 4 Indians is a gamer
65
79
101
120
153
0
20
40
60
80
100
120
140
160
180
2019 2020 2021 2022E 2024E
INRBillions
• Has the potential to be larger
than the ENTIRE Film, TV & OTT
industry.
• Top 30 tier-III cities had an
increase of 170% of gamers in
2021 over 2020.
• The number of paying gamers
increased by 17% from 80 million
in 2020 to 95 million in 2021.

63. Welcome to
the
Gamification
of
EVERYTHING

64. Gaming & E-Sports – What is it?
Gaming
E-Sports

65. Gaming & Revenues
• Real Money gaming grew 26% while Esports & Casual
Gaming grew 31%
• Fantasy Sports grew 26%, adding Kabaddi, Football &
Hockey to Cricket. India is now the largest fantasy sports
market in the world. Key players are - Dream11, MPL,
CricPlay, Halaplay, FanFight, 11 Wickets, MyTeam11.

66. The
E-Sports
Value
Chain

67. E-Sports – "
Fortnite global
championship winner
prize money was 3mn$.
That is more than
Wimbledon.

68. E-Sports– Players & Teams

69. E-Sports – Viewers

70. Gaming/E-Sports Wrap Up
• The E-sports value chain has started to come together.
• Mental health / ethical gamification / addiction will be the 3 big
issues to contend with.
• 3 out of 4 gamers interested in trying out Immersive Gaming.
• Almost half of all gamers are keen on voice & motion-control
enabled wearables for gaming.

71. Animation, VFX & Post-Production

72. Animation, VFX & Post-Production
• The animation and postproduction segment grew 24.5%
and 50% in 2021, while the VFX grew by 103%.
• Animation remained relatively resilient to COVID-19
– Demand for content from OTT platforms increased.
– Demand for domestic animated content grew.
– Entertainment was no longer the primary driving force for animation.
• Studios continued to transition from services to IP
ownership.
• With the success of Green Gold Animation’s ‘Mighty Little
Bheem’ on Netflix, more OTT platforms invested in original
animated content.
• ‘The Legend of Hanuman’ launched on Disney+ Hotstar.
‘Captain Vidyut’ made its way to Amazon Prime Video.
95
53
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50
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200
2019 2020 2021 2022E 2024E
INRBillions
57%
49.5
18.8
38.2
58.7
93.1
23.1
9.7
14.4
21.4
28.3
22.3
24.5
30.5
39.7
59.0
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
2019 2020 2021 2022E 2024E
INR
Billions
VFX Post-Prodn Animation

73. Animation – Kids led the way…
• During the pandemic, the kids genre viewership grew about 30% and co-viewership with parents also
increased.
• This led to IP-syndication for advertising. Eg: Little Singham collaborated with Hershey’s Jolly Rancher
Lollipops & 99 Pancakes launched a limited-edition Honey Bunny Dosti special combo.
• POGO started a new Telugu language service.
• ETV Network launched ETV Bal Bharat in 11 Indian languages and English with new IPs
• Toonz launched its maiden broadcast channel in Asia — Toonz Kidz— and it is the first exclusive kids’
channel in Indonesia with programming in native Bahasa
• Toonz also launched new channels with Etisalat in Dubai, Indonesia, etc.

74. Indian Comics IP – Finally getting its due…
• Applause Entertainment acquired the license to the Amar Chitra Katha catalogue, comprising 400+ titles
which will be developed and produced into animated content.
• Diamond Comic’s ‘Chotu Lambu’ stories were adapted into animated series for ETV.
• There are also plans to do a series of animated films based on an upcoming comic series ‘Ashwatthama’.
• Raj Comics released an animated trailer for their comic book series ‘Pralay ka Devta’ featuring Nagraaj and
Tausi as the lead characters.
• Cosmos-Maya acquired more IPs from the library of Lotpot and Mayapuri, which contains characters like
Natkhat Neetu, Janbaaz Deva, Minni, Faate Khan and Kaate Khan & Kaka Shree among various others.
Cosmos-Maya will bring these IPs to life in 3D/2D formats, just the way the company did with the iconic
comic brand Motu Patlu

75. VFX & Post
• Indigenization of the pipeline will yield
great value going forward.
• Today, up to 20-25% of the production
cost is spent on VFX as compared to
10% 5 yrs ago.
• Virtual Production / In-camera VFX will
both improve quality & increase
efficiency.
• Netflix’s decision to set up a global
post-hub in India is a huge boost for
India’s Post-production industry.

76. VFX

77. Technology

78. Technology in the Industry
Where we are at:
• 8k content acquisition & workflows for Film.
• 8k/6k stereo content acquisition in 360VR.
• 4k content acquisition & workflows for TV/OTT.
• Mobile filmmaking & ‘Script-to-Screen in a room’ workflow.
• Indigenization of the entire VFX pipeline.
• Usage of Motion Capture in advertising, some films.
• Emergence of Virtual Production for ads, some films.
• Immersive content in Gaming, Tourism, Sports.
What Next?:
• Ubiquitous 4k/8k workflows for
Film, TV & High-end OTT.
• Virtual Production becomes
mainstream.
• Mainstream Cinematic VR.
• Blended content with Motion &
Volumetric capture.

79. Live Events

80. 83
27
32
49
74
0
10
20
30
40
50
60
70
80
90
2019 2020 2021 2022E 2024E
INRBillions
Live Events
• Indian organized events segment recovered by 20% in 2021;
however, revenues remained less than half of the revenues of 2019
• The segment is expected to recover its pre-COVID levels by 2025.
• Technology, FMCG and financial services were the top categories
spending on events in 2021.
• It appears that pure digital events are here to stay—pure digital
events will eventually evolve into digital extensions of physical
events. This will enable events industry to provide measurement
metrics like reach and engagement.
6
8
%
3
2
%
C
A
G
R

81. Music

82. 15 15
19
21
28
0
5
10
15
20
25
30
35
40
45
50
2019 2020 2021 2022E 2024E
INRBillions
Music
Music
• After years of plateauing, Music finally grew
27% in 2021.
• India’s average per capita weekly music
listening time of 21.9hrs is higher than the
global average of 18.4hrs/wk.
• Digital revenues were 90% of music revenues
(from YouTube & streaming platforms).
• Streaming platform revenues increased almost
22% in 2021 to ₹12 billion, over 80% of which
was advertising driven.
• Piracy in the Indian music ecosystem at 67% is
much higher than the global average of 27%.
15% CAGR

83. Music
• T-Series became the
world’s most subscribed
channel on YouTube and
crossed 200mn subs.
• With Events making a
comeback, Performance
rights revenues grew
significantly.

84. Radio

85. 14
16
18
21
0
5
10
15
20
25
2019 2020 2021 2022E 2024E
INRBillions
Radio
• The industry grew by 12% in 2021.
• India has 1,203 operational radio stations
(385 Pvt FM, 479 Prasar Bharati & 339
community radio)
• LIC was the largest advertiser on radio in
2021.
• Many radio companies started to
experiment with podcasts, generating
millions of listeners per month
9%
CAGR
9
2
%

86. Sports

87. Sports
• Amer the setbacks of 2020,
the sports segment
bounced back strongly in
2021 due to IPL and Tokyo
Olympics.
• Nearly 2/3rd of the revenue
came from media spends.
• TV garnered 84% of media
spends on sports.

88. Sports
• Highlights/Repeats
viewership was more
than double of live.
• 79% of the sports
viewership was from
cricket.
• Revenue from cricket in
the sports segment
increased to 88% from
80%
16%
27%
13%
21%
34%
30%
26%
23%
49%
43%
61% 56%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021
Sports Viewership
Details
Highlights / Repeats
Sports Relatedprogrammes
Live

89. Opportunities

90. The big opportunities in Indian M&E
• Education in M&E
• IP creation – Globally merchandisable IPs across Film, TV, OTT, Gaming – both live action & animated
• E-Sports & Online Gaming
• Content that travels well globally (to non-diaspora viewers)
• Multiplex Screens
• Non-English / Non-Hindi OTT content
• Immersive Content – VR & AR
• Virtual Virtual Production

91. In any industry, building volume is hard. India already
has the volume and is the largest free-access digital
market in the world.
We now need to build value to each unit of volume.
Only way to do it is quality.

92. References
Data & many of the charts from the FICCI-E&Y M&E Report 2022 & The E&Y Gaming Report 2021
Other data & charts from various other domestic & global industry reports

93. THANK YOU!
Chaitanya Chinchlikar
Vice President, Whistling Woods International
chaitanya.c@whistlingwoods.net