Entertainment industry booming
The entertainment industry in India is rising as rapidly as ever making new opportunities globally. Films, television, radio, music, dance, humor make vast potential of Indian entertainment industry. One of the most booming industries in India, it is seeing a strong growth rate worldwide leaving no doubt that it is one of the fastest growing sectors of the Indian economy. Entertainment industry in India has seen an explosive growth in the past two decades.
Largest Film industry of World
From the single state owned television channel, Doordarshan, there are over 300 national, regional and local channels being beamed across the country today. Indian film industry is the largest film industry in the world, producing close to a thousand films a year in all languages. With that figure, India exceeds Hollywood's production volume by over three times. The technology of film-making in India is one of the best and finest among all developing countries.
FICCI and Ernst and Young estimated that Indian entertainment industry would worth more than Rs. 400,000 million in 2008. The accordance of the 'industry' status to the film industry by the Govt. of India along with the satellite channel penetration in all states and districts, the retail boom in the channels for music, the use of digital technology in all spheres of entertainment and the growth of entertainment hubs and multiplexes, state-of-the-art studios and post production facilities have contributed to the growth of this sector.
Growth of Indian entertainment industry
The entertainment industry in India has created ample employment opportunities for the youngsters. An estimated 6 million people earn their bread and butter from the entertainment industry and this number is all set to grow. Television being the major segment of entertainment industry, India accounts for the third largest television market in the world coming after China and the USA. Today, television reaches about hundred million Indian households from all states, districts, towns, villages to every street corner.
Indian entertainment industry has seen no borders. The Indian television shows and films are viewed and enjoyed across the world including entire South Asia, across the Middle East, parts of South East Asia and Africa. Indians living worldwide along with the general population of the country are identifying with the contemporary Indian culture.
The huge market potential and growth rates are attracting global media giants to India and the Indian entertainment industry is expected to grow at 18 percent over the next five years. Multiplexes and entertainment houses are opening up frequently in almost every state. Some of the challenges the industry is facing are very limited training institutes, piracy and content regulation.
There are extremely good future prospects of the Indian entertainment industry with the image of India rising on the global map.
The following is an overview of the Indian Entertainment industry:
- Cinemas and Multiplexes