The FICCI-KPMG annual report has described 2010 as a challenging year for the film industry. However, the report estimates that with “better content, increase in multiplexes, investment in research and continued cost corrections”, the industry may grow from INR 83 billion to INR 132 billion by 2015.
“2010 was a year of great dynamism with growth across all sectors other than film”, stated the report. In 2010, the Indian Media & Entertainment (M&E) industry registered a growth of 11 percent over 2009 and touched INR 652 billion. It is estimated to grow at a rate of 13 percent in 2011.
The report attributes this growth to the growing trend of Digitization which became even more pronounced in 2010.
The report will be formally released at the inaugural session of FICCI FRAMES 2011 on March 23, 2011. FICCI FRAMES 2011, the annual convention of the media and entertainment industry, will be held through March 23-27 in Hotel Renaissance, Mumbai.
Films as a sector had registered a negative growth during 2009 and FICCI-KPMG report had estimated that it would recover with an almost flat or moderate growth rate in 2010.