INNOVATION CRITICAL FOR FUTURE OF INDIAN M&E
By Pickle November 28, 2019
Share:
The CII-BCG Knowledge Report on future of the Indian Media & Entertainment industry, which was released at the recently concluded 2019 edition of CII Big Picture Summit, outlines some of the critical areas based on an extensive research, which can spark action as the industry looks to outpace its past success in the challenging times ahead
As Indian Media and Entertainment Industry has set the bar high on generating compelling content, creating new experiences for both their viewers and advertisers, it has led to the growth of trillion touchpoints along with the advertising dollars. But to ensure a steady rise in the Industry’s growth trajectory in future, the stakeholders will have to keep on raising the bar to meet the ever growing expectations and brace for challenges ahead, says a report prepared by Boston Consulting Group (BCG) and Confederation of Indian Industry.
Released at the recently held Big Picture Summit from November 14 to 15, the report titled ‘The Trillion (and Growing) Touchpoint Story-Recognizing the Monetization Conundrum says: “The coming year is truly pivotal for the industry as they seek to raise the bar once again in possibly challenging times ahead.”
The authors of the report applaud the achievements of the industry. “We are proud & delighted to say that the industry has come out with flying colors on the consumption front to maintain the growth momentum with our trillion touchpoints increasing steadily. The increasing monetization levels and growth of advertisement dollars are also strong testaments to the high levels of engagement between the industry and its stakeholders, the value being created,” they say.
However, they also caution that “we do need to be cognizant of the possible uncertainty up ahead in the coming days”. They go on to outline some of the critical areas “which can enhance the value disproportionately”. The report hopes that the insights provided by it would help “structure the imperatives and sparks action as we move towards a new tomorrow which is better than today
The report has been divided into four sections, giving useful insights into: consumption patterns, consumer engagement drivers and trends, advertising trends and key recommendations to take the industry forward.
According to the report, the consumption pattern present a positive picture as video continues to gain share within the digital pie; a favourable macro environment providing tailwinds that has been leveraged by the industry to fuel growth; steady growth of the trillion touchpoints especially with share of digital increasing; and a highly engaged set of consumers being witnessed.
“While traditional media is growing at a steady pace, digital media is driving overall growth with at a 16% CAGR over the past 2 years,” it says. Digital video consumption has increased from 11mins/day to 24mins/ day over the past 2 years. Over 2018, this has been driven by: 10-15% increase in numbers of sessions; 15-25% increase in average time per session, according to the report
AVERAGE DIGITAL VIDEO CONSUMPTION IN THE COUNTRY HAS INCREASED OVER TWO FOLD IN THE PAST TWO YEARS TO 24 MINUTES PER DAY FROM 11 MINUTES PER DAY. AN INCREASE OF 10-15 PER CENT IN THE NUMBER OF SESSIONS (HOURS PER DAY). CONSUMPTION GROW
Steps taken by industry, such as offering affordable plans, forging partnership to provide free content, large breadth of “relevant” content, and creating interesting ads on different platforms have also played a crucial role in increasing content consumption.
“The high levels of engagement are starting to address the issue of monetization which traditionally has been the proverbial elephant in the room. Consumers are increasingly looking to move beyond trials but the funnel flow is still small compared to the large scale investments being made by players to both acquire and retain consumers,” says the report.
However, the report goes on to add that the consumer research suggests that “the path being taken is the right one as users proclaim high stickiness and tendency to pay with the spend on media expected to follow the “lipstick effect” even in challenged environments”.
“Video viewing seems to be largely economy agnostic, and consumers are expected to increase spending in the near future,” the report notes.
When it comes to advertisers, the report says that they “understand and appreciate the manifold advantages – better targeting, lesser wastage, ability to drive brand building through interactive experiences, among others”.
But the report also points out that questions on effectiveness and efficacy still remain in the absence of transparent and verifiable data, as concerns are getting louder. “The advertisers do want to the industry to quickly fix some of the inherent issues like transparent measurement of ROMI (return on marketing investment).” Psychometric approach of targeting needs a deeper understanding of consumer behavior, which is facilitated through digital, it says. “Possible challenging environment ahead may impact status quo and lead to tough decisions,” the authors of the report caution.
The report calls for “deep introspection and high levels of innovation”, as the coming year will be a pivotal one for the industry which looks to balance the imperative of growth and helping translate the trillion (and growing) touchpoints into a more sustainable & value accretive proposition for all the stakeholders.
The M&E growth till now has been made possible by the embracement of disruptions like digital and increased internet usage and turning it to an advantage. “There has been a common agenda and cohesion of imperatives across all the stakeholders– broadcasters, publishers, media agencies, advertisers, regulators, government agencies, among others, to make this possible,” the report notes, adding that if the past is anything to go by then the industry will not only rise to the expectations but turn the adversity into an advantage.
INDIA HAS THE SECOND LARGEST BASE OF SMARTPHONES IN THE WORLD, SETTING UP A MASSIVE PLATFORM FOR DIGITAL VIDEO CONSUMPTION. MOREOVER, INDIA HAS WITNESSED A DRAMATIC REDUCTION IN DATA COST OVER THE PAST 2-3 YEARS. THIS IS LEADING TO HIGHER DATA USAGE — INDIA HAS THE HIGHEST PER-CAPITA CONSUMPTION OF DATA AT 9.8 GIGABYTES PER MONTH
Highlights
Getting Back to Business, Reveals Media Consumption Pattern
GET THE BEST OUT OF FILM BAZAAR 2019
National Education Policy: Game Changer
18 Must-See Films at Venice 2020
Ayushmann Turns Athlete
Indian Trio in Venice
Blockchain: The Future is Now
Not right time to open cinema halls: Ravi Kottarakara
Meet, ERICA. AI Actor in a SCI-FI Film
Vidya Balan Set to Shine as Shakuntala Devi
Straight Answers From Alexander Shulgin
Content is king for Saregama’s Yoodlee
Nuggets From Animation Thought Leaders
NYIFF Takes Virtual Route
From The Heart Of Disney
New Model of Filmmaking in India
My Journey: How I Did It
Animation in the Age of Art & Tech
Gaurav Banerjee: Star Unveiled
FDI cap of 26% for News Aggregators Under Consideration
The Changemaker
COVID-19 has Accelerated Digital Shift Towards Across Sectors
No Business as Usual for Film Industry
What’s Wrong With our News Media Today ?
The Fire Inside Regina
Gaming Industry Braves Covid
Disney +Hotstar Leads the Disruption
Taapsee’s takes on OTT, Nepotism & Covid
Oscar Invites QUBE’s Senthil Kumar to be its Member at Large
What’s New Search Engine Neeva Can Do That Google Cannot?
The New Oscar Award Date April 25, 2021
India to Offer Incentive Package for Film Shoots and Co-Production
Strings of Genius
A Ray That Still Lights The Way
Best of the Cannes Official Selection 2020 Films
Most Awaited Films of India
56 Films: Cannes Reveals 2020 Lineup
The Making of Cannes 2020 Film Selection Process
Cannes Virtual Film Market Extends Earlybird Registration to June 12
Take a Look at Annecy Competition Lineup
Cannes 2020 to Announce Festival Selection Lineup on June 3
20 Work in Progress Tiltles Unveiled for Goes to Cannes
Annecy VR Works Selections for Digital MIFA Market
Film Bazaar’s Work in Progress Films from India Goes to Cannes Virtual Market
Navigating Virtual Cannes Film Market 2020
Meet the Streamers: HBO Max & Quibi Keynotes at Cannes Virtual Film Market
Dedicated Cannes XR Virtual Edition from June 24-26
Screen Moms; Best Movies to Stream on Mother’s Day
Vijay Deverakonda: The Lovable ‘Rowdy’
Sai Pallavi: Natural Beauty is a Natural Actor Too
Cannes Virtual Film Market Registration Opens May 13
COVID-19: Nuggets from Netflix’s Ted Sarandos on Filming and Safety Protocols
Maitreyi Ramakrishnan is New Sensation in Netflix Original Series Never Have I Ever
The Best Movies of 2001-2019 Not Streaming in OTT Platforms
Best Movies of the New Millennium Streaming Now
Best Movies of the New Millennium Streaming Now
Best Movies of the New Millennium Streaming Now
Best Movies of the New Millennium Streaming Now
Best Movies of the New Millennium Streaming Now
Annecy Unveils Virtual Film Festival and Market in June
Roskino to Host Russian Virtual Digital Content Market from June 8
27 Rishi Kapoor Films to Stream at Home Now
Virtual Nab Show Express will Take Place May 13-14, 2020
51 International Film Festival of India, Goa ( 20 -28 November, 2020)
Films to Watch in 2020
Christopher Nolan Films Tenet in Mumbai
A Call From Uttarakhand For Filmmakers Of The World
FFO Rolls Out Red Carpet For Foreign Filmmakers
INDIA@BERLINALE-Indian Cinema’s Voices Emerging
51st IFFI TO Mark Satyajit Ray’s Centenary Celebrations
Sailing well in Animation Waters
Infusing Life With Dubbing AT VR Films & Studios
Berlinale 2020: India’s Laila Aur Satt Geet Selected for ‘Encounters’ Section
Prateek Vats’ Eeb Allay Ooo! in Berlinale Panaroma
Berlinale Shorts: Ekta Mittal’s ‘Gumnaam Din’ to showcase of pain of separation
Berlinale Talents: Seven Indians Make It to the List
My Salinger Year is the Opening Film at 70th Berlinale
GET READY for EUROPEAN FILM MARKET 2020
BERLIN FILM FESTIVAL 2019 WINNERS
Berlinale Forum Celebrates Golden Jubilee in 2020
Berlinale 2020 Poster Unveiled
British Actor Jeremy Irons Will Be the Jury President of Berlinale 2020
Amit Khanna: The Renaissance Man
Fantastic Friend
THE MEDIA GURU-AMIT KHANNA
STRAIGHT ANSWERS FROM AMIT KHANNA
THE DEFINING DECADE -THE 1990s
10 Achievements of Amit Khanna
Reflections on Amit Khanna
Valuable Moments
India Enchants John Bailey
The Big Bachchan of Bollywood
ETERNAL SUPERSTAR: RAJINIKANTH
IFFI 50 & Fantastic-Lifetime Achievement Award to Isabelle Huppert
INDIA’S FLAGSHIP FILM FESTIVAL TURNS 50
BACK IN BUSINESS WITH A BANG
Transforming Hollywood from pixels to voxels
Government of India committed to Safeguard IP content: Commerce Secretary
Must do Things at AFM
Why India Attracts Foreign Filmmakers
Architect of AMAZEMENT
Pickle at MIPCOM 2019
INDIAN COMPANIES AT MIPCOM
Super Audio: Licensed to Thrill
Jungle Book Season 3 Ready
Issuance of VPL in India
Editor’s Note: 44th Toronto International Film Festival Pickle Sept 2019 Edition
The OSCAR RACE begins HERE…
Seven Indian Indie Filmmakers To Watch
Indian Cinema Of Today: A Culturally Responsive Artifact
Indie Resurgence
Indian Films At Toronto a Sparkling Quartet
IFFI Matters @ 50
Four Indian Films at the Toronto International Film Festival 2019
India Pavilion at Toronto International Film Market 2019
Made in Afghan Film ‘Hava, Maryam, Ayesha’ To Compete at Venice Festival
Keerthy Suresh: The Mahanati of Mahanati. Best Actress, National Film Award
Uttarakhand Bags National Award for Most Film Friendly State
66th National Film Awards Winners for 2018
Watan Adds Colour to Indian Independence Day
dream hampton and Brie Miranda Bryant to Feature in MIPCOM’S Women in Global Entertainment Lunch 2019
Making a Song and Dance of it
NFDC Invites Applications for Production of Films in Indian Languages; Deadline September 8, 2019
IFFI Calls for Entry for Indian Panorama in 50th Edition
Ease of Filming in India
Come, Film In Inida
Why TikTok wants to invest $1 billion in India?
Priyanka Chopra’s The Sky is Pink Set to Premiere in 2019 Toronto Internaitonal Film Festival’s Gala Section
Gitanjali Rao’s Animation Feature Bombay Rose to open Critics’ Week at Venice International Film Festival
76th Venice International Film Festival to Open With Hirokazu Kore-eda’s ‘The Truth’
Indian Cinema’s Soft Power Misses the Mark in Nirmala Sitharaman’s Maiden Budget Speech
Shahid’s Kabir Singh Becomes Top-Grossing Film of 2019
Finance Minister Proposes FDI Norm Relaxation in Media
Media & Entrtainment as Champion Sector Figures in the Economic Survey 2018-19
Indian Cinema’s Steady Rise on Global Stage
Glimpses of the future
IFFI Marching Towards 50th Edition
Cannes or Netflix? Is Netflix an acceptable remediation for Cannes’ decades-long little regard for Indian Cinema?
Play Small & Live Long Did Wonders for Me
Fametoonz Pvt Ltd
AT&T Buys Peter Cherin Group’s Controlling Stake in Otter Media
Amit Khanna is a Treasure Trove of Anecdotes
Pickle Berlinale 2016 Issue
