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Connect, Create And Communicate: A Guide To Reinventing The $70 Bn Entertainment Economy In India

02 May'22 | By Inc42 BrandLabs

Inc42 hosted a panel discussion with Google Cloud titled From Social To Gaming: How Indian Startups Are Reinventing To Ensure User Stickiness In A Highly Competitive Market to explore many critical areas such as:

Decoding the growth story of the media and entertainment industry
Going from data to insights to drive innovation
Recruitment and dearth of tech talent in India: Perceived gaps and challenges
Media & Entertainment in India: Key trends to watch for in the next 10 years

Moderated by Shashank Randev, founder VC at 100X.VC, the discussion included Koo CTO Phaneesh Gururaj; Rajesh Shewani, head of customer engineering (enterprise) at Google Cloud India; Roby John, cofounder and CEO of SuperGaming, and Vikas Goyal, cofounder and CTO of KukuFM.

Reinventing The $70 Bn Entertainment Economy

India’s media and entertainment industry has undergone a significant transformation in the wake of the pandemic, putting the spotlight on new business models that work well in the new normal. The outbreak of Covid-19 and the ensuing lockdowns led the tech-savvy millennials and Gen Z to embrace OTT offerings, short-video apps, music streaming and gaming platforms. Soon enough, people across demographics tuned in to the new formats, and the industry did exceptionally well due to content variety, a focus on vernacular languages and the rise in on-demand viewing.

Globally, India recorded the highest online video consumption per week in 2020 at an average of 10 hours and 54 minutes, a 30% increase from 2019, according to Invest India. Downloads of gaming apps also rose to 9.2 Bn in the same year, accounting for 80% of the entertainment app downloads.

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Given this growth trajectory, India has emerged as the fifth-largest media and entertainment market in the world. According to Invest India, India’s media & entertainment industry is expected to grow to $55-70Bn by 2030 at 10-12% CAGR, led by OTT, Gaming, Animation and VFX.

The rapid content consumption in this space has mandated media and entertainment startups to streamline time-consuming processes like content search, discovery data management, and understanding audiences and their privacy issues more deeply in near-real time. The sector has further pushed a bouquet of technologies like artificial intelligence (AI), augmented reality and virtual reality (AR and VR) to the forefront to enable cutting-edge special effects (SFX), streaming media, VR gaming and new-age delivery channels for news, music and advertising.

Clearly, the increasing technology adoption by customers and the data they divulge help enterprises amplify consumer engagement. The insights derived from such data reflect consumer preferences, leading to new and improved products and services.

As consumer data is transforming businesses, the onus of protecting and managing such data rests with the companies in this space. Therefore, data protection and privacy play a crucial role for any media and entertainment business keen to earn user trust and grow exponentially.