Mumbai: The Indian media and entertainment industry, which is projected to expand at a higher rate of 13 per cent this year, logged an 11 per cent growth in 2010 to touch USD14.5 billion (Rs 652 billion).

According to a report released on Monday by a leading industry lobby said that television and print media continued to dominate India's media and entertainment industry and sectors such as gaming, digital advertising and animation grew at a faster rate and show tremendous potential.

'Overall, the industry is expected to register a compounded annual growth of 14 percent to touch Rs.1,275 billion (USD 28.3 billion) by 2015,' said the report, commissioned by the Federation of Indian Chambers of Commerce and Industry (FICCI). 

The full report is scheduled to be released during the FICCI-Frames annual conclave on media and entertainment, scheduled in Mumbai March 23-25 at the Renaissance Powai, with Canada as the partner country.  

Interestingly, unlike other markets in the world that continued to witness an erosion of the print industry, India saw this sector witness a 10 per cent growth and would continue to log a similar expansion over the next five years.

“The key industry highlights are growing potential of the regional markets, increasing media penetration and per capita consumption and increasing importance of new media driven by changing consumption patterns,” said FICCI secretary general Amit Mitra. 

(Agencies)