The media and entertainment industry in South India is growing at a compound annual growth rate (CAGR) of 15 per cent and the growth outlook is also bright given favourable factors, said a report by the Confederation of Indian Industry. The report was released by the Tamil Nadu Chief Minister M K Stalin on Saturday at the ‘CII Dakshin 2022 – South India Media & Entertainment Summit’, organized by CII, Southern Region.
The media and entertainment industry in the South has made a post-crisis comeback and is currently valued at about ₹74,900 crore. More than half of the films released last year were from one of the four south Indian languages. Also, the region produced some of the most successful box office hits in the recent past, it said.
“Since the southern region is a key to the growth of media and entertainment industry and Chennai being a major centre, the Tamil Nadu Government will be willing to create the necessary infrastructure needed to make the region a global hub for entertainment segment,” said Stain while delivering his inaugural address.
Creating awareness
The Chief Minister also urged the film industry to create awareness about the ill effects of gutka and other drugs, similar to the way the industry has highlighting the ill effects of smoking and drinking in theatres and movies.
“South contributes close to 30% of India’s overall Media and Entertainment revenue with over 50% of the films produced every year,” said Suchitra K Ella, Chairperson, CII Southern Region.
The pandemic has served as a subtle reset for the entertainment industry. The advantage of technology, expanding consumer options, and the adaptability of content creators to meet the ever-changing demands are all set to reshape the future of the Indian media and entertainment sector. As the sector expands its global reach, south India holds the key to providing it with a boost in the right direction, said the report.