India’s media and entertainment industry is headed to the stars if you look at current predictions. By 2030, the industry is estimated to be worth up to $70 billion. The new changes are characterized by new niche platforms, a change in the consumption pattern as well as more personalisation. If you want to know more about the future of entertainment in India, read along.
Filmed Entertainment
For several decades, Bollywood films and series have been India’s tribute to an alternative to Western films. With new directors, actors, and actresses having their debut in Bollywood, a lot is happening in the film industry. Television is still the biggest segment in the entertainment sector, as there is the second largest pay-TV market in the world. Indian filmmakers are making movies exclusively for digital use as theatrical releases fall behind. Some Indian directors are also making it big internationally with stars like Shekhar Kupar putting India on the map.
When taking a look at the most popular forms of entertainment, online gaming is about to take the cake. With an estimated revenue of $5 billion in 2025, the industry is booming. Online gaming can be divided into two forms. One is the well-known industry of computer games like Fortnite, the other is iGaming or online casinos as it’s commonly referred to as.
More than 530 million Indians owned smartphones between 2020-2021, and it is easier than ever to play at online casinos, as most are available on smartphones. Therefore, the accessibility of casinos has expanded, and you can read more about it @ www.indiacasinos.com. Some states are looking into the regulation of Indian casinos, as it is not legal everywhere. But in the future, we can expect the market to grow exponentially as it is already one of the top five markets globally.
Digital Media
In India, more than 800 million people use the internet, which makes the country one of the most connected nations worldwide. Technology and innovation are keywords for the Indian country, and this makes for interesting developments regarding digital media. Since more people in rural areas also gain access to the internet, this creates new possibilities for companies to reach a new demographic. More streaming platforms will gain a foothold in the Indian market, which will inevitably become more competitive.
New technologies
If you’ve missed technologies like Virtual Reality (VR) and metaverse, now is the time to get updated. VR is no longer a technology for tech enthusiasts only, as VR glasses become more commercialized, cheaper, and therefore, more accessible. This will create new possibilities for tech developers to change the landscape of gaming and iGaming.
Music
It made headlines when the popular rapper Drake acquired rights to the song ‘Patakha Guddi’ known from the Bollywood film ‘Highway’ in 2014. This could mark a new beginning for Bollywood songs gaining popularity worldwide. More people are consuming Indian music and Bollywood music on streaming services with an increase of 40% in the first quarter of 2020. In the future, Indian music has the potential to get higher rankings on the hit lists.
