Double-digit growth predicted for entertainment sectorJanuary 20th, 2009 - 7:57 pm ICT by IANS
New Delhi, Jan 20 (IANS) Even as the Rs.513-billion Indian entertainment and media industry is trying to recover from the after-effects of the global economic meltdown, international audit firm KPMG has predicted a double-digit growth rate for it this year.The firm, which has been roped in as the knowledge partner for industry forum Ficci, will come out with its annual report in Ficci Frames, the global convention in Asia on the business of entertainment to be held in Mumbai Feb 17-19.
“We are projecting growth in double digits for the entertainment and media sector on the whole this year,” Rajesh Jain, national industry director of Information, Communications and Entertainment, KPMG (India), told IANS over phone from Mumbai.
“The industry on the whole hasn’t suffered that much post-recession, it’s just the print and the film industry that had to bear the brunt in the last quarter,” he added.
Estimated at Rs.149 billion and Rs.96 billion respectively, the Indian print and film industries were projected to touch the Rs.281 billion and Rs.176 billion-mark correspondingly, according to the Ficci-PwC (PricewaterhouseCoopers) 2008 report on the entertainment sector.
“Last year has not been a smooth track record for filmed entertainment (in India) though there had been some good scripts that weren’t that successful at the box office but did well at the consumer end,” Jain said.
“The value chain though didn’t get the benefit as the producers and all those involved from the profit point of view didn’t make much. The industry also suffered because of the higher cost of talent,” he said.
The projections came in effect after Ficci terminated its four-year long relationship with audit firm PwC after the Satyam scam broke out. Ficci roped in KPMG, the second time since 2003, as its new knowledge partner for Frames. PwC was Satyam’s auditors.
“We were approached by Ficci and since we had already been working on our report and had already worked with them once, we again joined hands with them,” Jain said.
“We track the (entertainment and media) sector very extensively every year and we’ll manage Ficci-Frames without any problem from our side,” he added.
Jain also assured a timely release of the annual report on Indian entertainment and media industry.
“We’ve been spending a lot of time to put the report together like every year and there won’t be any problem for us in coming out with it next month,” he averred.