Mumbai, March 25 (IANS) The Indian entertainment and media industry will touch $27 billion by 2011 with at an annual growth rate of 16.7 percent - faster than its counterparts in Brazil, Russia and China, a new report said Thursday.
In the other BRIC (Brazil, Russia, China, India) countries, the entertainment and media industry is expected to grow at an annual rate of 13 percent in China, 8.3 percent in Russia and 7.7 percent in Brazil, said the report.
The joint report by the Federation of Indian Chambers of Commerce and Industry of India (Ficci) and PricewaterhouseCoopers (PWC) was released at the Ficci-Frames 2008 global business conference on the entertainment and media industry.
Some 2,000 Indian and 500 delegates from other countries are participating at the three-day forum at the Renaissance Hotel in suburban Powai - billed as one of Asia's biggest for the entertainment and media industry.
'For BRIC countries, the growth will average 9.3 percent compounded annually,' the report said. 'That expansion will be nearly twice the 4.9 percent projected annual GDP (gross domestic product) increase in the rest of the world.'
Despite the impressive growth rate, the size of the Indian entertainment and media industry will be the smallest among BRIC countries at $27.09 billion within the next three years, the report said.
The industry size would be $169.31 billion in China, $27.85 billion in Russia and $27.26 billion in Brazil. BRIC will account for 24 percent of global E&M growth during the next five years, the report said.
The advertising-supported sector of entertainment in India recorded the fastest growth of 22 percent in 2007 was would experience a major shift, as digitally interactive mediums gain popularity, the report said.
The report estimated that Internet advertising would hit $104 million in 2008 to touch $272 million in 2012, while the film industry will top $4.35 billion from $2.37 billion during the period as players discover new revenue streams.
The television industry, that attracts the most foreign investment, is forecast to grow from $5.59 billion to $14.8 billion in the period as it undergoes major transformation with digital distribution networks.
During the three-day event, Ficci will honour Bollywood stars Rishi Kapoor and Sridevi with the 'Living Legend in Entertainment' award to join the likes of Dharmendra, Hema Malini, Kamalhassan and Rekha who have been honoured in previous years.
Also on cards are awards in areas like animation, visual effects, gaming.