MUMBAI (Reuters) - India continues to be one of the top three markets for global collaborations in entertainment and media, because of a ‘relatively friendly foreign investment regime,’ an official of PricewaterhouseCoopers (PwC) said.
The country’s media and entertainment market is expected to grow 18.5 percent a year to reach $36 billion by 2012, while the Asian industry will likely grow 8.8 percent a year over the next five years to $508 billion, PwC estimates.
“There is no question that India is within all the companies that I speak to, it is either number one, two or three that they talk to us about India,” Marcel Fenez, Global Managing Partner, Entertainment & Media Practice with PwC said late on Monday.
Other emerging markets set for rapid growth include Saudi Arabia, Indonesia, Vietnam, Turkey and Pakistan, he added.
Rapid economic growth and the freeing of entertainment and media markets will fuel expansion in India which we expect will be the fastest-growing territory in Asia Pacific during the next five years, PWC said in a report.
“You do get these big players who will by definition tend to do large deals but you also see a lot of smaller investments and a large number of them that will become increasingly important because those will tend to be emerging media,” Fenez said.
Double digit annual growth is projected for every segment except recorded music, professional books and consumer and educational book publishing, according to PwC’s Global Entertainment and Media Outlook 2008-2012.