India’s Live Entertainment Sector Hits High Notes, Positioned for Continued Growth: Report
India’s live entertainment sector has been on a steady rise in recent years, and a recent report has confirmed that it is positioned for continued growth. The report, titled “Live Entertainment in India: Unlocking the Potential”, was released by the Federation of Indian Chambers of Commerce and Industry (FICCI) and consulting firm EY. It highlights the tremendous growth potential of the sector and the significant role it plays in the country’s economy.
According to the report, the live entertainment industry in India has witnessed a growth of 15% in the last three years, reaching a market size of INR 10,000 crore in 2019. This growth is expected to continue at a CAGR of 12%, reaching a market size of INR 18,000 crore by 2022. This is a testament to the increasing demand for live entertainment experiences in the country.
The report also highlights the significant contribution of the live entertainment sector to the Indian economy. It generates employment opportunities for over 50,000 people and supports various ancillary industries such as hospitality, travel, and tourism. The sector has also been a major contributor to the country’s GDP, contributing around 0.4% in 2019.
One of the key factors driving the growth of the live entertainment sector in India is the rise in disposable income and the changing preferences of the Indian audience. With the growth of the middle class and an increase in spending power, people are now looking for unique and immersive experiences. This has led to a surge in demand for live entertainment events, ranging from music concerts and stand-up comedy shows to theatrical performances and sports events.
The report also highlights the role of technology in the growth of the live entertainment sector. With the increasing use of social media and digital platforms, artists and event organizers are now able to reach a wider audience and promote their events effectively. The use of advanced technologies such as augmented reality, virtual reality, and artificial intelligence has also enhanced the overall experience for the audience, making it more engaging and interactive.
Another significant trend in the live entertainment sector is the rise of regional and local events. With the growing popularity of regional music, comedy, and cultural events, there has been a shift towards organizing more localized shows. This not only caters to the diverse preferences of the Indian audience but also provides a platform for local artists to showcase their talent.
The report also highlights the challenges faced by the live entertainment sector in India, such as the lack of infrastructure, high taxation, and regulatory barriers. However, the government has taken several initiatives to address these challenges and support the growth of the sector. The implementation of the Goods and Services Tax (GST) has streamlined the taxation process, and the introduction of e-visa facilities has made it easier for foreign artists to perform in India.
The report also suggests various measures to further boost the growth of the live entertainment sector in India. These include the development of dedicated entertainment zones, providing incentives for investments in the sector, and promoting collaborations between Indian and international artists. The report also emphasizes the need for a comprehensive policy framework to support the growth of the sector.
In conclusion, the live entertainment sector in India is on a path of rapid growth and is poised to reach new heights in the coming years. With the increasing demand for unique and immersive experiences, advancements in technology, and government support, the sector is well-positioned for continued growth. It is not only a significant contributor to the Indian economy but also plays a crucial role in promoting cultural exchange and social cohesion. The future looks bright for the live entertainment sector in India, and it is indeed hitting high notes.
