A KPMG report released recently on the media and entertainment sector projects advertising revenues to grow at a CAGR of 13.1 per cent over the next five years and reach Rs 2.6 lakh crore by 2023.
The report attributes this growth to rapid growth and increase in digital user base and usage, growing domestic consumption, a strong rural demand and in particular upcoming cricket world cup and the general elections in 2019.
Girish Menon, Partner, Media and Entertainment feels the industry is bouncing back from the challenges of 2017, "Our assessment is that the dip last year was fundamentally driven by specific challenges - GST, Demonetisation, RERA. These are one-time aspects and we don't expect them to recur. Most companies have already recovered from the impact of these challenges and we have been seeing a lot of position traction over the last couple of quarters," Menon says.
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