BCG & CII Report 2020

December 2020
LIGHTS, CAMERA, ACTION…
…THE SHOW GOES ON

2 CII Big Picture
ABOUT BCG
ABOUT CII
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3The Indian M&E industry in 2020: A snapshot of the year that has been
Mandeep Kohli
Partner,
Boston Consulting Group
Kanchan Samtani
Managing Director and Partner,
AUTH RS

Welcome to the 2020 edition of CII Big Picture Summit’s Knowledge
Report, in partnership with BCG, on the future of the Indian Media &
Entertainment industry. In line with the broader theme of this year’s
event, “Big to Bigger”, the report discusses how, despite the Covid-19
pandemic and the resultant stresses, the Indian M&E industry is
continuing its trajectory of strong historical growth into the foreseeable
future.
During the toughest weeks of the year, our industry provided much
need succor to the country’s citizens, as seen by the massive surge in
viewership during the weeks of lockdown and beyond. From a demand
point of view, it is heartening that M&E consumption remained resilient.
However, as was the case with other industries, this past year has been
a challenging one for the M&E industry as well. There have been many
operational challenges, with hurdles in content creation and distribution
through conventional platforms. These challenges were made worse by
the accompanying financial blow of declining ad spends across different
media (digital being the notable exception). Looking back now though, we
can confidently say that the most difficult times are behind us.Operations
are returning to normal with best-in-class safeguards and SOPs being
established, and a recovery in ad campaigns has taken place.
Covid-19 has had a major impact on how we consume content both
in-home and outside and some of these will have long term implications
for the industry. Going forward we expect the digital trend to intensify,
OTT adoption to continue rising, and the emergence of new business
models better suited to the new reality.
The Indian M&E industry, at USD ~24 bn in 2020, already has a sizeable
impact on the Indian economy. However, given India’s diverse local
audience base, international appeal of content, large diaspora and
existing cultural influences in many parts of the world there is significant
headroom for growth.
The industry faces key imperatives for the near future to ensure that it can
reach its full potential. We need to build new revenue sources, deliver a
better value proposition to our stakeholders (consumers and advertisers
alike), focus on our human capital base to develop the requisite talent
base and invest in technology to improve our productivity. Adversity is a
great unifier, and this is the time for the industry to come together and
deliver.
CII and BCG thank our stakeholders for their valued perspectives and support
towards enriching the content of this Knowledge Report. We look forward to
your continued feedback in enhancing the usefulness of this publication.
Foreword
Mandeep Kohli
Partner,
Kanchan Samtani
Managing Director and Partner,
K Madhavan
Chairman,
CII National Committee on Media &
Entertainment and Managing Director,
Star & Disney India

India continues its unique multimodal growth
story, with digital video being the fastest
growing media platform over the last 2 years.
Not surprisingly, this trend is expected to
continue for the foreseeable future led by
the ever-increasing smartphone and data
penetration on the demand side and improving
consumer experience with high quality and
wide variety of content, and innovative pricing
models on the supply side.
During lockdown, both TV and smartphone
video consumption surged as people spent
more time at home. OTT continued its onward
march,increasing its presence in Tier 2-4 cities.
SVOD subscriptions continued to see strong
growth rates on the back of high quality original
and local content being created and marketed
using free trial periods. Covid-19 accelerated
the subscription trend as a result of out-of-
home spending moving to in-home, and this is
expected to be sticky due to the proliferation
of platforms and content that is now available
to consumers. Further, innovations in the
form of India specific pricing have also helped
make the proposition stronger and encouraged
consumers to subscribe.
EXECUTIVE
SUMMARY

to diverse audiences, provide better data and
flexibility to advertisers, create content to
tap the global market, focus on up-skilling of
existing talent and development of new-age
talent, and investment in technology. Progress
along these dimensions will ensure that, the
effects of the pandemic notwithstanding, the
2020s will be extremely fruitful for the Indian
M&E industry.
Advertising revenues saw a sharp decline as a
result of the pandemic and are expected to be
~16% lower than in 2019, with ads on all media
except digital expected to experience double-
digit rates of decline in 2020. The recovery has
been differential across sectors, compounded
by a need to show higher ROI and control over
advertising campaigns. This has led to higher
allocations to digital media, which is expected
to reach a share of ~15% in 2020, ahead of
most pre-Covid projections. Though a cautious
recovery seems to be underway and marquee
events such as IPL have been able to grow over
their 2019 levels, smaller events may continue
to face pressure for some more time.
While the Indian M&E industry already has
a significant impact on India’s economy,
benchmarking with other countries indicates
plenty of untapped potential. Most segments
still have headroom for growth,while segments
like OTT are growing at a steep rate and
making a significant contribution. However, to
achieve the industry’s true potential, there are
a few areas where concerted effort needs to
be made. These areas include creating more
original and local language content to cater

Overview of
the report
8 Lights, Camera, Action… The Show Goes On

SECTION 1 SECTION 3SECTION 2
Indian M&E in
2020: The year
that has been
• Consumption and
advertising trends
• Impact of
Covid-19
• Outlook for the
near future
• M&E industry’s
impact on GDP and
employment
• Potential for
further growth
• Create value for
consumers and
advertisers
• Identify new sources
of revenue
• Invest in skilling and
technology
Economic
impact and growth
potential of M&E
Key imperatives to
realize potential

10
The Indian M&E
industry in 2020:
A snapshot of the
year that has been
Lights, Camera, Action… The Show Goes On

Consumption of M&E resilient
during pandemic; Covid-19
accelerated trends towards
subscriptions

KEY
MESSAGES
Growth in India continues to be
multi-modal
• Digital continues to be the fastest
growing medium
Covid-19 led to a surge in consumption of both
TV and OTT
• TV consumption saw initial spike, now stabilized to
pre-Covid levels
• Non Prime Time viewership a major driver of growth
• OTT saw strong growth across both rural and
urban areas
Covid has further accelerated the trend towards
OTT subscriptions; expected to be sticky
• Subscriptions grew 55-60% for the top
OTT platforms

1. TV: ages 18+ who use at least once per month; includes live, DVR, and other prerecorded video (such as video downloaded from the internet but saved locally); includes all
time spent watching TV, regardless of multitasking. If all population with age 18+ is considered, average hours per day is 3.2 hours 2. Digital: ages 18+ who use at least once per
month; includes all time spent with online video activities, regardless of multitasking; includes viewing via desktop/laptop computers, mobile (smartphones and tablets) and other
connected devices (game consoles, connected TVs or OTT devices) 3. Print: ages 18+ who use at least once per month; includes magazines and newspapers; includes all time spent
with print mediums, regardless of multitasking; offline reading only 4. Radio: ages 18+ who use at least once per month; includes all time spent listening to radio, regardless of
multitasking; excludes digital radio 5. Circulation went down to 20-25% in Apr and May, back to 80-90% levels now
Source: eMarketer database. Estimate differs from previous versions of the report due to changes in population definition, we have only considered the population who uses the
platform in question
India’s growth story continues to be multi-modal
Per capita media consumption
continues to grow simultaneously
across all forms
• Multi-modal growth story
expected to continue for the next
few years
Digital video continues to be the
fastest growing medium clocking
14.5% CAGR
Print and Radio expected to
remain flat5
• Growth in regional newspaper
readership has compensated for
decrease in national dailies
2018
3.66
1.84
0.73
1.26
2019
3.88
2.11
0.73
1.26
2020
4.17
2.41
0.73
1.25
2022 E
4.43
2.95
0.73
1.25
2018-20
CAGR
6.7%
TV1
14.5%
Digital
(video)2
Print3
0.3%
Radio4
# hours/day
-0.4%

Consumption for TV & digital surged as India stayed indoors
TV consumption ~20% higher than pre-Covid till Sep; has been reverting to pre-Covid levels
Oct onwards
1. 13-Jan to 2-Feb taken for pre-Covid levels
Note: Aggregate minutes per day spent on video streaming calculated by multiplying average daily time spent on VOD for given week with number of internet users in 2020
(post-Covid) and number of internet users in 2019 (pre-Covid)
Source: BCG Analysis, [BARC Nielsen Crisis Consumption An Insights Series into TV, Smartphone & Audiences, Prime-Time: 18:00-24:00, Non-Prime Time: 06:00-18:00], Ovum
Weekly viewing minutes (in billion)
NPT viewership
drove spike in Wk of
15-Aug vs. pre-Covid
44%
Non-Prime Time
inc. in viewership
3%
Prime Time inc.
in viewership
• Viewership spiked at 37%; steadily reverted to pre-Covid levels
• Post-lockdown spike primarily driven by NPT (44% increase)
1,400
1,000
1,200
800
887
0
Mar Apr May Jun Jul Aug Sep OctPre-Covid
1,266
887
906
37%
Peak increase
during lockdown
(Wk of 28-Mar)
2%
Return to
pre-Covid levels
(Wk of 14-Nov)
Stabilized spike post-
lockdown (Wk of 15-Aug
to Wk of 26-Sep)
1,071
1,045
Pre-Covid
(11-Jan to 31-Jan)

Smartphone media consumption supported by increase in time spent on video streaming
Peak during
lockdown
(Wk of 15-Apr)
Weekly
viewing minutes
(in billion)
Video
Streaming
Stabilized
post-lockdown
(Wk of 15-Aug)
% increase
in media consumption
(Aggregate minutes per day)
on smartphone vs. pre-Covid1
37%
13%
21
18

SVOD adoption has spiked on account of trials;
consumer survey shows 50%+ new users likely to stick
post-Covid…
50%+New users likely to
continue subscribing
to the SVOD service2
55-60%Growth in SVOD
subscribers in 2020
over previous year
1. [Counterpoint – Top 5 Indian metros account for more than half of the OTT video content platform user base, June 18, 2019] 2. [Among urban consumers only. Question text:
“Which statement best describes your usage behavior since the Lockdown?” Question text: “You mentioned that you have started below activities since the Lockdown. How likely
are you to continue below activities even after the Lockdown gets lifted” Source: BCG COVID-19 Consumer Sentiment Survey (India) August 2020 (N=3000)] 3. Growth in new users
that have accessed any platform in the category at least once since the lockdown. Pre-Covid split of OTT users was ~90% in Metro/Tier 1 and ~10% in Tier 2/3/4. 4. Metro is >40
lacs, Tier 1 is 10-40 lacs, Tier 2 is 5-10 lacs, Tier 3 is 1-5 lacs, and Tier 4 is <1 lac
Source: BCG Analysis
TV and OTT subscriptions continue to grow
OTT growing at a faster rate than TV
TV subscriptions expected to continue
growing at ~3%
...and that the growth rate of new users in tier-2/3/4
regions was 1.5x that of the growth rate in Metro & Tier 1
during Covid
Metro & Tier 1 Tier 2 - Tier 4
x 1.5x
Overall growth
rate in new users
(AVOD and SVOD)3,4
+3% +3%
194
2018
200
2019
207
2020
TV Households (in million)

Customer speak
Male,
22 years old
College student
Female,
40 years old
IT professional
Male,
30 years old
Chartered Accountant
I was encouraged to use
OTT after the new
lower priced plans were
introduced! I was able to
get a flavor of the content
on different platforms and
chose the one best for me. I
cannot do without my OTT
subscription now!
I was against the idea of
paying for OTT as I already
had a cable TV connection
at home. However, during
Covid, with the entire family
at home and just one TV,
it was often difficult to
watch my favourite shows
on TV. OTT platforms came
to the rescue, offering the
convenience of watching at
any time on any device. In
fact, I now spend more time
watching OTT on my phone
than TV!
Nothing can beat the variety
of content on OTT platforms.
I have been subscribing to a
platform for some time now,
but only recently started
delving into international
language offerings since
I could not find fresh
interesting content. Korean
cinema has blown my mind!
I cannot wait to explore
more languages.

Industry speak: Viewer first approach key to drive explosive growth
Punit Misra
President - Content and International Markets,
Zee Entertainment Enterprises Ltd
“In today’s day and age, a healthy obsession on understanding consumers intimately, and
then creating and serving content that delights them wherever and whenever they consume
the content is what will differentiate winners from also ran’s. So moving away from a content
or platform first thinking, and doing viewer first thinking is the key skill to develop for
explosive growth. Quality supply rather than demand is the key for growth. The viewer is ready
- are we is the question.”
Gaurav Gandhi
Director and Country GM – Amazon Prime Video India
“Video streaming is increasingly playing a pivotal role in the growth of the Media &
Entertainment Industry in India. With a huge base of connected customers with an insatiable
appetite for entertainment; a rich pool of creative talent creating diverse and differentiated
world class content; increasing disposable incomes and a discerning customer base seeking
more personalised and best-in-class experiences; and a steadily improving telecom,
broadband and payments infrastructure are all contributing to make India one of the most
exciting streaming markets in the world”

However, advertising has
seen a decline in 2020
driven by the pandemic

Digital (video)TV Print CinemaRadio OOH
Source: Pitch Madison Advertising Report 2020, Expert interviews, Note: 1 USD = 75 INR
Advertising Revenues (in USD billion)
Ad spend took hit given Covid; digital still expected to grow in 2020
2014 2019 2020
3.4
2.3-2.4
2.8-2.9
2.1
0.18-0.21
0.3
1.7-1.9
2.7
0.2-0.3
0.5
9.0
1.9
0.5
0.2
2.0
0.3
0.0
5.0
7.2-7.9
0.05-0.08
0.1
-16%+13%
Cinema
41% -40 to -60%
OOH
-35 to -50%9%
Print
-31 to -36%6%
Radio
-30 to -40%12%
Digital
12 to 18%31%
TV
-12 to -17%12%
Large hit in
April-June
quarter a big
driver of the
drop
2014-19
Growth in
2019-20
Growth in

Source: MAGNA India Media Forecasts, BCG analysis
YoY % Change in Total Ad Spend YoY% Change in Real GDP
Accelerating GDP and Ad
spend growth
Decelerating GDP and Ad
spend growth
India view only
% change
Total Ad Spend
in India
% Change
India Real GDPFinancial Crisis
Demonetization
Indian economic
slowdown
Green shoots visible and a strong bounce back expected, given the high
co-relation to GDP growth
2005 2007 2009 2011 2013 2015 2017 2019
10
20
30
40
0
5
10
15
0

Most sectors are already increasing ad volumes on TV
Source: BARC Nielsen Crisis Consumption An Insights Series into TV, Smartphone & Audiences [Jan-11th Jan-7th Feb, Apr – 18th Apr-15th May, Aug -25th July-21st Aug]
Signs of recovery emerge as
ad volumes on TV rise steadily
post lockdown
Latest monthly ad volumes for most sectors have exceeded
pre-Covid levels
Total Ad Volumes on
Television 2020 (in million seconds)
119
91
133
164
January April July October
-24%
+46%
+23%
Total Ad Volume (in million) in January, April, October
% growth Oct’20 vs. Jan’20
ResilientDurables
U-shaped Recovery
V-Shaped Recovery200
100
-100
-200
-300
-125 -100 -75 -50 -25 0 25 50
0
% growth Apr’20 vs. Jan’20
Education
Agriculture
Fuel
Food &
Beverages
Media
Retail
Real
Estate
BFSI
Telecom
Apparel
Personal Accessories
Personal
Healthcare
Hair Care
Cosmetics
Auto

Source: Press Search, BARC Nielsen Crisis Consumption An Insights Series into TV, Smartphone & Audiences [Jan-11th Jan-7th Feb, Apr – 18th Apr-15th May, Aug -25th July-21st
Aug], TAM AdEx
Increase in number of advertisers across sectors post October
Many sectors have more # of advertisers
in Oct’20 as compared to pre-Covid
Recovery led by increase in number of
advertisers and entry of new-to-TV advertisers
Marquee events surpassed 2019 levels, merits
cautious optimism
Big-ticket marquee events have bounced back but smaller
events may face continued pressure; there is cautious optimism
that ad spending on TV is expected to recover in H2 2020
7 out of top 10 new advertisers from
education & healthcare
Eg: White Hat Jr Technologies
• Using TV as a medium to target the 65%
user base that lies outside top 10 cities
• 30% of total budget on TV and 70%
on digital
Eg: Practo Technologies
• Campaigns on TV - #HelloDoctor,
#BeingADoctor
• 500% increase in online consultations
during lockdown period; 44% from non-
metro cities
~1300
new advertisers
In Oct’20 vs.
Sep’20
Increase in # of advertisers for
IPL 2020 vs. 2019
7%
Change in # of advertisers post
lockdown (Oct’20 and Jan’20)
Change in # of advertisers during
lockdown (Apr’20 and Jan’20)
Education
60
40
20
0
-20
-40
-60 -40 -20 0
Agriculture Household
products
Auto
Personal care
Food &
Beverages
Durables
Real Estate BFSI
Apparel
Fuel
Media
Telecom
Cosmetics

2019
Source: PQ Media, MAGNA Global, TAM AdEx, Expert interviews
Digital TV
India
Share of digital in ad spend increasing,
however still lags consumption growth
China
25% 31%
75% 69%
Consumption
US
Advertising
31%
18%
69%
82%
18% 13%
82% 87%
2020
27% 35%
73%
65%
+2pp +4pp
Change from 2019 levels
Consumption Advertising
34% 22%
66%
78%
+3pp +4pp
20% 15%
80% 85%
+2pp +2pp
Advertising continues
to lag consumption
on digital
• Improved ROI and
targeting
However, gap is narrowing
on account of improved
ROI and targeting

Covid has accelerated shift to digital: Share of digital expected to grow to
15% almost 2 years ahead of earlier projections
With increasing budget constraints during Covid, advertisers looking for high returns, low wastage
Source: MAGNA Global (Pre-Covid: Dec’19, Post-Covid:Jun’20), Expert interviews, BCG Analysis
“We are rapidly increasing our allocation to digital because digital makes
it easy to target customers most likely to purchase our product“
“Real time visibility can help us dynamically optimize our campaign
parameters and help us get more bang for our buck”
“Brand managers are scrutinizing every rupee spent on advertising
campaigns, measurement of ROI from each campaign is a must given
the constrained budgets”
“We would never consider advertising on TV with our scale; digital helps us
reach the right audience in a cost-efficient manner”
Improved
targeting
Real time
tweaking
Better return
metrics
Lower outlays

Digital video to reach 2022 forecasted share of total TV & digital video
ad spend in 2020
Share of digital revenues in advertising (%)
2020 2021 2022
15%
14%
16%
15%
19%
15% share forecasted for 2022,
to be achieved in 2020
13%
Post-Covid
forecasts
Pre-Covid
forecasts

Subscription models
gaining traction

Strong growth in SVOD revenues as number of subscriptions rise;
TV subscription revenues remains flat
Subscription revenues growing on
account of growth in SVOD
Revenues (USD million)
20202019
SVOD TV subscription
2018
5,667
6,067
5,842
716
6,558
5,973
1,181
7,154
+9%
2-year
CAGR
SVOD
72%
TV
3%
1. Includes subscriptions that are purchased through the 100% cash
back route
Source: Ampere analysis, SNL, Expert interviews, BCG Analysis
Marginal increase in TV subscriptions;
however ARPU has remained flat
Also impacted by regulation
changes e.g. NTO
Number of subscriptions
(in million)
100-125
2020
78
2019
49
2018
ARPU
(USD per
month)
ARPU
(USD per
month)
Number of subscribers
(in million)
207
2020
200
2019
194
2018
SVOD growth driven by significant
increase in # of subscriptions
50-60%
+3%
$0.68 $0.76 $0.78
$2.9 $2.9 $2.9
400

SVOD contribution per user 3-4x of AVOD
Growth of SVOD to give fillip to overall OTT growth
AVOD sustainable only at very large scale
Source: Ampere analysis, Expert interviews, BCG Analysis
Given lower
realizations, AVOD
successful only at
large scale
AVOD sustainable only at very large
scale
• Requires 3-5x the subscriber base
of SVOD to break even
Achieving advertisement driven
scale made challenging given the
competition for digital ad spend with
the likes of YouTube and Facebook
However, both AVOD and SVOD
models need to co-exist
• AVOD critical to increase OTT
penetration and drive awareness
for SVOD
AVOD SVOD
Average monthly
realization per
subscription
2019
$0.18
2019
$0.76
2020E
$0.23
2020E
Online video
viewers/ # of
subscribers
(in million)
2019-20 growth
in viewers/
subscribers
15-
20%
+50-
60%
291 78340
100-
125
$0.78Average monthly
realization
per user
3-4x

SVOD subscriptions growing as out-of-home spending moves to in-home,
coupled with introduction of low-ticket size plans & enhanced ease of
payment
1. [Google COVID-19 Community Mobility Report, 24 Nov, Jan – 3rd Jan-6th Feb] 2. [Question text: “How do you expect your spend to change in the next 6 months across the
following areas?” BCG COVID-19 Consumer Sentiment Survey (India), Aug 2020 (N=3000)], 3. [Ovum 2019; Amdocs commissioned survey, 2,102 respondents in India],
4. [National Payments Corporation of India]
Decline in footfall in
retail & recreation places
in Nov’20 vs. Jan’201
Increase in
subscriptions to
SVOD platforms
-27%
50-60%
~90%
% of subscribers likely
to spend same or more
on SVOD platforms2
Different subscription tiers introduced to increase
propensity to pay
Pay per view model gaining traction
Ease of payment through integration of UPI
Limitations on offerings like access to limited content, cap on number of
screens, or low video quality
1
2
3
NETFLIX
Disney+
Hotstar ZEE5
Mobile only plan at
Rs. 199 per month
Zee5 Club pack at Rs. 365 per year
Regional packs at Rs. 49 per monthVIP pack at
Rs. 399 per year
Billion
transactions
in 2019 done
through UPI4
Year-on-year
growth in
value of UPI
transactions
in 20194
59%
10.8 3x
ZEE5
Shemaroo Me
YouTube
Apple TV
Online users
would not
pay average
price charged
for video
subscription3
Testing
one-time pass
model for
movies with
price ranging
from Rs. 79 –
Rs. 299
ZEE5
ALT Balaji
Sony LIV
Disney+
Hotstar
Players
starting to
offer UPI
payment
option

Compared to
0.2% in US and
0.3% in UK
Pricing innovations have helped make proposition stronger
Realization of ARPU though slightly lower given bundling
Global players are now offering India specific price points
1. [Ovum 2019; Amdocs commissioned survey, 2,102 respondents in India]. 2. Zee 5 bundled with Jio Fibre
Note: 1 USD = 75 INR
Source: Press Search, BCG Analysis, Economist Big Mac Index, 1. [Finder, streaming services considered – Disney+, Amazon & Netflix]
Jio Zee5
Actual realization of ARPU
further driven down by
bundling of services
% of OTT video
subscriptions coming
from telco-bundled
partnerships
Most Telco players have OTT
partners like Amazon, Netflix, Zee5,
Disney+Hotstar, etc. which helps drive
their subscriber base. For example:
~30%
Disney+
Hotstar
Netflix
Prime video
Airtel Zee5Prime video
Disney+
Hotstar
Telco OTT partner2
Average monthly price of global streaming services
(Netflix, Disney+, Amazon)1
Pricing of local OTT platforms in line with global spending
Monthly price for lowest available plans for top 6 OTT players in India
ALT
Balaji
$0.33
Eros
Now
$0.44
Disney+
Hotstar
$0.44
Amazon
Prime
$1.72
Netflix
$2.65
Zee5
$0.41
Price of streaming
services as % of avg.
monthly income1
0.3%
Avg. monthly price of
global streaming in country
compared to price in India
2.4x 2.1x x
Price of Big Mac in country
compared to price in India
2.3x 1.7x x
IndiaUKUS
$4.02
$8.25
$9.66
Pricing
differential
similar for
commodity
like Big Mac;
suggests low
scope for
further price
reduction
Pricing of global
services made
more affordable
than earlier to
drive adoption

Marginal increase in TV subscription driven by increase in penetration of
TV across Households; however significant headroom for growth remains
Source: BCG Analysis, SNL, Ovum database
% Households with TV cable connection in each country
ChinaUS
ARPU
(USD per month)
India
2019
66.4% 67.2%
92.8% 92.7%
98.7% 99.3%
2020 2019 2020 2019 2020
$2.9 $2.9 $76.0 $75.9 $3.24 $3.10

TV subscription base growing as penetration of DTH increases,
ARPU holds steady
Source: BCG Analysis, SNL, Press Search
TV Households (in million)
194 Mn 201 Mn 207 Mn
14%
53%
34%
13%
52%
35%
13%
51%
36%
2018 2019 2020
Free Dish
Cable
DTH
ARPU (in USD)
Cable TV DTH
$2.7 $2.7 $2.7
$3.1 $3.1 $3.1
2018 20182019 20192020 2020
DTH subscribers increased during the
pandemic as people stayed indoors;
ARPU remained flat
• DTH subscribers surged initially in lockdown but
over time consumers started optimizing channel
subscriptions due to limited fresh content
– Subscribers expected to increase by 6-7% as
fresh content has returned to TV and cable TV
subscribers move to DTH
• DTH ARPU to remain flat as players launched
incentives such as discounted bundles and free
VAS to retain subscribers
• Cable subscriptions suffered due to migration of
workforce outside metros and downgrading of
subscription packs (FTA channels preferred)
• Muted growth in subscribers as competition
from DTH intensifies
Cable TV revenues impacted due to
Covid as a set of subscribers downgraded
subscription packs

Impact of the
M&E industry
on India

41Impact of the M&E industry on India

Indian M&E industry creates three levels of impact through
both tangible and intangible means
42

DIRECT
INDIRECT
INDUCED
TANGIBLE IMPACT THROUGH
INTANGIBLE IMPACT CREATED THROUGH:
TANGIBLE IMPACT ON UPSTREAM INDUSTRIES SUCH AS
ADVERTISING, EQUIPMENT MANUFACTURERS ETC.
JOBS, WAGES AND OUTPUT GENERATED AS A RESULT OF EMPLOYEES IN
DIRECT AND INDIRECT SPENDING WAGES IN THE COUNTRY
TANGIBLE IMPACT ON INDIAN TOURISM AND OTHER ALLIED
INDUSTRIES
Employment generation | Contribution to GDP
Taking Indian culture to the world | Connecting the Indian diaspora to the country
Employment generation | Contribution to GDP

India’s M&E Industry seeing a healthy
growth rate with video industries
(TV & OTT) the key drivers
Indian M&E industry market size
(USD billion)
Indian M&E industry at $26 Bn showcasing 11% growth…
2014
$16
Bn
46%
23%
12%
6%
3%
4%
4%
2%
1%
2019
$26
Bn
39%
17%
11%
6%
3%
3%
10%
7%
5%
2020E
$24
Bn
11%
9%
9%
6%
4%
3%
3%
17%
39%
1. Methodology explained in subsequent slides 2. Contribution to GDP is in nominal terms.
Note: Others includes OOH, live events
Source: MagnaGlobal, PQ Media, Ampere, SNL, Ovum, Pitch Madison, EIU, BCG analysis
+11%
CAGR 2014-19
VFX & Animation Export4%
3% Print
Audio10%
9% Cinema
7% Television
72% OTT
40% Gaming
31% Digital Ad (excl. AVOD)
Others13%

% Contribution to India’s GDP 2020
1.3-1.5%
1.7-2
1-1.5
1-1.2
0.9-0.95%
3-3.5%
4-4.5
0.8-1%
Employment generated by M&E in India, 2020 (Mn)1
…with a significant impact on India’s economy
Direct Indirect Induced
OTT contribution
increased 3x
between 2018
and 2020
50-60% new jobs
created by M&E
in 2020 expected
to be due to OTT

15
4
3
2
1
0
0 5 10
M&E CAGR 2009-19
High contribution & low growth
Low contribution & growth
High contribution & growth
Low contribution & high growth
Note 1: Both M&E and GDP numbers are nominal
Note 2: M&E industry includes both consumer spends and advertisement revenues
Source: PQ Media, Magna Global, EIU, Expert interviews, BCG analysis
However, significant headroom for growth in direct contribution to
economy when benchmarked with other economies
India’s M&E industry has significant headroom for growth basis global benchmarks
M&E % Contribution to GDP, 2019
South Korea
Japan
US
Canada
Italy
Spain
Germany Brazil
Mexico
India
China
Australia
UK
France

South Korea had the highest M&E contribution to GDP vs others
in 2009, and has shown significant growth till 2019
Initially propelled by the rise in internet penetration & the gaming wave,
Korea’s M&E industry is now being driven by the global success of K-wave -
enabled by government support and overall talent/ infrastructure development

Source: Invest Korea – Cultural Contents; Korean Educational Statistics Services , EIU, Press Search, Expert interviews, BCG Analysis
S. Korea | Hallyu (K-Wave) has taken Korean culture to the world & created
significant economic impact for S. Korea
Multiple elements of their culture have experienced
phenomenal success on a regional and global scale
MUSIC
DRAMA
REALITY
MOVIE
Regional scale hit
phase (‘00~15)
BIG BANG,
SUPER JUNIOR
Asia focused:
“regional star”
~60 countries,
~$10M revenue
#1 Ent. show in SEA countries,
licensed to Chinese cable
Cannes awarded
“artistic success”
Market value $5B, #1 in 90
countries: “global star”
~190 countries,
~$100M revenue
~40 countries worldwide,
licensed to US and Europe
Not only Oscar, but also
“massive success”
BTS
DAE JANG GEUM,
JU MONG
MR.
SUNSHINE
RUNNING
MAN
THE MASKED
SINGER
OLD BOY PARASITE
Global scale hit phase
(‘15~’20 and future)
Creating significant impact on
the economy
In
2004
In
2019
K-wave
contribution
to GDP
$1.8
Bn
$12.3
Bn
0.27%
0.75%K-wave %
contribution
to GDP

S. Korea | K-Wave proactively driven by government with active private
participation; originated in the late 90s, went global around 2010
Source: ‘Strengthening the creative industries for development in the Republic of Korea’, UNCTAD (2017); Press search; BCG analysis
Non exhaustive
Culture direction Funding Production
Distribution
& retail
The govt has been leading the
strategy for development
Encouraging public-private
partnerships (with funding to
promote start-ups in 2015)
Markets concentrated with
some large companies driving
economic growth
South Korean cultural goods are
distributed both physically and
through digital platforms (local
and international)
SAMSUNG CJ Group
LOTTE YouTube
KOSA
The Korea Chamber
of Commerce &
Industry
KOFICE
Ministry of
Culture, Sports
and Tourism
Arts Council
Korea
Korean Copyright
Commission
Public agencies responsible for intellectual
property rights and copyrights protection
K-dramas are based on family values & have a modern
approach which resonates with both SEA and western markets
State-sponsored non-profit organizations and some
private institutes engaged in research efforts on
the creative industries
Regulation, research & promotion Glocal content
2004: Jewel in the palace won ‘Best Foreign Program’ at TVB
Anniversary Awards; #1 show in Taiwan, Hong Kong when aired
2009: Wonder Girls entered US and became the 1st Korean idols
on the Billboard Hot 100 chart with the song ‘Nobody’
2012: Psy’s Gangnam Style took 2nd place on Billboard’s Hot 100
in US and became most watched video on YouTube
2019: Parasite won the Oscar for Best Original Screenplay, Best
International Film, Best Director, and Best Picture
Sustained effort has led to K-wave going from regional trend to global phenomenon

M&E industry can have a holistic impact on
India’s economy beyond its direct reach…
…as is evidenced by multiple OTT
series and shows over the years
Man vs Wild:
Appearance of India’s PM Narendra Modi
on the show featuring an adventure trail
in Jim Corbett National Park increased
the popularity of the region
In Vir Das’ Jestination
Unknown
the comedian travels to various
destinations in India to understand the
culture, heritage, history and of course,
the local sense of humour
Netflix’s Street Food
successfully brought Delhi’s famous
chaat to a global community of viewers
Amazon Prime’s
Bandish Bandits
showcases Indian Classical music in its
true form with an interesting pop fusion
MEDIA &
ENTERTAINMENT
Tourism
Food &
Beverage
Export of
Indian culture
Connect
with Indian
diaspora
Additionally, the M&E industry creates intangible impact on Indian
culture and tourism by creating a connect with the Indian diaspora
Source: Press Search, BCG Analysis

Industry leaders believe that M&E has the potential to have a huge direct
as well as indirect impact on India
Blaise Fernandes
CEO – Indian Music Industry
Impact on GDP and employment
“M&E sector in developed markets like the United States contribute around 4% towards GDP.
[With the right policies] there is no reason why we can’t reach a 4% GDP contribution given
our demographic dividend, a 450 million smart phone base going up to 900 million by 2029,
and cheap data.”
Global connect
“The soft power of content is unquantifiable. Today brands like Nike, Levis, Apple are
aspirational due to the content from US studios that have touched every corner of the world.”
Megha Tata
MD – South Asia, Discovery Networks
Skills and technology imperatives
“We need more government initiatives such as Skill India and Digital India initiative which
were introduced to transform our country into a digital empowered society and knowledge
economy. More importantly, the industry needs to work hand in hand with the government to
upskill talent, to create employment opportunities and to provide a platform for them.”
Creating an Indian “Hallyu”
“The creation of the Hallyu wave is story of rapid growth of the South Korean soft power
through a fierce discipline and focused manufacturing of talent. While there are many
admirable lessons to learn, especially in the way the K-wave has been marketed across the
world, what is even more important is that we truly start taking pride in the talent we have
right here in our country and provide them with the right platforms and resources to develop.
It is on the back of this talent that we will be in a position to craft a powerful, unique and
singular national identity making it easier for the world to recognize.”

Lights, Camera, Action… The Show Goes On52
Key imperatives: Support
needed to realize the
potential economic
impact of M&E

53Key imperatives: Support needed to realize the potential economic impact of M&E

5 key pillars to grow the impact of the Indian M&E industry (I/II)
Impact of M&E industry (GDP, employment, intangible impact etc.)
Continued
investment in
content
Advertiser
value
enhancement
Identifying
new sources
of revenue
Investment
in skilling
Investment in
technology
Media consumption
Content monetization - advertising and subscription

5 key pillars to grow the impact of the Indian M&E industry (II/II)
Continued
investment in
content
• Create more
original and local
language content to
cater to the tastes
of diverse audiences
and increase
stickiness
• Create content to
increase size of
niche audiences
• Aid campaign ideation
in collaboration with
advertisers
• Provide clearer ROI
metrics
– Create a high-
fidelity metric
that provides
de-duplicated
audience
measurement
• Build deeper content
integration models
• Broaden reach of
Indian content and
culture to global
audiences
– Build larger
scale for content
investments and
create indirect
value through
induced sectors
such as travel
• Make India the
export hub for
VFX, animation,
post production by
leveraging media,
tech skills
• Set up aided
and specialized
institutions with
curated curriculum
for technical skills
• Tie up with tech
enabled educational
institutes and
set up vocational
training centers
to broaden talent
pools and upskill
current workforce
• Invest in
technologies such
as AI and VR that
blend the physical
and digital worlds
and offer unique
ways to interact
with consumers
Advertiser
value creation
Identifying new
sources of revenue
for the industry
and country
Investment in
skilling
Investment in
technology

Continued investment
in content

Vernacular & original content will be the key differentiators as
competition intensifies in the OTT space
Local content consumption expected to grow
further as rural internet users outgrow urban
…however disproportionate share of viewership
garnered by top 3 platforms5
Proliferation of platforms has intensified
competition for eyeballs…
OTT players offering
content in multiple
local languages
Top 3 AVOD/
Freemium players
Top 3 SVOD
players
Remaining
players
Average #
apps/video
app user4
Rural Urban
Share of Internet
Users in Mar’20
52% 48%
Growth in Mar’20
vs. Mar’19 +23% +11%
# of villages/towns
from latest census6 ~650k ~8k
Source: 1. [IRS Jan’19-Mar’19, Jan’20-Mar’20, Nielsen- Internet users defined as individuals aged 12 years & above who have accessed internet in last one month], 2. [MoMagic
Survey conducted Jan-Aug 2019 (N=7500), Question “What do you watch the most on online streaming platforms like AmazonPrime, Hotstar, Netflix, Voot, SonyLiv, Zee5,
etc.?”], 3. App Annie 4. [Average calculated using Nielsen data on numbers of apps per user assuming users install at most 4 video streaming apps], 5. [Share of urban internet
connected smartphone android users that use video streaming applications]. 6. Census 2011 for # of rural/urban units.
Originals are the ‘hero’ content on OTT
driving exclusivity for platforms
Consumers rated original &
platform exclusive content as
their most watched genre2
(Followed by Sports, TV shows,
Movies and Originals)
30+
%
30+
65%
2019 25% 10%
2.4
Effectively serving widely dispersed Rural audiences will
require creation of content in multiple languages

Major OTT players continue increasing investment in original and
regional content to drive consumption
Investment in regional content through
producing & acquiring content
Consumption from
local languages
on OTT1
35-
40%
Explosive growth of original content in the last 2 years
Increase in the release of India focused original
web series by major OTT players
Estimated approx. number of episodes from 2018 -2020
~3x
Growth in
2020 vs. 2018
2018 2019 2020
Number of
hours of original
content
500-
600
1,000-
1,200
1,400-
1,800
2020
2018
2019
Total Netflix
Disney+
Hotstar
Prime
Video
-
600+
300+
90
80
30
N/A
70
07
110
100
90
2 Originals
per month
In Tamil, Telugu,
Marathi, Bengali
& Kannada for
premium customers
ZEE5
15-20 Originals
in 2019
In Tamil & Telugu,
along with acquiring
TV content & dubbing
Hindi shows
Sony Liv
Hoichoi, SunNXT
partnerships
Partnership with
regional OTT players
to gain access to
vast content library
MX Player
Acquired content in
3 new languages to
reach a total of 10
languages
Malayalam, Punjabi,
Marathi added in 2019,
with over 7 languages
already present
Prime Video
11. For 2020 # of episodes calculated by multiplying the number of originals with the average number of episodes per original in 2019 1. [Zee Annual Report 2019-20]
Source: Press Search, Expert interviews, BCG Analysis

Niche players focused on few markets have also gained good traction
Source: Press search, BCG Analysis, [Indian OTT Platforms Report 2019, Communication Crafts]
Languages on platform: Tamil, Telugu, Kannada, Malayalam, Bengali
50,000+ hours of content including live TV, movies, originals, kids’ content, music
Main draws for the platform have been:
• Large library of ready content made for TV & movies in southern languages
• Premiering new content on platform like trailer of a song from Tamil film Sarkar
Launched a Bengali TV channel, content from which also features on
the platform
Unique users in
2020 (in million)
Subscriptions in
2020 (in million)
Subscriptions in 2019
(in million)
Share of subscriptions
from foreign markets
50+ original shows, 500+ movies, 1000+ songs
Main draws for the platform have been:
• Series featuring prominent Bengali actors such as Raima Sen (Hello!) and
Anirban Bhattacharya (Byomkesh)
• Retelling of classic stories from prominent writers such as
Rabindranath Tagore (Laboratory)
Launched in Bangladesh to capture the large Bengali-speaking market in the country
SUN NXT
17.5
13
11
40%
HOICHOI Languages on platform: Bengali

Source: Press Search, BCG Analysis
Increasing content partnerships among players as they diversify their
offerings whilst managing costs
Benefits from partnerships Multiple types of partnerships seen in the market
Type of partnership
Increasingexclusivityofcontentcreated
Example
Growth in subscriber/viewer base
Decreased cost pressure
Subscription for both players has
potential to see uptick due to increased
content diversity
High cost of content (Rs. 50 lakh- Rs.
2 crore per episode) shared by players,
thereby improving profitability
Exclusive
content
creation Netflix | Viacom 18
3 new original series in partnership
with Tipping Point, ranging from
thriller to romance to drama
Netflix | Dharmatic Entertainment
Long-term partnership to create a
broad range of new fiction and non-
fiction series and films exclusively
Content
co-creation
ZEE5 | ALT Balaji
Co-creation of 60+ Original content
series available exclusively to SVOD
subscribers of both platforms
Content
licensing
Disney+ Hotstar | HBO
| Sony LIV
Embedded content in app offering
viewers access to content from HBO
(in case of Disney+ Hotstar) and
Lionsgate (in case of Sony Liv)

Advertiser value
enhancement

Re-imagine value proposition for advertisers, evolve selling models to
build strategic partnerships
Move from tactical inventory selling to participating in
media planning phase with advertisers
Drive N=1 marketing through Big Data and
Advanced Analytics instead of Big Data and analytics
Provide real-time visibility to advertisers & media
planners to fine tune their campaigns

Enablers for effective implementation:
Single currency for
measurement across TV
& OTT
Standardizing
measurement metrics
across digital platforms
Leveraging
ad-tech platforms

Move from tactical selling to thought partnerships with advertisers
Involvement with
partners right from
media planning stage
Understanding the
brands’ needs – target
audience, value
proposition, objectives
Providing customized
solutions best suited to
achieve the marketer’s
goals & objectives
Bundled advertising deals for IPL - “With digital platforms, viewers
have become seamless in viewing content on TV and also indulge
in private viewing on small screens so the business models need to
dramatically evolve in line with it”
– Uday Shankar (President, Walt Disney Company Asia Pacific,
Chairman, Star and Disney India)
Excerpt from industry players implementing a
combined solution
Provide bundled solutions across all platforms
Disney+ Hotstar
1
Invest in data & technology to offer better
targeting capabilities
Nielsen’s DMP to provide data
& insights to help advertisers
target and optimize campaigns
in real time
Adobe DMP customers can
target the more than 32
million Roku households using
their own first-party data
Comcast Roku
2
Build trust by ensuring transparency & offering
real-time solutions helping create long-term
engagement with clients
3
Source: Press search, BCG Analysis, IAB OTT Streaming Video Playbook for Advanced Marketers 2019

Push for standardized measurement metrics to facilitate
performance measurement across devices and platforms
Quick execution &
adoption to facilitate
growth of digital
advertising
Drive collaboration
between players
to create a unified
currency for cross-
platform advertising
Challenges currently
faced by advertisers
Way forward for the
Indian media industry
Develop consensus
on standard
measurement
process
Limited transparency
on metrics and their
definitions
Removing duplication
in cross-device
measurement
Measuring combined
ROI across platforms
Rating agencies & TV networks
globally trying to create a solution
NBCU collaborated with
Nielsen, comScore and Moat to
create a composite “score” to
standardize linear and digital
viewership across its properties
US
UK
Singapore
In Jan-2019, IMDA launched
new release of SG-TA system
touted to measure unduplicated
TV viewership stats across
digital platforms
BARB launched a 3-phase
program for multiple-screen
audience reporting in 2018. In
2020, the agency has started
to release multiple screen
reach & time spent viewing
1
2
3

Identifying new
sources of revenue:
Globalize Indian
culture and content

Large Indian diaspora of 32+ Mn spread across multiple countries and consuming Indian content
Increasing acceptance of Indian content among global audiences,
including but not limited to Indian diaspora
1. Based on App Annie data for ATLBalaji, ErosNow, Hungama, Zee5;
2. Based on Google trends data for Sacred Games, Mirzapur, Delhi Crime, Lust Stories, Inside Edge;
3. Entertainment Goes Online, BCG-Google Report, 2018 ; 4. FICCI Report, 2019
Source: Ministry of External Affairs, Govt. of India, Expert interviews, Press Search, BCG Analysis
Additionally, countries with
significant Indian language
speaking population also
consume Indian content:
• Bangladesh (Bengali),
• Mauritius (Bhojpuri),
• Nepal (Maithli &
Bhojpuri),
• Singapore (Tamil),
• Sri Lanka (Tamil) etc.
Indian diaspora
spread across
multiple countries
Of the Indian
diaspora pay for
Indian content3
Of India’s film
industry revenues
in 2019 came
from oversees4
32+Mn 50+% 10-15%

Global YouTube search volume for Indian originals - Indexed with
100 being the max & 0 being lowest2
India Pakistan UAE UKBangladesh Canada New
Zealand
Nepal Australia Singapore USA
No. of active users of Indian OTT apps 2019 (‘000)1
Size of Indian diaspora (million)
Thereby creating global demand for India-based content
35667814
2124
65
99
UK
~1.5
Canada
~1
Australia
~0.5
UAE
~3
Indian OTT apps are
indicative of increasing
popularity of Indian content
164
51
21
14

>200
OTT platforms offering high-quality original
content with international distribution…
Increasing original hours of India-based content
Availability of high-quality content
Extensive global reach of OTT players
2018
500-600
2019
1,000-1,200
2020
1,400-1,800
#original
content hours
International Emmy Nominations for Sacred Games,
Inside Edge, Made in Heaven, Delhi Crime & Four More
Shots Please!, Inside Edge
IMDB top 50 most popular web series include Kota
Factory, Made in Heaven, Flames, Yeh Meri Family, TVF
Tripling, Little Things & Permanent Roommates
Player Netflix
>190
ErosNow
135
MX
Player
8#Countries
…are increasingly enabling local Indian
content to reach global audiences
Sacred Games, an India-based Netflix
web series
• Gained traction in Latin America, US and
Europe
• 2/3 viewers for Season 1 from outside India
• Overseas viewership mainly non-resident
Indians and people of Indian origin
• % of viewers from outside India higher than
usual 20% observed for other series
Amazon Primes’ original Made in Heaven
A Netflix animated series viewed by ~27 Mn
households outside India
Mighty Little Bheem
Such as Delhi Crime, Paatal Lok, Mirzapur,
Four More Shots Please!, Inside Edge, etc have
received global viewership
Other Shows
Globalization of Indian content enabled by OTT platforms through their
global reach and high-quality content
Amazon
Prime
Source: Expert interviews, Press Search, IMDB rankings (as of September 2020), BCG analysis

Additionally, globalization of content can create a trickle-down effect to
boost the Indian tourism ecosystem as evidenced by the ‘Netflix Effect’
Source: Press search, BCG analysis
South Korea
Hallyu tourism
estimated at ~$16 Bn
Multiple tours offer visits
to sites where Netflix’s
Crash Landing on You
was shot
Korea Tourism
Organization released
a tourism promotional
video ‘Explore Korea’,
made in collaboration
with Netflix
Netflix | Street Food
Chiayi, Taiwan: Bookings to Chiayi exploded
Osaka, Japan: Often overshadowed by Tokyo & Kyoto,
it found its place as Japan’s street food capital
Spain
Money Heist
Fans visiting filming locations such as Consejo
Superior de Investigaciones Científicas (CSIC)
Money Heist Experience in Madrid, escape room
offering a jewel heist with full costumes
Turkey
Netflix | The Protector
Tourism grew after declining for two years
Columbia
Netflix | Narcos
Former crime capital
and stronghold of Pablo
Escobar, Medellin witnessed
a steady increase in tourism
by nearly 25% in recent years
India’s rich cultural heritage and scenic beauty offers diverse offering to content creators
Growth of India-based OTT content will aid in export of Indian culture and in the process
boost industries such as tourism

Case study: Global success of Spanish content enabled by Madrid
Content City through its end-to-end production ecosystem
Economic Output
(% contribution to GDP)
Cast, crew and extras working on
Netflix originals
2015 2018
0.04%
0.03%
2018 2019
25k
13k
Overview:
Madrid Content City
Poised to become Europe’s 2nd largest production space by 2021, providing upscale content
for the Spanish speaking world and beyond
Content:
• Money Heist, La Templanza, White Lines, 30 coins: by Netflix, Amazon & HBO
• Netflix, Viacom, Columbia production units, 40-50 international films shot annually
Infrastructure:
• Complete 140,000 m2
ecosystem with offices, postproduction services, warehouses, leisure and sports facilities
• Netflix’s first European Hub at Tres Cantos’ Secuoya Studios (22,000 m2
campus)
• Other major players like Mediapro Studio, Mediaset España, Viacom International Studios, Dynamo, Beta Film
and Federation Entertainment
Intellectual Capital:
• Innovative university campus with capacity for >7,000 students to be managed by Grupo Planeta; UG & PG with specialization in
audiovisual creation, management and production
Incentives (Financial):
• Most expensive shows cost ~$1.5M/episode vs. $3-4M in US for TV shows (avg. cable drama)
• 30% tax rebates for international shoots’ first $1.1 million spend, and cap a shoot’s total tax deduction at $10.8 million

75Key imperatives: Support needed to realize the potential economic impact of ME
High potential to take Indian content and culture to global audiences
Source: United Nations; World Bank; BCG analysis
India can cater to
international demand…
Target the ~20
million strong
Indian diaspora
Target markets
that have language
similarity with India
(eg. Bangladesh, Sri
Lanka, other South-
East Asian countries)
Create presence in
the global market
- original content
with focus on
‘glocal’ stories
…by creating an end-to-end
production ecosystem
Some initiatives around these
already underway
Production
ecosystem will:
And hence,
Enable Indian content to
reach audiences across
the globe
• Encourage foreign
producers to create
content in India
• Make India a major
content exporter
• Boost ancillary
industries like
tourism
Business and production-
friendliness:
• Improve EoDB rank from 63
currently (vs. 8th for the UK)
• Create efficient logistical
processes – simpler access
permits to shooting locations,
easier incentive claims, etc.
• Enable ease of movement
Infrastructural Development:
• Creation of end-to-end
production ecosystems through
creation of content cities
Talent Building:
• Specialized training to create
skilled workforce to handle high-
end projects from international
production houses
• Exposure to foreign studios,
production work, domestic
industry through training,
internship opportunities
for students

Identifying new sources
of revenue: Case study

DEVELOPMENT PRE-PRODUCTION PRODUCTION
• Planning and
conceptualization of script
• Finalize cast, crew, financing
and budget, shooting location,
logistics
• Hiring for production
management for creating
schedule, managing budget
• Get necessary approvals
• On site shoots a
operations relat
production of th
Importance of post-production activities such as VFX rising in value chain;
presents opportunity for Indian ME industry
1. Budget USD 100 million)
Source: Technicolor Capital Markets Report Feb 2020, BCG analysis

POST-PRODUCTIONN DISTRIBUTION
and all
ted to
he content
• Distribution through traditional
or new media to enable the
content to reach audiences
• Review and editing of footage
• Music recording, sound design
and mixing
• Addition of Animation, Visual
Effects
Detailed in this report
Budget allocation to VFX in High
Budget films expected to rise to 30-
35% by 2023 from 25-30% currently1

India has 10% of the global market share in
VFX and Animation
Potential to scale this up to 20-25% through
structural interventions
Market Share: 10%
Indian VFX animation experts cost ~1/5th the
cost of western counterparts
However, other global hubs have emerged
offering highly skilled intellectual capital and
incentives of upto 40%
• Montreal, Canada grew at 27% CAGR
between 2009-16
• UK has emerged as the primary VFX hub
in Europe
VFX animation can be the next IT-BPM boom
for India and play a fundamental role in India
becoming a $ 100 Bn ME country by 2030
By 2025, India can aspire to capture 20-25%
market share
0.7
0.8
0.9
1.1
1.3
2015 2016
VFX Post ProductionAnimation
2017 2018 2019
+17%
Market Size, India ($ Bn)
0.5
0.2
0.6
0.2
0.7
0.2
0.8
0.2
1.0
0.3
If India can capture 20-25% share of global VFX and Animation market it
can create 75-120k jobs by 2025
1. Indirect Induced Employment Coefficient for Other Services, Impact of Investments in the Housing Sector on GDP and Employment in the Indian Economy, NCAER, 2014;
Extrapolation based on revenue to jobs ratio in India’s film industry, MESC Skills Gap Report 2014, Industry Reports
Source: Montreal International, Quebec Film and Television Council, SODEC, Expert interviews, Press Search, BCG Analysis

Potential job creation and
economic activity in next 5 years
Direct indirect jobs:
Direct contribution to GDP:
Jobs in 2019
2019
New jobs created
by 20251
Additional contribution
by 2025
45-60k
0.05%
75-120k
0.06-0.08%

Global footprint of VFX Animation Studios:
Prime Studio: India (7,000), UK (1,000), Canada (600), US (~100), Australia
Framestore: India, UK, Canada, USA
Industrial Light and Magic: USA, Canada, Singapore, UK, Australia
Canada
Tax Incentives (30-40%)
Language and cultural
similarity
Same time zone as US
Talented workforce
high-end infrastructure
Presence of foreign players
High cost labor
Small domestic marketUnited States
~3.5%
~10%
~2.5%
Tax incentives for
post-production
Strong local market
Skilled workforce,
technical physical
infrastructure
High-cost labor
United Kingdom
Tax Incentives (~20%)
similarity
Strong domestic TV and
commercials market
Skilled workforce, strong
tech capabilities
Presence of
foreign players
High cost labor
India
Australia
Tax incentives (~40%)
similarities
Talented workforce
High cost labor
Small domestic market
Sources: Annual Reports, Press Search, BCG Analysis
82
~10%
Market sharexx%
~30%
Growing trend of globalization of VFX animation studios - despite cost
disadvantage, countries have attracted work due to tech/ talent capabilities

India is not far behind…
Increasing trend of globalization of studios – foreign players are
expanding to other geographies to take advantage of lower costs
ensure 24*7 employee availability
India must leverage its advantages:
• Competitively priced talent
• Strong technology skills
• Lower language barriers
India must explore talent and tech capability
development to not only attract more work,
but also to move up the value chain

States like Karnataka, Telangana and Maharashtra are already working
towards improving India’s AVGC industry
Source: Expert interviews, Secondary Research, BCG Analysis
– Union IB minister Prakash Javadekar
Strong push for AVGC sector
by Central State Govt.
Central Govt.
• Recognized as Champion Sector
(2018)
• Plan to expand SIES Incentive
• Plan to open FDI, Budget 2019
State Govt.
• Maharashtra, Haryana,
Karnataka, Telangana, Assam
have curated policies to promote
AVGC sector
Events: Bengaluru GAFx,
Karnataka AVGC Summit,
Digital Art Symposium
(DAS) International Trade
Meets organized
2017-22 policy aiming to
stimulate growth of 100
KAVGC companies, create
15k jobs, talent building
through 120+ training
institutes and push for
75% of total revenue from
exports
Karnataka
IMAGE Centre of Excellence
(CoE), 2020
IMAGE Policy 2016
• Aiming to provide
infrastructure, initiate
talent building, bring
in fiscal incentives and
promote SC/ST and
women entrepreneurs
Telangana
2015 IT/ ITES Policy:
• Establishment of Private
AVGC Park in Maharashtra
• Establishment of Fine
Art School / College i.e.
Digital Art Centre
• Set up of a Venture
Capital Fund
• Fiscal Incentives
Concessions for
AVGC units
Maharashtra
AVGC is a promising and fast-growing sector that India has great
opportunity to develop. Like Bollywood, music, and IT, this is soft
power that can emerge as a major revenue generator.
The government is looking to act as a facilitator,
not regulator in the AVGC sector since the area
is creative and largely private-led.
– Amit Khare, secretary, IB ministry

India should focus on developing infrastructure, lucrative incentive
structure, and building intellectual capital to boost its VFX
animation industry
Develop state-of-the-
art facilities:
• Physical infra:
studios, universities
• Technical infra
capabilities
Key enablers:
• Foreign investment
• International
partnerships
• Non-monetary aid
Necessary to retain
competitive advantage
of low cost over other
countries
Setup universities /
courses:
• UG PG courses
• RD, especially with
foreign studios and
universities
• Industry exposure:
internship, exchange
• Business courses
to promote
entrepreneurship
Overall production
friendliness
Organizations that
promote overall
industry globally
Regular events to
display domestic
capability and to
provide a platform for
networking
Infrastructure
Incentives
(Financial)
Intellectual
Capital
Index for
EoDB

Sources: Expert interviews, Secondary Research, BCG analysis
The industry needs to nurture specialized technical and soft skills to
build the required intellectual capital to compete with other global hubs
Non exhaustive
VXF ARTIST ANIMATOR
Budgeting, planning,
conceptualization, designing
editing, coordination
collaboration with all stakeholders
are the daily tasks of a VFX artist
Technical Skills:
JavaScript, Adobe Creative Suite, UI
design, Linux/Unix, Houdini, MAYA,
Realflow, Nuke-X 3D modelling,
Prototyping, Photoshop, Microsoft
Office packages
Soft Skills:
• Creativity to envision scenarios that
will be translated to content
• Attention to detail to add nuances that
make content more realistic
• Good visual awareness to understand
relevance of spaces, distances and
coloring
• Team player as work is mostly
collaborative
• Organization skills to manage
deadlines, communications
documentation effectively
Soft Skills:
• Creativity to develop new ideas,
unique characters and styles
• Art of storyboarding to create unique
stories
• Attention to detail to understand
details like light movement to
improve the impact
• Emotive communication to evoke
emotions with content create
connect with audience
• Organization skillWs to manage
deadlines, communications
documentation effectively
Technical Skills:
Adobe Photoshop, Adobe InDesign,
Graphic design, Adobe Illustrator,
Adobe AfterEffects, User experience
wireframing, Interaction design,
Motion graphics, Prototyping
Animators use software to create
2-D/ 3-D animation for websites,
film, video, gaming, and
mobile media

Investment in skilling

Future trends in ME driving upskilling for traditional roles and creating
demand for new-age talent
Key Imperatives
Continued
investment in
content
• Demand for original and
regional content
• Increasing diversity of content
across languages, forms, and
formats
• Increasing use of technology
to drive content curation
and discovery
• Moving from tactical to strategic
selling - solution selling, bundling
• Performance measurement
across TV and OTT
• Monetizing niche audiences
• Increasing use of ad-tech platforms
• Hyper-segmentation of audiences
for improved targeting
• Creating stories for
global audiences
• Integration of AR/VR to create
immersive content streamline
production process
• Global export hub for VFX and
Animation, moving up the
value chain
Create
advertiser
value
Identify new
sources of revenue
for industry and
country
Trends driving upskilling of
traditional roles
Trends creating demand for
new-age roles

Upskill workforce across content creation monetization to facilitate
growth in consumption advertising
Revamp production process with new
technologies enabled by upskilling employees
Role
Production
Screenplay
Cinematography
Post-production
Key skills required
Re-skill sales workforce to become problem-
solvers leverage ad-tech platforms
Consulting approach to client problems
instead of transactional support
Specialized agents with in-depth knowledge
of client business
Soft skills
Technology upskilling
1 Increase familiarity and expertise in
programmatic advertising
Drive insights from data driven hyper-segmentation
of consumers
Working knowledge of analytics and AI to
communicate business needs to technology teams
2
3
• Knowledge of planning and
budgeting software to increase
process efficiency
• Integration of immersive
media such as VR into content
• Streamlining workflow using AI
• Leveraging advanced camera
technologies (4K/8K video, VR,
autonomous drone cameras)
• AI analytics-based software
for video curation, editing
sound engineering

Build talent pool for new age roles in technology analytics by enhancing
value proposition of the ME industry to attract top talent
ME ranks low on preferred jobs
by analytics professionals
Sectors such as BFSI, IT, Fintech high
on the preference list because:
• Early adopters of analytics, clear
career path defined
• Skilled peer group offering
opportunity for learning (10%
analytics roles in India from ME2
)
• 20-40% higher monetary
compensation in sectors like BFSI,
Telecom, Pharma
Analytics roles in India come from
ME industry
1. [Data Science Recruitment Survey 2020 by Analytics India Magazine AnalytixLabs],
2. [Analytics Data Science Jobs in India 2019, AIM Great Learning],
3.[Analytics India. Salary Study 2020, AIM Jigsaw Academy, figures mentioned indicate median salary]
Source: Expert interviews, Secondary Research, BCG analysis
10%
Attract best-in-class talent by providing value proposition in line
with other industries
Compensation
Benchmark monetary compensation with sectors
attracting best talent like BFSI, Telecom
Growth opportunities Learning
Revamp organization structure
with a specialized analytics
function to offer leadership
roles in
career trajectory
Bridge the gap with
legacy sectors such
as BFSI through on-
the-job training, global
mentorship programs
Key needs from
job profile

New tech-based roles require specific profiles with specialized skills in
analytics relevant experience
MBA
2-6 years of
experience
Skills needed
Business Analyst Data TechnologistData Scientist
2-6 years of
experience
Skills needed
B.Tech
(Engg.)
2-6 years of
experience
Skills needed
B.Tech
(Engg.)
Technology
Working knowledge of technologies such as
SAS, SQL, Oracle, SAP
Leadership
Stakeholder management, skills to
influence and command
Business sense
Expertise in process, business model, or
industry domain strong analytical skills
Operational
Presentation skills, attention to detail,
strong business documentation skills
Technology
Hands-on exp. on latest tech. like SQL,
NoSQL, R, C, Java, SAS, Hadoop, Pig
Leadership
Stakeholder management, team
management
Business sense
Ability to convert business problems to
analytical problems and converting output
to business solutions
Operational
Expertise in handling large quantum of
data, data mining, analytical/ statistical
techniques solution design
Technology
Exp. deploying tech. like SQL, NoSQL, R,
C, Java, SAS, Hadoop, Pig
Leadership
Collaborate with data scientist, BUs, and
third parties requiring data
Business sense
Translate analytical problems into questions
concerning technology and data platform,
align big data systems with business
Operational
Expertise in Big Data Analytics systems
and arch., understanding of big data tools,
knowledge of DB management etc.
Sample profile
Relative
importance
of skills
Relative
importance
of skills
Relative
importance
of skills
Tech skills
Operational Leadership
Business sense
Tech skills
Business sense
Tech skills
Business sense

There are concrete steps that stakeholders can take to ensure creation of
a robust talent pipeline
Online skilling building platforms
can be created
Mentorship and skill dev. program
for SMEs by industry bodies
Industry focused skill development
programs designed in liaison with
industries by IEEE, NIIT etc.
ME industry bodies Government of India Large media houses
Industry bodies along with the
corporates can set up training
centres and/or vocational courses
• E.g. UK has a Screen Skills –
industry-led skills body for the
UK’s screen-based creative
industries – animation, film,
games, television including
children’s TV and high-end
drama, VFX and immersive
technology
VFX and immersive technology
investment in captive training
centres
Set up government aided
specialized institutes for media and
entertainment education
Customized training programs for
faculties and students
Specialized programs in liaison
with industry e.g. proposed summer
internship program

Industry-academia partnerships should also be leveraged for upskilling
Classroom learning On-the-job training Global mentorship
• Short duration courses
focused on new skills
required formulated with
industry inputs
• Collaborate with top
universities to build ME
focused courses within
curriculum
• Trainings workshops by
seasoned professionals
• Short-term assignments to
acquire new skills
• Cross-functional exposure
for deep understanding of
business as well as tech
• Collaborate with
international companies
to offer projects and
apprenticeships with
leading professionals
• Foreign exchange
opportunities with leading
universities in the world
for development of
specialized skills
Up-skilling in
traditional roles
Building a
talent pool for
new-age roles

Industry speak: An industry driven initiative needed for developing high
quality talent
Punit Misra
President - Content and International Markets,
Zee Entertainment Enterprises Ltd
“Given explosive demand for quality video content, a key focus area has to be talent - writers,
directors, production houses, animation artists et-al. An industry driven initiative to bring
high quality talent through organized , scaled up initiatives is the need of the hour.”
Megha Tata
MD – South Asia, Discovery Networks
“With the increasing demand for production and post-production work, I believe it would
benefit us if we, as a country, invest in creating formal educational courses focusing on
technical aspects of media and entertainment. At the moment, production, VFX, animation
are taught largely by private schools and firms. With the increasing demand, we should look
at providing these subjects as vocational training topics to young people to explore. And
investment in skilling the youth will go a long way in helping India achieve this goal.”

Lights, Camera, Action… The Show Goes On98
Investment in
technology

Multiple technology-driven use cases emerging basis the key imperatives
fueling the need for investments in technology
Continued investment
in content
Advertiser value
creation
Build newer sources of
revenue for the industry
Audience insight generation, churn
reduction
Hyper-personalized content
recommendation engines
• Video image annotation and
search
• Content analytics
• Customer segmentation
Content greenlighting
Video engineering for fluency and
definition optimization across
multiple devices
Using VR to enhance spectator
engagement in live sports
User acquisition and conversion
from AVOD to SVOD
Hyper-segmentation for
targeted advertising
• Ad personalization
• Campaign performance
management by providing real-
time visibility and user targeting
Programmatic advertising
Data enrichment to drive targeted
campaigns
Standardized impact measurement
across platforms
Enabling consumers to experience
content/products advertised through
immersion of VR/AR
Content production
• Topic monitoring
recommendation basis diverse
needs of user base
• Automated video editing sound
engineering
• Content generator
AI curated content supply –
identifying potential ‘hero’ content
• Content acquisition
• Intelligent document recognition

Major players investing in hyper-personalized content recommendations
to increase engagement on OTT platforms
Source: Press Search, BCG Analysis, [BusinessofApps, 2020], [Spotify Technology, S. A, March 2018 IPO Prospectus]
Several billion ratings
by members for over
13,000+ titles
Usage statistics and
granular level preferences
for 159 million viewers
Metadata related to titles
in their catalog like genre,
director, actor, rating, etc.
External sources like box office
information, performance
and critic reviews
Personalized
recommendations
for each user
“Based on your interest in…”
Percentage of shows
watched due to content
recommendation
80%
Custom playlists
like “Discover
Weekly” and “Daily
Mix” by identifying
your taste profile
and finding similar
songs you haven’t
listened to
Spotify
“Up-next” videos
recommended
based on previous
viewing history,
demographics, time,
location, etc.
YouTube
Share of ML
based playlists in
overall listening
activity
31%
Percentage
of videos
viewed due to
recommendations
70%
Netflix

1. [Data Science Recruitment Survey 2020 by Analytics India Magazine AnalytixLabs],
2. [Analytics Data Science Jobs in India 2019, AIM Great Learning],
3. [Analytics India Salary Study 2020, AIM Jigsaw Academy, figures mentioned indicate median salary]
Source: Expert interviews, Secondary Research, BCG analysis”
Endless opportunities for data collection to
improve targeting with digital platforms
Offer data-driven solutions to marketers to drive
better monetization opportunities
AdSmart | Sky’s leading Addressable TV
advertising solution unified with NBCU 2019
SKY
Unique opportunity to build digital identity of
end users leverage it to drive higher CPMs
Demographics, location,
time of day, etc.
Behavior interest: category, brand
preferences, hobbies interests
Content verticals broken out
by publisher
First and third-party data like
panel-based STB data from
Rentrak, DMPs, etc.
Cross-device maps for all
devices like TV, mobiles,
tablets and laptops
Campaign targets can be defined
based on Sky’s own customer data
and information from consumer
profile experts
Advertisers1.8k
1
STB build-in dynamic ad server
technology pulls ad campaign
creatives and overlays based on
individual household data (audience
attributes)
Advertisers
return rate70%
2
Live insertion of targeted ads during
linear ad-break of 100+ AdSmartable
channels in UK
Companies
have used TV
for first time
because of
AdSmart
1k
3
Building advertising solutions at scale with N=1 marketing efficacy
key to raising the bar on advertiser value proposition

Creation of immersive user experiences revolutionizing content
consumption monetization
Facebook improves the performance
of its digital ads through augmented reality
Advertising
Samsung
Qantas Jaguar
Renault Google
Honda
• VR/AR enable consumers to
experience content/products
advertised
TV/Video
Intel NFL
Pyeongchang
2018 olympic
• Movies and broadcasts can be
watched in holographic view
Enhanced spectator engagement in live sports using VR by Intel
Olympics
2018
PGA Tour National Football
League
Major League
Baseball
NationalBasketball
Association
True VR enables fans to experience the story of the game.
In VR, fans feel like they’re actually part of the action
• Newsfeed and messenger
ads include a “tap-to-try”
and buy option on mobile
• Brands using AR ads claim
30% to 80% improvement in
engagement rates
Michael Kors
Leather/Clothes
Sephora
Make uo
Pottery Barn
Home Decor
NYX
Make up

Imperatives for
media companies

Imperatives for media companies
Support content diversity with personalized
recommendations for consumers by leveraging
advanced analytics
Create a unified viewing experience for
consumers by aggregating share of consumption
across TV digital video platforms
Integrate different formats such as gaming,
music, short-form video into one unified
platform to drive engagement
Invest in strategic content partnerships to ease
monetization pressure, drive content diversity
MEDIA COS.
For consumers

Engage with advertisers as strategic partners
selling integrated solutions rather than just
inventory selling
Enhance value proposition for advertisers
through bundled selling across platforms,
hyper-personalized user segmentation real-
time performance tracking
Invest in ad-tech to build data
analytics capabilities and automating
ad-buying process
MEDIA COS.
For advertisers

Ampere analysis
Analytics India Magazine
Analytics India Salary Study 2020
Analytics Data Science Jobs in India 2019
Annual reports of publicly listed companies
App Annie
BARC Nielsen Crisis Consumption An Insights
Series into TV Smartphone Audiences
BusinessofApps, 2020
Data Science Recruitment Survey 2020
Economist Big Mac Index
EIU
eMarketer database
FICCI Report, 2019
Finder
Google COVID-19 Community Mobility Report
IAB OTT Streaming Video Playbook for Advanced
Marketers 2019
IMDB
Indian OTT Platforms Report 2019
Invest Korea – Cultural Contents; Korean
Educational Statistics Services
IRS (Indian Readership Survey)
MAGNA Global
MAGNA India Media Forecasts
MoMagic Survey
Montreal International
NCAER
Ovum
Pitch Madison Advertising Report 2020
PQ Media
Quebec Film and Television Council
SNL
SODEC
Spotify Technology, S. A, March 2018 IPO Prospectus
TAM AdEx
Technicolor Capital Markets Report Feb 2020
UNCTAD (2017)
United Nations
World Bank
Appendix: Sources used in the report

Appendix: Methodology for employment calculations
Economic Impact of ME industry has 3 different
components: Direct, Indirect Induced
Direct Employment:
Jobs created in the core
ME industry ecosystem
including both formal
and informal sector
Induced Employment and Multiplier:
Jobs created as a result of spending done by the
workforce that is directly and indirectly serving the
ME industry; multiplier used to evaluate number of
induced + indirect + direct jobs created annually
Indirect Employment
and Multiplier:
Jobs created in industries
like communication,
electronic equipment,
electricity, financial
services, infrastructure,
transportation etc. due
to the ME industry;
multiplier used to evaluate
number of indirect + direct
jobs annually
Source: Impact of Investments in the Housing Sector on GDP and Employment in the Indian Economy, NCAER, 2014
Methodology to calculate employment
multipliers
Employment multipliers are calculated using:
National Input-Output matrix/ Supply-use table:
Describes the inter-industry trade relationships based on
which the multiplier effect is calculated; dependency of one
sector on every other sector as a supplier and as a consumer
are quantified
Calculation of Leontief Matrix
Input-Output matrix is converted to Leontief matrix to convert
absolute monetary terms to relative outputs; this enables
isolation of relative impact created y increasing output in any
industry
Direct, Indirect and Induced Employment in ME
Direct employment impact is estimated at a sub-sectoral
level which is then extrapolated using indirect and induced
employment multipliers

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Note to the Reader
ABOUT THE AUTHORS
Kanchan Samtani is a Managing Director
Partner in the Mumbai office of Boston
Consulting Group
Mandeep Kohli is a Partner in the New
Delhi office of Boston Consulting Group
ACKNOWLEDGMENTS
The authors thank and acknowledge
the support provided by Anchita Bagga,
Mallika Singla, Danvir Suri and
Mallikarjun Vaddi in preparing this report.
A special thanks to Ashok Rajani for
orchestrating the creation of the report,
Jasmin Pithawala for managing the
marketing process and Jamshed Daruwalla,
Saroj Singh, Pradeep Hire, Nitesh Tirkey,
Farah Daruwalla and Akshata Thakur for
their contribution towards design and
production of this report.
FOR FURTHER CONTACT
If you would like to discuss the themes and
content of this report, please contact:
Kanchan Samtani
Managing Director and Partner
BCG Mumbai
+91 22 6749 7074
Samtani.Kanchan@bcg.com
Mandeep Kohli
Partner
BCG New Delhi
+91 124 459 7435
kohli.mandeep@bcg.com
Nimisha Jain
BCG New Delhi
+91 124 459 7210
jain.nimisha@bcg.com
Vikash Jain
BCG New Delhi
+91 124 459 7431
jain.vikash@bcg.com
Vipin Gupta
BCG New Delhi
+91 124 457 5607
gupta.vipin@bcg.com
Nitin Chandalia
BCG New Delhi
+91 124 459 7120
chandalia.nitin@bcg.com
Kanika Sanghi
Partner and Associate Director
Center for Customer Insight
BCG Mumbai
+91 22 6749 7134
sanghi.kanika@bcg.com
Ashok Rajani
Project Leader
BCG Mumbai
+91 22 6749 7522
rajani.ashok@bcg.com

113The Indian ME industry in 2020: A snapshot of the year that has been
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