Naman Ramachandran Struck by the COVID-19 pandemic, India’s media and entertainment sector collapsed by nearly a quarter in 2020.
But an industry study projects a robust rebound.The report, compiled annually by the Federation of Indian Chambers of Commerce & Industry (FICCI) and consulting firm EY, shows that sector revenues shrank by 24% to $18.9 billion in 2020.
That meant a return to 2017 levels.The slump was very significantly worse than the 8.9% drop in India’s GDP announced by credit rating agency Moody’s.Film and television were the biggest losers.
Because of lockdowns and social distancing restrictions, only 441 films were released in Indian cinemas during 2020, compared to 1,833 during 2019.
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