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Metaverse set to become a $10+ bn opportunity by 2030: Report

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The Confederation of Indian Industry (CII) and the Boston Consulting Group (BCG) are the Indian Media & The entertainment (M&E) industry titled ‘Shaping the future of M&E in India’.AThe unch was attended by senior industry leaders including notable guests such as K Madhavan, Biren Ghose, Neeraj Roy and Amit Khanna.

chandrajit banerjee

Commenting on the report Chandrajit Banerjee, Director General, CIISaid, “Compiled by BCG in partnership with the CII M&E Commission, this year’s report provides a current and future overview of the industry, trends by sector, and the turmoil that will shape the industry’s future. The report not only helps companies determine their strategies, but also influences their competitive advantage and assists governments in formulating measures to accelerate the growth of the sector. ”

The report highlights that India’s M&E industry is estimated to reach $27 billion to $29 billion by the end of 2022.rd Last three-year growth rate from the digital sub-segment. His M&E industry in India is poised to grow to $55-65 billion by 2030 and is expected to continue its unique multimodal growth story in the coming years.

Mandeep Kohli, Partner, Boston Consulting Group India
Mandeep Kohli

The report further highlights multiple trends shaping the industry. A growing appetite for personalized choices, interactive interactive media, and snack content.. “Today, consumers can access content on any device and strongly prefer geographies and micro-genres. M&E is increasingly responding to ‘ME’ or personalized choices. Digital video and games will contribute over 40% of his total media consumption in 2022. These formats enable the transition from ‘at scale’ experiences to ‘personalized / ME’ experiences. ” detail Mandeep Kohli, Representative Director and Partner, Boston Consulting Group IndiaAdditionally, the report highlights the growing willingness to pay for premium/exclusive content. Subscriptions have grown 16- to 17-fold over the last five years, reaching 85-90 million by 2022. The report also predicts that SVoD will become more prominent across his OTT revenue going forward.

The report also looks at the relative share of revenue from advertising and revenue paid by consumers. Advertising share is now 44% compared to 37% in 2021. The report notes that while advertisers are embracing diverse media, digital share will grow from 37% of his LY to 40% of his in 2022 due to the rise of digital native advertisers.

Kanchan Samthani
Kanchan Samthani

One of the major themes of this year’s report is the real unlocking of opportunities through metaverse adoption. “The Metaverse is estimated to be a $10 billion+ opportunity by 2030. Currently, 36% of global private investment in the Metaverse is in interactive entertainment. You can interact, socialize, and collaborate in virtual spaces, and the metaverse with its interactive and immersive capabilities will likely become more popular in the future as businesses strive to ensure customer adoption, engagement, and retention. there is.” stock Kanchan Samtani, Managing Director and Senior Partner, Boston Consulting Group India.

Going forward, it will be critical for M&E companies to understand what it takes to seize opportunities in the metaverse and harness the industry’s true potential. This report highlights five dimensions to unlocking this potential. Investing in technology and infrastructure, innovating business models, building a metaverse content creation ecosystem, accelerating consumer adoption, and codifying regulations.

Biren Ghose, Vice Chair, CII National Committee on M&E, Country Head, Technicolor India
Billen Gorse

Biren Ghose, Vice Chair, CII National Committee on M&E, Country Head, Technicolor India Said, “Storytellers and content creators must reinvent formats for a more interactive and democratized medium. Media companies must proactively consider their architecture as they build towards the metaverse.” We need to build systems that are agile and fungible today so we don’t have to fix them later.”

K Madhaban, Disney Star, Country Manager and PresidentSaid “Over the past few years, especially during the coronavirus period, M&E has played an important role in the lives of consumers, proving the resilience of the industry. The M&E industry has evolved significantly and is seeing rapid change driven by innovation and consumer behavior evolution across the media value chain.” Setting the tone for the next few years., He saidM&E companies need to keep up with emerging trends to strengthen their position and become more important in consumers’ lives. As more and more of his M&E parties invest in innovative ideas for the future, we are confident that the best for the industry is yet to come!”

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