An Analysis of Indian Entertainment Industry – Past, Present, and Future

Abstract

Purpose: The entertainment industry (casually known as Show Business) is included in the tertiary sector of the economy and embraces fields so theater, films, fine arts, dance, music, television, radio, media, sports, cultural events, etc. This industry is continuously evolving with innovations and ideas for the industry. It is developing dynamically in terms of revenue and volumes employing creative and technical people. It witnessed explosive growth during post liberalization that led to internationalization and expansion of the market. This study explores the evolution, growth, threats, challenges, future trends, and impact of FDI on the Indian entertainment industry. This study uncovers the impact of internationalization and its potential for providing employment. Methodology: This study is based on secondary data including Google, online journals, reports, and news articles. Findings: Initially, the entertainment started with storytelling, a way to pass on their culture, traditions, values, and history. The introduction of television brought a big change in entertainment and now online entertainment is on-trend and this way the method of delivering entertainment has expanded progressively. The Indian government has increased the percent of FDI’s and many international collaborations have helped the Indian entertainment industry to grow nationally and internationally There is a lot of employment opportunity in the entertainment industry from the people who work on screen and behind the screen. But due to the pandemic, few classes of workers in the industry are suffering but others are surviving in the online platforms. Television has retained its position as the largest entertainment segment, while digital media overtook the print entertainment sector, and online gaming overtook a filmed entertainment segment. In the future, the online form of entertainment will overpower and the OTT platform will boom. Research limitations/implications: Very few sources are available for references, few concepts are not highlighted and most of the information is outdated hence the collection of relevant information was a challenge. Originality/value: This paper brings to focus the imperative of due consideration by the Government and other regulating bodies to adopt some incentive measures to boost the Indian entertainment industry, being a sunrise industry, and also try to work on the personal and financial safety and stability of all the stakeholders of the entertainment industry, especially during abnormalities like the present pandemic-. Paper type: This industry analysis is an exploratory study.