John Nendick, Global Industry Leader, Global Media & Entertainment Center at Ernst & Young, helps tote up the Emmy ballots every year. During a recent visit to India, he spoke with Anusha Subramanian on the Indian media and entertainment space, the opportunities it affords and the pace of digital media adoption. Edited excerpts
On emerging markets: As the media and entertainment industry in developed markets copes with the digital revolution amid stagnating growth rates, emerging markets offer an attractive alternative, driven by their fast-growing middle class and relative youth. India has become a key market for global media and entertainment companies in content creation and consumption.
On the industry in India: India is the youngest nation among the BRIC economies, and is thus well poised for growth. With the right regulatory environment and higher volumes of content consumption, it holds significant potential for foreign investments across all media and entertainment segments.
On digital media adoption: India needs to move forward faster in the digital space. Some Indian media and entertainment companies have taken the lead, though. Traditional companies have started earning revenues from digital music downloads as well as by rolling out film promos and daily soaps on YouTube.
Global trends: Consumers are looking for personalised experience and accessibility of content, and technology is enabling that. An example is the launch of UltraViolet, a consortium of companies in the US that provides a universal digital locker, a secure store for rights-protected content. If a consumer wants to own a film, he can pay for it once and it will be stored in the digital locker, and he can access it from anywhere on his iPad, PC, etc. Also, young consumers want social experience, so social media is gaining ground.