New Delhi: The domestic entertainment and media industry is projected to record a cumulative annual growth of 18 per cent over the next four years to reach a size of Rs 1,15,700 crore, according to a report.

The industry recorded a growth of 17 per cent in calendar year 2007 to reach an estimated size of Rs 51,300 crore, up from Rs 43,800 crore in 2006, according to FICCI PricewaterhouseCoopers 2008 Report on Indian entertainment and media industry for 2007. During the year, the advertising industry contributed 38 per cent to the overall revenues of the industry.

Continuing with the trend of previous years, the emergence of media conglomerates further intensified in 2007. Several media groups expanded beyond their traditional domains to leverage on the synergies of advertising, thus aiming to have a presence across all segments of entertainment and media.

In 2007, foreign investments in the industry reached a record high of approximately Rs 850 crore. This was seen as a result of extremely high number of investment deals announced in 2006 and the years before, the report said.

Meanwhile, FICCI said FRAMES 2008 will be flagged off by Minister for Information and Broadcasting Priyaranjan Dasmunsi on March 25 in Mumbai. Over 2,500 Indian and foreign delegates from nearly 20 countries are expected to take part in the three-day event. Delegates from countries like Australia, Canada, France Germany, Greece, Hong Kong, Italy, Malaysia, Pakistan would participate in the event.

Source : PTI