"We will nurture the media and entertainment industry by encouraging skill-building and initiating dialogue with its stakeholders to formulate progressive and growth-friendly policies," Siddaramaiah said at the first 'Entertainment Business' conclave, organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) here.
Observing that developing innovative programming content, identifying niche areas and expanding markets through new content delivery platforms would be growth levers, he told about 500 participants that developing mobile applications and websites were the need of the hour.
"The future of the industry will rest on sustaining subscription revenues and creating a firm foundation from them, building on online content qualitatively and giving advertisers innovative ways to reach out to readers," Siddaramaiah said.
Asserting that the industry had opportunities to incubate ideas and explore various business models, he said southern luminaries had placed Indian cinema on the global radar.
As the third largest segment, the Rs.2,680-crore South Indian cinema accounts for half of the total films produced in the country annually, with a 11 percent market share in the entertainment pie.
Noting that in the digital era, boundaries for the industry were unlimited, Siddaramaiah said content could be enhanced, marketed and delivered to audience through multiple means.
"The industry can explore remaking old movies, which depicted good value systems and useful themes of eternal value to society," he noted.
The southern television industry is at a crucial stage against the backdrop of digitization. As a dominant segment in the market, it is projected to grow at Rs.13,470 crore, accounting for the largest share of the sector at 56 percent with a compound annual growth (CAGR) rate of 20 percent over the next four years.
According to a report by global professional services firm Deloitte, the size of the south India media and entertainment industry is at Rs.23,900 crore and projected to reach Rs.43,600 crore by 2017 at a CAGR of six percent annually.
Marked by a high literacy rate and a sizable vernacular readership base, the southern region is one of the strongholds of the Indian print industry with 28 percent share of the market, valued at Rs. 6,680 crore.
"Amongst the four southern states, Andhra Pradesh and Tamil Nadu account for 58 percent of the total revenue. English print dominates the southern markets, barring Kerala, where vernacular print in Malayalam accounts for about 90 percent of the revenue," the report said.
Leading English newspapers like The Times of India and The Hindu have launched vernacular daily editions to consolidate their presence.
Players in South India continue to be pioneers of technology usage in film-making, surpassing even mainstream Bollywood films.
--IANS (Posted on 29-10-2013)