Media & Entertainment Report

INTERTRUST REPORTS
Media and Entertainment  
Trends & Opportunities
 
© 2017, Intertrust Technologies Corporation. All rights reserved.

TABLE OF CONTENTS
1 Media and Entertainment Trends & Opportunities
Big Data and IOT
Multi-Device Delivery
Over-the-Top and Video On Demand (VOD)
Advertising
Video, Video, Video
Gaming
7 Top Media and Entertainment Global Markets
China
India
United Kingdom
Germany
Canada
13 Recommended Reading
TABLEOFCONTENTS

Media and Entertainment Trends & Opportunities
Media is expected to grow at a compound annual growth rate (CAGR) of 12.0%
between 2015 and 2020 while entertainment will reach a record of 13.8% CAGR.
Combined, the US media and entertainment industries will spend $7.34 billion  
on paid online and mobile media advertising in 2016 — Emarketer.
BIG DATA AND IOT
Today’s Media and Entertainment (M&E)
organizations focus not only on delivering
content to multiple devices, but also managing
the data they collect from these devices.
Increasingly, these organizations are not only
gathering data from the devices on which the
media is consumed, but they are also looking  
to use data from other connected devices to
supplement this data. According to a recent
Tata Consultancy Services survey, per-company
global spending by media and entertainment
organizations on mobile and IoT (Internet of
Things) devices will reach $73 million by 2018.
Much of this activity will consist of monitoring
consumer data via mobile phone apps,
entertainment devices and IoT devices for  
such business objectives as targeted
advertising, personalized recommendations  
and media development. 
By leveraging IoT data, the media and
entertainment industry can use various forms  
of data to create unique proﬁles and deliver
personalized content and advertising. In the
future, the number of screens and platforms
relevant for delivering content will grow
substantially. Media will be delivered to self-
driving cars, across kitchen appliances, as in-
ﬂight entertainment, on wearables, and many
other possibilities as the IoT market grows.
Media and Entertainment
companies should add context  
to improve user experience  
and drive growth in IoT.
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1
BIGDATAANDIOT

MULTI-DEVICE DELIVERY
A major shift in the Media and Entertainment
industry has been multi-channel delivery and
the increase in content consumption on digital
devices such as game consoles, streaming
devices, connected television and mobile
devices. Due to multi-channel delivery, the
number of device connections that must be
managed is rising. Time spent on smartphones
and game consoles is eclipsing that on
traditional devices such as TV and AM/FM radio
among the 18-24 age group at 1,730 minutes
and 1,735 respectively. Considering that this age
group and those that follow will continually
spend more time on new screens and devices,
media and entertainment industries need to be
ﬂexible to meet the challenge of serving their
increasingly connected consumers.
IP delivered video is becoming
dominant and will disrupt the hold
of traditional pay-TV.
Number of minutes spent weekly per device in the US in Q1 2016
Source: Nielsen
18-24 25-34 25-34 35-49 50-64 65 and older
Live+DVR/Time-shifted TV 978 1406 1927 1927 2646 3092
DVR/Time-shifted TV 90 181 262 262 279 252
AM/FM radio 619 680 820 820 909 752
DVD/Blu-ray device 48 67 65 65 60 42
Game consoles 257 200 90 90 28 7
Multimedia device 115 156 104 104 67 42
Internet on a PC 272 473 500 500 441 250
Video on a PC 121 177 132 132 106 41
App/web on a smartphone 911 827 874 874 733 161
Video on a smartphone 54 31 25 25 16 –
INTERTRUSTREPORTS
2
MULTI-DEVICEDELIVERY

OVER-THE-TOP AND VIDEO ON DEMAND (VOD)
OTT viewership grew over 62% in 2016 and will
continue to claim market share from
subscription TV. Last year, OTT accounted for
8.1% of viewership and the options are
expanding in 2017 to include Sling, Playstation
Vue, and DirecTV Now. NBCUniversal found that
connected TV viewing of prime-time shows
were as high as 24% – well beyond the 8%
across all platforms and up from 4% two years
ago (this includes all video on demand, such as
Hulu and NBC’s sites and apps1. For some
prime-time entertainment shows, NBCUniversal
has found digital viewing to account for as much
as 30-40%. Which is why it’s not surprising that
according to the Wall Street Journal, cable TV is
losing nearly 300,000 subscribers per quarter.
The number of devices and wireless connections
is changing how content is produced and
distributed, driving more consumers towards  
on-demand content. For instance, more than 78%  
of US consumers subscribe to an OTT service.2  
This is largely driven by the demand for video,
which according to PwC claims the most revenue
of any M&E sector at about $420 billion globally.  
As the demand for video continues to grow, more
consumers are choosing to stream video through
OTT services that deliver film and television
without the need for a pay-tv subscriptions.
To slow the growth of OTT, the industry has
offered “TV Everywhere.” However, adoption  
of TVE has not gone well. Statistically, less than
one in seven US pay-TV households uses TVE.
Meanwhile, media and entertainment companies
have been selling their content to OTT services
such as Netflix, Amazon and Hulu. While the
sales help short-term revenue, in the long run,
they have only helped to enable and strengthen
consumer demand for cord-cutting services.
Data and better discoverability will
improve TV Everywhere for M&E
companies competing with OTT.
TV VIEWER BEHAVIOR, FALL 2015 SURVEY
Source: Fall 2015 survey results, published in PwC Consumer
Intelligence Series: Videoquake 3.0: The evolution of TV’s revolution
 
INTERTRUSTREPORTS
16% unsubscribed
from pay-TV services
in the past year
23% scaled back
the size of their  
pay-TV package  
in the past year
56% pay-TV
subscribers who
did not scale back
in the past year
5% have never
subscribed to  
pay-TV services
23%
16%
5%
56%
3
OVER-THE-TOPANDVIDEOONDEMAND(VOD)

ADVERTISING
Digital advertising sales grew by 17% to $178
billion in 2016 according to Magna Global, and
are projected to overtake TV as the largest
advertising category. In 2017, digital spending
will surpass linear TV spending with 36.8% of
US total media ad spend coming from digital
and 36.4% allocated to TV. Moreover, this is the
first year that desktop ad sales did not see
growth, and in 2017, desktop ad sales will be in
a sustained decline.
Not surprisingly, much of the digital ad growth is
driven by mobile and video. The number of
global smartphone users is expected to reach  
6 billion by 2020 and mobile advertising will
increase to $215 billion, or 72% of total digital
budgets. Mobile budgets require data to target
ads efficiently, and marketers are beginning to
leverage first party data to target potential
customers and decrease wasted ad dollars.
Even as mobile continues to dominate, it is no
longer a siloed environment. Cross-device
marketing is on the rise as a way to combine
digital data with offline data. This blended
approach is part of the reason that more
traditional and linear methods of advertising  
are eroding.
Combining digital data with online
data to target ads efficiently helps
reach more potential customers
while decreasing wasted ad dollars.
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ADVERTISING

VIDEO, VIDEO, VIDEO
Advertisers are spending $10.3 billion on video
advertising, or 14.3% of total digital spend.
According to the IAB, this represents an 85%
increase from two years ago. There is “robust
spend optimism” within the mobile video
category with media agencies planning to
increase their investment level. Some of the
mobile video increase is due to programmatic,
which makes a lot of the inventory more
accessible. Programmatic video accounts for
41% of all digital video dollars, representing  
a 58% growth over the last 2 years.
Video advertising has seen an 85%
increase from two years ago.
AVERAGE VIDEO AD SPEND OVER THE LAST 3 YEARS
Source: 2016 IAB Video And Spend Study, April 2016 (link)
Over-the-top advertising is nascent and full  
of opportunity as it lends itself to precision
targeting. The premium content and large
audiences offered by connected TV are a “sweet
spot” where premium TV advertising and digital
media’s precision intersect.3 Advertisers have the
ability to deliver more targeted ads in a more
comfortable environment compared to other
forms of digital advertising.  
Another positive attribute of OTT is that ads can
be purchased programmatically and through
other software, thereby reducing the cost of
prime-time TV prices. As of now, the primary
factors limiting growth are the fragmented  
nature of connected TV and poor  
measurement standards.
Total Agency Marketer
$8.6
$12.1
$10.2
$5.6
$9.5
$7.3
$4.4
$6.9
$5.5
2014 2015 2016
INTERTRUSTREPORTS
5
= % Change in Digital Video
Dollar Spend 2014-2016
+95%  
Increase
2014-2016
+75%  
Increase
2014-2016+85%  
Increase
2014-2016
VIDEO,VIDEO,VIDEO

GAMING 
The global gaming market will reach $100 billion
by 2019, up 8.5% as an industry. Mobile gaming
surpassed PC gaming with $39.6 billion in
revenue in 2016, up 21.3%. The trend for mobile
gaming to dominate the gaming market will
continue through 2019, reaching $118.6 billion
with mobile gaming accounting for a whopping
$52.5 billion, according to Newzoo.
The Asia-Paciﬁc (APAC) region is booming with
game revenue, claiming 47% of the market. With
25% market share, China is the largest games
market in the world with a revenue of $24.4.  
At a very close second is the United States  
with a revenue of $23.5 billion.
In the US, the video game industry will grow  
at 3.6% CAGR4, and will grow faster than any
other segment compared to TV and video (at
0.5% CAGR), music (3.2% CAGR), and cinema
(1.2%). Some of this growth is due to the gaming
industry having many segments such as
console, PC gaming, and mobile. In fact, PC
gaming will grow at 6.3% through 2020 driven
by popular action titles such as League of
Legends and micro transactions.
Esports is contributing to the growth of the
gaming industry and 2016 was pivotal in this
trend. Hits such as Counter-Strike, Overwatch
and Street Fighter V broadcast on network
television and League of Legends sold to Major
League Baseball games for $300 million.5  
Riot Games also struck a $300 million deal with
BAM Tech for streaming rights through 2023.  
If the Esports trends continue on the current
trajectory, it will be a $1 billion market in 2017
with nearly 500 million fans. Big publishers such
as Blizzard Entertainment are creating new
league models with geographic locals with
events held in traditional sport venues. For
instance, the San Francisco Overwatch team  
will form professional teams like the Warriors  
or Giants with players scouted by agencies  
and paid salaries.
E-sports is the news sports franchise  
and an entertainment genre. 
INTERTRUSTREPORTS
6
GAMING

Top Media and Entertainment Global Markets 
The policies and regulations around media and entertainment are transforming as governments try  
to keep up with the pace of change seen in the industry. As consumers want faster, easier, and
sometimes free content, industry leaders go to great lengths to meet this demand, while governments
seek ways to protect their markets. Serving various geographies includes taking into account
copyrights, privacy and local laws. Most countries including the United States are reviewing copyright
and Intellectual Property law as it relates to digital content as well as technology and
telecommunications regulations. While there is tremendous opportunity in 2017 due to Internet trends
and the digital economy, many US businesses are not taking advantage of the opportunity overseas.
The United States has a creative and entrepreneurial culture that is reflected in its share of M&E
earnings across film, music, book publishing and video games. According to PwC, the US M&E market
comprises a third of the global industry and will reach $771 billion by 2019, up from $632 billion in
2015.6 China is the second largest market, followed by Japan, Germany and the United Kingdom.  
US media and entertainment is in high demand with many large scale joint ventures in foreign
markets with US M&E companies playing a large role (cite examples). Hollywood is the global creative
hub for film entertainment and the United States has “the most open content market worldwide”  
and the least restrictions from a trade perspective.
M&E businesses in the United States have tremendous opportunity overseas.
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7
TOPMEDIAANDENTERTAINMENTGLOBALMARKETS

CHINA
China has the second largest economy globally
with over 1.3 billion people of which 600 million
are Internet users and 500 million are mobile
Internet users. The country’s M&E industry is
expected to reach $242 billion by 2019 and  
is growing faster than the overall economy.  
With a growing middle class that seeks new
entertainment options, and a government that  
is responding by building movie theaters at a
fast pace, China is expected to overtake the
USA in box office revenues by 2017. China has
23,650 screens now compared to the USA’s
40,000 screens, and is adding 15 new screens
every day with estimates of reaching over
27,000 by 2020. In addition, Hollywood
producers have increased cinematic appeal  
to Chinese audiences by featuring China  
in big movie hits such as Skyfall and Mission
Impossible 3. The theatre market in China is  
the second largest with box office revenues
expected to surpass $8.8 billion by 2019.
The strongest growth in China will be from in-
home video revenue at 31.3% CAGR. This will
catapult it from the fifth in the world in 2015 to
the second in 2020 with over $3 billion in
revenue. This market is controlled by domestic
players Tencent and Alibaba. According to the
PwC, the challenge in China is M&E companies
“need to first understand local consumers and
consumption and create a foundation of content
based on these preferences.”
The mobile gaming industry in China nets even
higher than films at $9.1 billion in revenue in
2015 and is expected to grow to $12.2 billion  
by 2019. The gaming trend has become popular
alongside mobile chat apps. After the US and
Japan, China is the world’s third largest video
game market with 13% of the world’s global
mobile revenue. The sheer size of the
population drives demand with 345 million
Chinese online gaming users – or roughly  
the size of the USA’s entire population.  
Ad revenues in gaming will reach almost  
$400 million by 2019.
Despite the opportunity in China, there are
market barriers such as censorship, import
restrictions, and co-production requirements.
China is also on the US Special 301 Priority
Watch List for IPR due to rampant piracy in
online media, mobile devices and set-top boxes.
Rogue manufacturers contribute to the problem
by distributing pre-loaded unauthorized content
onto set-top boxes sold throughout Asia.  
Pay TV theft through signals is also rising  
along with illegal recordings inside theaters. 
China’s M&E market will reach $242 billion by 2019 and is growing faster than
the overall economy. The strongest growth in China will be from in-home video
entertainment. The mobile gaming industry in China nets even higher than films
at $9.1 billion and will grow to $12.2 billion by 2019.
INTERTRUSTREPORTS
8
CHINA

INDIA
India dominates the mobile arena with 900 million
users, and is the third largest Internet market after  
the United States and China with 302 million Internet
users. The M&E industry is currently at $25 billion  
and is expected to reach $41.4 billion by 2019 at 10.5%
CAGR. Television penetration is at 65% today, Internet
access is expanding, and the lively Bollywood and
Hollywood film industries help by producing the  
most films globally.
A growing middle class and young urban population
combined with the arrival of broadband, smartphones
and audio video streaming platforms has created a
tipping point in the world’s second most populated
country. While less populated than China, India is
narrowly ahead in terms of growth in the media and
entertainment industry with a 11.6% CAGR compared  
to China’s 10.9%.7 This explosive growth is double the
5.0% CAGR forecasted for the industry globally.  
By 2020, the projected CAGR for India will reach  
14.3% – almost triple that of the global industry  
– an opportunity worth $33.7 billion8. Advertising
revenues are expected to grow at 15.9% in 2020  
to $14.82 billion.
Over-the-top (OTT) streaming and subscriptions are
rising dramatically, offering opportunity when licensing
and piracy are under control. India’s TV market is going
to expand to 165.3 million households by 2019, up from
the current 150 million households. India has a large
broadcasting and distribution sector, with 796 satellite
TV channels; 6,000 system operators; 7 DTH operators
and 4 IPTV service providers. TV penetration in India is
at 65% while expected to reach 72% by 2017. The
greatest growth in the film industry will come from OTT
movie-streaming services, including providers such as
Hungama, HotStar, Hooq, BIGFLix, Spuul, BOXTV,  
and ErosNow. The Government of India has supported
growth, such as digitizing the cable distribution sector
to attract greater institutional funding and increasing
the FDI limit from 74% to 100% in cable and DTH
satellite platforms.
India is the world’s second largest smartphone market
with 220 million users. Price wars among smartphone
manufacturers contributes to the growth and cheap
data plans from cellphone service providers has
increased content accessibility. Media and
Entertainment companies are investing in the mobile
screen to reach these populations, as well as content
for OTT streaming video and subscriptions.  
The development of payment technologies, increased
penetration of mobile phones, growth of video and
audio streaming platforms and 4G services has led to a
ripe environment for the M&E industry. With the wide
rollout of 4G services and the increased penetration of
smartphones, consumers will become accustomed to
viewing content beyond the television screen, paving
the way for digital dedicated content and new
monetization models.
Despite the digitization of the film industry, piracy
results in losses of INR 190 billion a year.9 Over 150
sites distribute stolen content with nearly half of these
sites originating from the US. The leading 100 sites see
INR 35 billion, or $510 million USD, further complicating
the efforts required to stop the piracy epidemic.
Access to broadband is critical in India where
broadband internet is limited yet mobile penetration  
is high. Currently, India has approximately 150 million
broadband subscribers at 12% penetration; this
includes the 2.5 times increase in mobile broadband
subscribers over the last two years. Considering  
India is one of the largest telecommunications  
markets globally with over 1 billion subscribers  
and 80% penetration, the development of  
broadband infrastructure has become a priority  
for the government. 
India’s M&E market is worth $25 billion and will reach $41.4 billion by 2019 at 10.5% CAGR. India is
the world’s second largest smartphone market with 220 million users. M&E companies are investing in
the mobile screen to reach these populations. India has a large broadcasting and distribution sector
with 796 satellite TV channels; 6,000 system operators; 7 DTH operators and 4 IPTV service providers. 
INTERTRUSTREPORTS
9
INDIA

UNITED KINGDOM
The United Kingdom is a lucrative entertainment
market and one of the largest in the world for
film, TV, and music partly helped by British
government subsidies. The British M&E market
will reach $106 billion in 2019 growing at 3%
CAGR from $93 billion in 2015. This steady and
stable market ranks as number one on the ITA
list of top export markets, largely due to the
entertainment industry growing three times
faster than the overall economy and its good
reputation as a US trading partner.
Digital video entertainment is growing rapidly
with 74 million mobile connections in the UK,
representing 115% of the population. Over-the-
top (OTT) services will double to reach $1.3
billion by 2019 and electronic home video
revenue will grow at 12.3% to $1.9 billion.
Physical home video is on the decline at 58%  
of home video revenues, down from 75% in
2014. Cable TV and streaming services are in
fierce competition with Sky, Youview, Netflix,
and Amazon releasing ad campaigns to convert
customers on PCs and mobile. The UK
demonstrates opportunity for growth for US
exporters as both countries share common
interests in TV content and OTT programming
with fewer regulatory hurdles, licensing and
distribution issues than experienced in other
export markets.  
 
Overall, the UK’s strong TV and video sectors
will account for over 35% of spend in 2020 with
80% of UK adults watching online TV and film.10
Television is the fastest growing digital sector
in the UK, with digital advertising trending at
19.6% per annum, reflecting the opportunity  
in on-demand viewing. According to PwC,
2016 was the first year digital revenues
overtook non digital revenues with internet
advertising expected to be worth 13.7 billion
pounds (convert this to USD) by 2020.  
The UK’s digital advertising and innovative
use of technology contributes to digital
advertising growth as advertisers use  
platform specific, targeted services.
Broadband penetration will reach 95% in 2020,
with over half being high speed broadband.
Mobile internet penetration is similarly high at
90%. Over 20 billion apps will be downloaded
in the UK market with over three-quarters of the
time spent on video content. The UK games
market will reach $6.77 billion in 2017. Game
consoles are unusually strong in the region
compared to a decline globally. In the UK, half  
of video game revenue is from consoles and is
expected to see a 3.8 % growth during the  
five-year period.
The UK ranks as the number one on the ITA list of export markets due to the
M&E industry growing at 3x the rate of the overall economy. The UK provides
ample opportunity for US exporters due to common interests in TV viewing  
and few regulatory hurdles. Television is the fastest growing sector in the UK
with digital advertising trending at 19.6% annum. 
INTERTRUSTREPORTS
10
UNITEDKINGDOM

GERMANY
Germany is the third largest M&E market in the
world after the United States and China with
$121.9 billion in revenue in 2016. The digitally-
forward German culture contributes to the
country’s success as does a strong GDP and
high World Bank ranking. Germany is also home
to many large trade shows in gaming and book
publishing. However, TV is the largest sector
and is growing at double the pace compared to
publishing, although most of the growth will be
seen from video on demand (VOD), video
games and eSports. Overall, Germany has many
positives due to its strong economy including
the largest B2B market in Europe and the
second largest B2B market worldwide after  
the USA.
Video on demand (VOD) presents an
opportunity in Germany where consumers have
been slower to adopt the service. In 2013, only
25% of households had VOD compared to 80%
in the United States, creating ample opportunity
for growth for US licensors, producers and
distributors. Considering there are 30 million
broadband households, the under-served
market is ripe for content providers. The over-
the-top streaming market reached $398 million
in 2015 and will grow to $682 million by 2019
with TV on-demand rising over 20% to $321
million. The main competitors are Netﬂix, Sky
Europe, and Sky Deutschland.
Gaming revenues are healthy in Germany,  
and will reach $3.2 billion by 2019. The gaming
market in Germany is the biggest gaming
market in Europe with over 34 million active
gamers with over half paying for gaming related
services. The average age is 35 years of age
and 47% of gamers are women. PC is the
biggest gaming platform with 18.4 million active
users followed by smartphones with 17.2 million
users. The video game products are priced high
and consumers are willing to pay almost
20-33% more in Germany compared to other
regions. Germany’s PC market is second to the
UK in Europe. Of the 23 million who play games
on smartphones and tablets, 4.6 million are
paying for the apps or completing in-app
purchases. These transactions create 94% of
the revenue for app developers. Trade shows
such as Gamescom, GDC Europe, and Casual
Connect Europe also add to Germany’s appeal
for gaming professionals.  
Germany is the world’s third largest M&E market with a strong economy
including the largest B2B market in Europe and second largest B2B market
globally. Video on demand (VOD) is an area of opportunity for licensors,
producers and distributors. The gaming market in Germany is the biggest
gaming market in Europe with over 34 million active users.
INTERTRUSTREPORTS
11
GERMANY

CANADA 
The Canadian M&E market will grow between
3.5% CAGR according to PwC to 5.2 %
according to Trade.gov in the years between
2015 and 2019 reaching an estimated $58.5
billion. This respectable M&E market is
sustained through filming including foreign  
co-productions, a strong music sector and
profitable game developer’s marketplace.
Broadband penetration in Canada is at 86.8%,
placing it second in the world’s major
economies. The country also helps foster
innovation by providing startups with large
subsidies, creating competition for its  
neighbor to the South.
Similar to other regions, Canada is seeing a
decline in subscription TV penetration hovering
at $7.6 billion in revenue. Meanwhile, OTT video
services will claim $1.62 billion by 2020, eating
away its share of subscription TV. OTT and
streaming content will grow at 17.4%. Netflix is
expanding while competing with Shomi and
CraveTVVideo. Other M&E companies doing
well include Digiboo, a rental kiosk company,
and Cineplex, which offers digital rentals.
Internet advertising revenues will rise at 9.8%
CAGR hitting $6.17 billion in 2020. The growth  
of Internet advertising, mobile technology and
video streaming help to contribute to the
advertising growth. App-based games hold
opportunity in Canada, known to be second
worldwide for gaming development. In fact,  
84% of Canadian video game companies are
working on mobile-based projects.  
Broadband penetration in Canada is the second among the world’s major
economies at 86.8% penetration. Canada is the second worldwide for gaming
development creating opportunity for app-based games.
INTERTRUSTREPORTS
12
CANADA

Recommended Reading
Big Data and IoT
Media, Entertainment Marketers Ramp Up Digital Eﬀorts
Media and Entertainment: Entering New Frontiers of Content & Advertising
Over-the-Top and Video on Demand (VOD)
More Ads Are Being Delivered Via Connected TVs
Global entertainment and media outlook 2016-2020: US edition
Advertising
Digital Media Drives Global Ad Sales to +5.7% Strongest Growth in Six Years, Driven by Social and Search
2016 IAB Video Ad Spend Study
Gaming
The Global Games Market Reaches $99.6 Billion in 2016, Mobile Generating 37%
PwC: Game industry to grow nearly 5% annually through 2020
Predictions for the Biggest Gaming Trends of 2017
Top Media & Entertainment Global Markets
2016 Top Markets Report Media and Entertainment
Global entertainment and media outlook 2016-2020
India- Strong Growth in Digital Segments while Traditional Media Remain Resilient
India's media and entertainment industry expected to grow at 14% CAGR by 2020
1. https://www.wsj.com/articles/more-ads-are-being-delivered-via-connected-tvs-1481626802
2. http://www.pwc.com/us/em/outlook
3. https://www.wsj.com/articles/more-ads-are-being-delivered-via-connected-tvs-1481626802
4. http://venturebeat.com/2016/06/08/the-u-s-and-global-game-industries-will-grow-a-healthy-amount-by-2020-pwc-forecasts/
5. http://www.glixel.com/news/predictions-for-the-biggest-gaming-trends-of-2017-w459225
6. http://www.pwc.com/gx/en/industries/entertainment-media/outlook/data-insights.html
7. http://www.pwc.com/gx/en/global-entertainment-media-outlook/assets/indian-summary.pdf
8. http://www.forbesindia.com/article/special/indias-media-and-entertainment-industry-expected-to-grow-at-14-cagr-by-2020/42823/1
9. https://www2.deloitte.com/content/dam/Deloitte/in/Documents/technology-media-telecommunications/in-tmt-indywood-ﬁlm-festival-noexp.pdf
10. http://www.pwc.co.uk/industries/entertainment-media/insights/entertainment-media-outlook.html
INTERTRUSTREPORTS
13
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