The Global Media and Entertainment industry, which is well known for its extremely high volumes and rising Average Revenue Per User (ARPU), is one of the fastest-growing sectors and is expected to continue growing at a CAGR of 7.8% from 2024 to 2029 and reach $43.5 billion within 5 years from now. This meteoric growth is mainly driven by the rise of digital platforms, the ‘big bang’ of social media, and the increasing use of technology in content creation. The business of entertainment in India goes beyond creativity—it involves strategic planning and management across marketing, finance, and legal domains.
Some of the decisive factors in developing as a leader in the domain of entertainment & media business require astute implementation of digital business models, robust social media marketing strategies, optimally managing the ‘creative process’ and the business of entertainment which encompasses marketing, financing and the legal implications in the industry.
The Shift to Digital Business Models
India’s digital revolution has reshaped the media and entertainment industry. With the proliferation of affordable smartphones and high-speed internet, the country has witnessed a surge in digital consumption. With India, being one of the top 3 countries in the world to offer the most economical charges for mobile data, the penetration of digital media has reached even the tier-3 cities of India. OTT platforms like Netflix, Amazon Prime Video, and local players like Hotstar and Zee5 have capitalized on this trend by offering vernacular content, apt to the targetted audience.
For aspiring media entrepreneurs and executives, understanding the nuances of digital business models and leveraging data analytics is critical. This includes exploring monetization strategies like subscription-based services, ad-supported models, freemium models, and content personalization as per audience segments to help scale the business in this domain.
Relevance of Social Media Marketing Strategies
Social media has become a cornerstone of marketing in the entertainment industry. Platforms like Instagram, YouTube, and Twitter provide unparalleled access to a diverse and vast audience. The success of top commercial films, regional cinema, and web series is increasingly linked to the social media presence of the production houses apart from the actors’ brand equity. However, the rapid pace of digital engagement demands marketing strategies that are agile, culturally relevant, and data-driven.
In India, influencer marketing has emerged as a powerful tool. Collaborating with influencers who resonate with local audiences allows entertainment brands to amplify their reach and create authentic connections.
Professionals transitioning into media business management must master some of the key social media strategies. Understanding the unique preferences of audiences, crafting culturally relevant narratives, and leveraging data for targeted campaigns are essential skills in today’s entertainment landscape.
Managing the Creative Process and Innovation
Managing the creative process involves navigating the expectations of various stakeholders, including directors, producers, writers, & financiers, and ultimately balancing the artistic vision with commercial viability. It requires a deep understanding of the cultural context, audience preferences, and the regional dynamics that influence content consumption.
As technology evolves, media professionals must explore how Metaverse, AI, VR, and AR can enhance storytelling and production quality and develop innovative and sustainable methods. These technologies not only offer new creative possibilities but also enable cost-effective production and post-production, crucial for projects with limited budgets.
The Business of Entertainment
The business of entertainment goes beyond creativity—it involves strategic planning and management across marketing, financing, and legal domains. Marketing in the Indian context is about more than just promoting a film or show; it involves understanding diverse audience segments, from urban millennials to rural consumers. This requires integrating traditional marketing channels with digital platforms to create comprehensive campaigns that resonate across the country.
The Indian entertainment industry, with its high production costs, often faces challenges in securing funding. Professionals must be adept at exploring various financing options, including studio backing, co-productions, private equity (PE), and crowdfunding. Understanding the financial landscape and effectively managing risks is essential for the success of any project.
The legal of the entertainment businesses are multifaceted. From intellectual property (IP) rights to distribution agreements and compliance with regulations, legal expertise is vital for protecting creative assets and ensuring smooth operations. Navigating the complex legal framework governing content, censorship, and distribution requires both knowledge and strategic foresight.
Executive Education in Entertainment and Media Business
For professionals aiming to lead in the Indian entertainment and media industry, a comprehensive understanding of both the creative and business aspects is essential. IIMB’s General Management Programme on Entertainment and Media Business (GEM) offers a unique opportunity to gain this knowledge. Designed for aspiring media entrepreneurs, executives, content developers, and creative professionals, the program covers critical areas such as digital business models, social media marketing, creative process management, and the business of entertainment.
The GEM programme involves a foreign immersion component with an International Immersion Week at New York Film Academy (Hollywood), Los Angeles. The week-long series of five, 3-hour seminars will be conducted in Burbank, Los Angeles, USA on various topics such as Marketing Trends, Personal Pitching Style & Marker Appeal of Projects, Crowdfunding, IP Building and Transmedia. During the immersion week in Hollywood, the participants will have the second half of the day to make suggested industry visits.