Indian entertainment industry faces massive financial shock in 2023 with huge losses due to piracy A report has revealed that Rs 22,400 crore. Read also: I&B ministry appoints officers to stop online piracy of films
Piracy causes huge losses
According to The Robb Report by EY and Internet and Mobile Association of India (IAMAI), this is shocking The Indian entertainment industry suffered a loss of Rs 22,400 crore in 2023, mainly due to piracy.
The findings underline the need for an integrated approach and stringent measures to prevent piracy, with stronger regulations and industry-wide collaboration. The report also said that 51 percent of media consumers in India consume content from pirated sources, with streaming services contributing the most significant 63 percent.
“India’s piracy economy was shaped by Rs 22,400 crore in 2023, ranking fourth against segment-wise revenues generated by India’s media and entertainment industry. Its, While Rs 13,700 crore was earned from pirated content from movie theaters. Rs 8,700 crore was earned from the content of OTT platform. Potential GST loss of up to Rs. It was estimated to cost Rs 4,300 crore,” the report said.
action required
According to Rohit Jain, chairman of the Digital Entertainment Committee of IAMAI, collective action is needed at this time.
“The rapid growth of digital entertainment in India cannot be denied, is expected to catch up to filmed entertainment 14,600 crore by 2026. However, this capability is seriously threatened by large-scale theft. “It is important for all stakeholders – government bodies, industry players and consumers – to come together to tackle this issue,” he said.
Reasons cited by viewers included high subscription fees, unavailability of desired content and the hassle of managing multiple subscriptions.
The report also said that piracy is prevalent among young audiences aged 19 to 34, with women preferring OTT shows and men leaning towards classic films.
According to the report, 64 percent of people accessing pirated content expressed willingness to switch to authorized channels if offered for free despite ad interruptions, and nearly 70 percent of pirated content consumers claimed they would not purchase any OTT subscription. want.
The report also revealed that piracy is more prevalent in Tier II cities than Tier I cities.
