At the time of writing, India is on the cusp of re-establishing itself as the world’s leader from an economic growth standpoint. According to WION, projections forecast that the country’s economy will grow at 12.6 percent throughout 2021-22. While numerous factors are contributing to this ongoing progression, several entertainment-based trends are progressing the region into a forward-thinking era.
It’s a testament to India’s collective focus on creating a more well-rounded entertainment industry that India Brand Equity Foundation (IBEF) predicts significant growth over the coming years. By 2023, estimates anticipate that 907 million users will be online 2023. So, let’s look at some of the trends that are at the forefront of India’s growth.
Innovative Payment Methods are Growing Increasingly Common
It’s no secret that cryptocurrencies are a popular feature of modern-day society. Back in January 2021, CoinDesk stated that the sector’s total value surpassed £720 billion. As a result of the digital asset’s ever-growing worth, increasing numbers of businesses have sought to embrace the revolutionary payment method. WeWork, an American commercial real estate organization, has several offices throughout Asia, including six in India. The company is at the forefront of bringing new industry trends to the table in the country, and they’re set to accept crypto payments in the near future.
According to the Economic Times, WeWork will partner with Coinbase Global and Bitpay to bring their crypto plans to life. This is something of a microcosm of India’s broader industry trends. In recent years, innovative payment methods have been on the rise throughout the country, so it’s no surprise that WeWork is heading in that direction. As per the Times of India, nine percent of Indian residents used cryptos in the past year.
Innovative payment methods aren’t only a commercial industry trend. At the time of writing, the entertainment sector has also branched out to accept a wide array of different transaction types. In particular, online casinos – which have moved to the forefront of the industry – utilize various payment types like casinos.co.za. In 2022, some of the most popular online mobile casinos in India use cryptocurrencies, Neteller, Paysafecard, Paytm, and Skrill. From a betting standpoint, cryptocurrencies ensure anonymity and privacy when playing, although most operators only accept Bitcoin currently. Popular across casino games and sports betting, these transaction types strive to guarantee convenient and secure payments.
What Other Trends are Taking the Entertainment Industry by Storm?
As touched on above, the entertainment market is playing a central role in developing India’s economy. Along with embracing a broad selection of payment methods, the country’s PAY-TV sector is also on the rise. This is in line with IBEF’s predictions, as the foundation forecast that the advertising-based on-demand (AVoD) sector would rise at a compound annual growth rate of 24 percent until 2025. Should this occur, the industry will reach a total value of £1.874 billion.
The AVoD only accounts for a limited share of India’s streaming market. As a whole, the PAY-TV industry is forecast to record £8.868 billion in revenue by 2025, as per The Economic Times. The report later states that in four years times, 96 percent of pay-tv homes will be digitalized. This data doesn’t include streaming platforms like Netflix, which registered four million new paid subscribers in the first quarter of 2021.
Away from television, fantasy sports are another popular industry trend in India. Animation Express outlines that cricket-orientated developments will prove fruitful to the entertainment industry in 2022. Platforms like EWar Games have focused on the Indian Premier League’s popularity to provide local players with prize-winning opportunities. This developer isn’t the first of its kind, with Dream 11 and Mobile Premier League previously targeting fantasy cricket. However, EWar Games’ evolution speaks volumes about fantasy sports’ status as an industry trend.
Numerous Elements are Behind India’s Economic Surge
There can be no doubt that WeWork’s cryptocurrency-based move is the latest in a long line of fruitful industry trends in India. However, at the core, it’s apparent that the entertainment industry is effectively putting each of the above popular trends into action. If online casinos, television services, and gaming platforms continue to evolve to cater to consumer demands, India’s economy will only grow stronger over the coming years.