The media and entertainment sector is expected to witness 16 percent decline in revenue for FY21, due to fall in advertisement and subscription income in the wake of coronavirus-induced lockdown, rating agency Crisil said. The industry would take a hit of around 18 percent in revenue from advertisement that accounts for nearly 45 percent of total income, while the subscription earning that contributes 55 percent will be relatively resilient with a likely decline of 14 percent, Crisil said in a report. Overall, the industry is expected to have a turnover of around Rs 1.3 lakh crore this fiscal, it added. “The ongoing economic slowdown, made worse by the COVID-19 pandemic, is set to cull Indian media and entertainment industry’s revenue by 16 percent – or Rs 25,000 crore – to Rs 1.3 lakh crore this fiscal,” it said.

(Moneycontrol)