Covid-19 impact: Media market to contract in FY21, but digital holds up

Digital advertising, says KPMG, will overtake TV advertising for the first time this fiscal, pointing to the priorities of advertisers

After growing at a rate of 10 per cent over the last five years, India's media and entertainment market will decline 20 per cent in FY21, audit and consultancy firm KPMG said in its latest report on Wednesday. 

The reason is the coronavirus (Covid-19) pandemic and the lockdown imposed to curb the spread of the disease, which has hit significant parts of the business including print, television and cinema, with the latter shut for six months over social distancing concerns. 

While consumers are adjusting to the new normal and cinema halls may eventually open as part of Unlock 5.0, the