Indian entertainment industry lost Rs 22,400 cr to piracy in 2023: Report – The Tribune-OxBig News Network

The Indian entertainment industry suffered a staggering loss of Rs 22,400 crore in 2023 due to piracy, according to a report released on Wednesday.

According to “The Rob Report” by EY and the Internet and Mobile Association of India (IAMAI), 51 per cent of media consumers in India access content from pirated sources, with streaming services being the most significant contributor at 63 per cent.”

“The size of India’s piracy economy was Rs 22,400 crore in 2023, ranking fourth against the segment-wise revenue generated by India’s Media and Entertainment industry. Of this, Rs 13,700 crore was generated from pirated content from movie theatres, while Rs 8,700 crore was generated from OTT platforms’ content. It is estimated that this also led to potential GST losses of up to Rs 4,300 crore,” it said.

The report also advocated for stronger regulations and collaborative efforts to effectively mitigate piracy risks.

Rohit Jain, Chairman of IAMAI’s Digital Entertainment Committee, said: “The rapid growth of digital entertainment in India is undeniable, with filmed entertainment expected to reach Rs 14,600 crore by 2026. However, this potential is severely threatened by rampant piracy. It is imperative for all stakeholders to unite in combating this issue.”

Meanwhile, viewers cited high subscription fees, the unavailability of desired content, and the hassle of managing multiple subscriptions as primary reasons for indulging in pirated content.