The media industry is a strong and well developed industry which is currently growing at high rate; this aspect gives the industry a lot of strength. With the increase in the level of education and media industry has a well educated and skilled workforce with innovative ideas and technology which is an added positive aspect of the industry. The competitiveness of the media industry has enabled the industry to grow technically both vertically and horizontally, which is another positive aspect in the industry. India also offers strategic location and market in terms of its high population which is a boost to the industry.
Among the weakness in the industry, a current weakness may be inability to adhere to ethical standards in the industry which has lead to lawsuits filled against some media industries. The industry also has been slow in its growth only picking up in the recent past, thus its innovation and marketing strategies may be not competitive on the global arena.
According to the industry experts the industry still has room to expand within India as the market is wide. Media services are being sought with many organizations and thus this offers the industry to increase its market share. The high technological innovation which is happening everyday also presents a good opportunity for the media industry to utilize the latest technology in expanding its product mix or improving existing ones hence reaching or increasing its market. There is exists new business in the global market for the industry. (Bird, 2003)
Though India can be said to be stable political, the country his known for frequent changes in government administration and instability in some regions or states, this issue negatively affects the media and it is threat to the media. Also government legislations in India are known to some extend as hindering the growth of industry especially for foreign companies. Also, the current threat poised by piracy, which persists to deter investments in all media sectors has continued to threaten the industry growth. (Bird, 2003)
PESTEL analysis of the media Industry in India
PESTLE stands for: political, economic, social/cultural, technological, legal, environmental. A description of developments (known) and rising issues (unknown) which may impact on an industry/sector,
Over the past year the media industry has continued to witness increased political interest increase because of the recognition of the media industry economic importance to the overall economic growth f the country. Policy stage Changes of administration or political principles have changed along the media industry