"The long term story for Indian advertising remains strong": Jehil Thakkar, KPMG

Jehil Thakkar, head of media and entertainment, KPMG in India, on the 2014 FICCI Report.

KPMG's Jehil Thakkar dissects the FICCI report, medium-wise:

• Television - Mixed Signals

"Once the industry completes the entire process of digitisation, including the required back end infrastructure, the industry will see increased top and bottom lines."

• Print - Regional Reference

"Print had a better year and regional performed well. Elections this year will also provide a boost to the industry."

• Films - Exhibiting Strength

"The film industry will continue to perform well. However, in the medium term, the slowdown in screen additions and slowing the growth of ticket price will impact overall growth."

• Music - Waiting for the digital promise

"The music industry is in a transition phase; it's still working through business models for the digital age."

• Radio - At a new frequency

"Phase III has now become the proverbial pot of gold at the end of the rainbow. There are several regulatory issues that need to be dealt with quickly in order to realise the promise of radio."

• New Media - Getting to critical mass

"Digital truly hit the critical mass. With telecom companies now focusing on data revenue, the opportunity that digital now offers the M&E industry is tremendous."

• Animation/VFX and Post-production - Creating Magic

"It was a tough year for animation. The industry continued to struggle in the absence of government incentives. VFX, on the other hand, continued to grow from strength to strength. Both the complexity and volume in VFX went up."

• Advertising - Paused for growth

"While advertising was impacted last year due to several factors including slow macro-economic growth, issues with measurement systems and the television ad cap, the long term story for Indian advertising remains strong with a strong consumer base and several sectors having a lot of headroom for growth."

• Out Of Home - Displaying Resilience

"In a slow economic environment, OOH continued to struggle. Transit did well but the lack of a credible measurement system continues to remain a challenge."

• Live Events - Taking Centre Stage

"The historically fragmented Live events space is starting to mature and some companies are starting to hit scale. As India builds more venues and the infrastructure falls into place, this space will see a lot of vibrancy."

• Deal Volume and Value in 2013 - Searching for opportunities

"We will only see deals increase and activity pick up once there is clarity on the regulatory and the economic front. Consolidation as well as inbound deals are likely to pick up once they are more certain on both fronts."

• Tax and Regulatory - Navigating through tax companies

"For an industry that is building the foundation for future growth, tax and regulatory burden is significant. The industry needs a uniform, coherent tax structure and predictability."