244.7 billion in 2008. The overall television industry is projected to reach Rs.420 billion by 2013.

India's film industry will grow at a CAGR of 11.6 percent over the next five years, reaching to Rs.185 billion in 2013 from the present Rs.107 billion in 2008, the report predicts.

Print media will grow by 5.6 percent and will reach to Rs.213 billion in 2013 from the present Rs.162 billion in 2008, while radio advertising will see 18 percent growth reaching Rs.19 billion in 2013 from the present Rs.8.3 billion.

The report also predicts growth for music industry, which has been the major victim of piracy. The key growth driver for the industry will be digital music, and its share is expected to move from 16 percent in 2008 to 60 percent in 2013. Within digital music, mobile music will continue to increase its share and maintain its dominance.

With growing internet users, online advertising is also expected to grow. The report says internet advertising will grow by 32 percent over the next five years and reach an estimated Rs.20 billion in 2013 from the present Rs.5 billion in 2008.

The share of the online advertising too is projected to grow from 2.3 percent in 2008 to 5.5 percent in 2013 of the overall advertising pie.

Throwing light on Indian advertising spending that was affected by economic slowdown, the report says overall spending is expected to increase from the present size of Rs.216 billion in 2008, to Rs.366 billion in 2013.

'Against the backdrop of volatility in advertising spending, we are also experiencing increased fragmentation of media and its audiences. This will result in a structural change in the advertising world with advertising becoming more targeted, interactive and accountable,' said Kandhari.