The public relations industry grew 18 per cent in 2016-17 to Rs 1,315 crore with boutique firms performing remarkably well, says a report.
The public relations industry grew 18 per cent in 2016-17 to Rs 1,315 crore with boutique firms performing remarkably well, says a report. The industry is further expected to register double-digit growth and reach Rs 2,000 crore by 2020, the report released by Public Relations Consultants Association of India (PRCAI) said. In 2015-16, the communications industry stood at Rs 1,120 crore. “Communication trends and tools are changing in a heartbeat. Constant innovation and smart adaptation to the changing landscape are indispensable for PR firms today,” PRCAI President and Avian Media CEO Nitin Mantri said.
The growth has been driven by retail, automobile and FMCG sectors, the report said, adding that large firms have reported significant increase of 14 per cent in FMCG and retail revenues. However, the information and communication technology sector saw a decline with a revenue share of only 8 per cent compared to 20 per cent in the previous year. Financial services segment also saw a decline in revenue share.
“Overall, the private sector continues to account for 95 per cent of the PR spends,” the survey said. Digital and social media continues to contribute significantly (12 per cent) to the revenues of the industry, the report noted.
In terms of challenges facing the industry, it said availability and retaining talent continues to be a key concern for stakeholders. As a result, the focus of all firms has been employee growth and motivation.