New Delhi: It is estimated that the Indian entertainment and media industry is set to touch Rs 1,15,700 crore ($28.9 billion) by 2012 with a compounded annual growth rate of 18 percent between 2008 and 2012, says a latest report by FICCI and PricewaterhouseCoopers.

The report pegs the size of the industry at an estimated Rs 51,300 crore in 2007 up from Rs 43,800 crore in 2006. "The performance of the Indian entertainment and media industry has surpassed the performance of the Indian economy and most other industries in 2007. In the last four years (2004-07), the industry recorded a cumulative growth of 19 percent on an overall basis," the report said.

The advertising industry contributed a share of 38 percent in the overall industry revenue of 2007, up from 37 percent in 2006. The advertising industry itself recorded a growth of 22 percent over the previous year contributing an estimated Rs 19,600 crore in 2007 as compared with Rs 16,100 crore in 2006. In the last four years, the advertising industry recorded a cumulative growth of 20 percent on an overall basis.

The report put the size of the TV industry at Rs 22,600 crore, print media at Rs 14,900 crore, filmed entertainment at Rs 9,600 crore and the radio at Rs 620 crore for the year 2007.

The report comes at a time when the curtains of FICCI-FRAMES 2008 - a global convention on the business of entertainment - are all set to go up on March 25 in Mumbai. The event is expected to see the participation of over 2,500 Indian and foreign delegates, from nearly 20 countries, in seminars and networking business sessions.