The report reckons three factors could push the growth to more than 17 per cent - higher consumer spend, higher advertiser spend and policy support.
The most interesting aspect the report focuses on is consumer spend.
In countries like the US, where consumer spends on M&E products are higher than ad spends, the market shifts; the way content is created and distributed changes.
And, revenue flexibility increases - you become less dependent on advertisers.
In India the only segment in which consumers pay reasonable prices for media products is films.
The box-office accounts for about 60 per cent of the industry's revenue.
Add ringtones and home video sales, and the figure would probably rise to 65-70 per cent.
The per capita spend on tickets and ancillaries around cinema has been rising, thanks to multiplexes.
As the money coming back into the system has increased, it has led to a creative explosion not seen in two decades.