Review of Literature According to http//www.iloveindia.com, http//www.ibef.org a report jointly published by the Federation of Indian Chambers of Commerce and Industry (FICCI) and KPMG, the media and entertainment industry in India is likely to grow 12.5 per cent per annum over the next five years and touch US$ 20.09 billion by 2013. According to http//www.thinkexist.com entertainment Industry in India comprises of Film Industry and Television Industry. The Indian entertainment industry is among the fastest growing sectors in the country. In the past two decades entertainment industry in India has witnessed explosive growth. In television alone, from a single state owned television network, Door- darshan in 1991, today there are over 300 national, regional and local channels being beamed across the country. Indian film industry is the largest film industry in the world, producing on an average, close to a thousand films a year in all languages. In terms of film production India exceeds Hollywood's production volume by over three times. Some of the fastest growing segments in the Indian entertainment industry include music, cable and satellite television, animation and FM. According to an estimate by FICCI and Ernst and Young Indian entertainment industry would worth more than Rs. 400,000 million in 2008. Several positive developments like the accordance of the 'industry' status to the film industry, satellite channel penetration, the retail boom in the channels for music sales (Music World & Planet M), the use of digital technology in all spheres of entertainment and the growth of multiplexes have contributed to the growth of this sector. According to Marketing Research by Rajendra Nargundkar- The McGraw-Hill companies entertainment industry in India is presently in a consolidation phase as boundary lines between films, music and television are fast disappearing. Skills and resources are being pooled extensively. Besides adaptation to high-end digital technology, the entertainment industry is also witnessing rapid development of state-of-the-art studios and post production facilities. The Television industry is witnessing a spate of new channels being launched every year. TV is also penetrating into the rural areas and is a promising segment. Homes with TVs are expected to grow from 112 million to 200 million in a few years.According to Marketing Concepts and Cases by Michael J Etzel, Bruce J Walker-The McGraw-Hill companies India boasts of being the third largest television market in the world today. And cable penetration (pay TV market) is expected to grow from the present 70 million to all TV homes. More than 350 channels (paid and free) are available to viewers in India today. The fact that 40 per cent households of India are still without television connectivity highlights the scope of growth in the segment. The majority of the revenue generated in the television industry is through advertisements, followed by subscriptions. The Indian television advertisements market is currently valued at about US$ 1,067 million and is expected to grow at a rapid rate with the increase in the number of channels and the television viewers. Over the next five years, the subscription revenues are poised to be the growth driver of the Indian television industry. The number of pay TV homes and the increased subscription rates will increase the subscription revenues. The spread among the lower- income groups is very low and offers a wide scope for growth. The Indian television industry is currently being dominated by Star India, which is the top player in the sector at present. Freire Project (2013) reveals that television in India passes fifty years‘ service. We have a lot of studies available on its various impacts and status. The television began in India amazingly. It was an idiot box once. But the scene is changed. It is a most wanted pet in almost all parts of the nation. Both towns and villages keep the ‗box‘ as a special part of socio cultural life. As all historians point out, television began as a medium for instruction, now it is termed for information, entertainment, and infotainment and for commercials. The instructional purpose is minimized and other areas developed in a large way. The extended use of television creates a new enthusiasm and cultural entity. Positive and negative impacts are identified by researchers and critics. City folk and village people swallow what they get from media; especially from television is the new custom. The hidden agenda behind media content is not a concern to the normal television watchers. We have to critically evaluate the present situation and media environment. Singh, J. (2011) found that although, there exists no consensus about the impact of television commercials on the social and moral behavior of viewers, the accusations that we come across in past research are grave. This study is an attempt to examine the same in India. An empirical analysis of the views of 520 respondents revealed that television commercials undermine social, moral and religious values and negatively influence human behavior. They violate ethical norms and disrespect the integrity of cultures, the consequences of which manifest themselves in the form of degradation of women, sexual preoccupation and boost to materialism. Degradation of relationships in Indian families and the misleading and untruthful content of television commercials are yet other points of concern highlighted by the study. Barathi, C., Balaji, C. D., Meitei, I. (2011) point out the entertainment sector in India is poised for a compounded annual growth rate of 20% according to a recent KPMG report. The key factors that are driving the growth of the media and entertainment industry in India are the favourable demographics, growing literacy, increasing affluence, development of technology, government support and the growing interest in the Indian way of life. The never before seen growth in the sector has been the result of the growing number of television channels, FM radio channels, rising popularity of social media, growing demand for content from mobile operators which is expected to further increase with the growth of 3G services and innovations of technology. This has resulted in the availability of entertainment anywhere and at anytime at the touch of a button and has ensured wide spread reach of the industry. During the year 2010, the media and entertainment industry grew by 11 percent and recorded revenues of Rs.65,200 crore. The growth in advertising revenues by 17 per cent to Rs.26,600 core, increase in subscription revenues, increasing variety of rich content coupled with the opportunity for its monetization and the government‘s thrust to digitization are expected to aid in the robust growth of the sector. This paper is an in depth analysis of the various components of the Indian entertainment sector, the current scenario and challenges in the print and electronic space, the growth opportunities and the future potential. Iindiantelevision.com Team (2002) explore that the war of soaps is on and the media covers the TRP & TVR to the hilt. But of late news is back in news. Amidst this scenario, what the media has forgotten is that TV is not just the cable & satellite world. It's much larger; the audiences are wider and spread across. The C&S world is miniscule compared to all TV homes and that's what the New Delhi based BAG Films is trying to exploit through its news programme called Rozana which will soon resurface on DD Metro in the post10 pm slot. Rozana, with the essence of last 24 hours encapsulated in 24 minutes, is being given a different flavour; a flavour of the way the news is going to affect a commoner. The capsule will have 12 broad platforms, from news headlines and analysis to investigative reporting to public concern areas to crime reports to la Rubaru and a dialogue with the most controversial personality of the week. BARC INDIA (2013) raised the biggest question that has been answered is that of reporting frequency. In an official communication, BARC India has said that the frequency of reporting is likely to be weekly except for certain data types for which it might aggregate the data by period, time band or geography. It also says that since currently the number of households with multiple TV sets is low, it won‘t be reporting this number separately but will still measure multiple TVs wherever it may be in sample households. At the same time it is aiming at releasing viewership data and adex data simultaneously. The upcoming ratings agency also claims to be future ready by having the technology that will allow it to report even time shift viewing from the first day. A stringent monitoring process is on the cards. BARC India is looking at appointing a senior police official for heading vigilance. But it says that the data collection format and technology that it uses makes it highly unlikely for tampering. Watermarking technology can also support capturing cable TV channels and if MSOs want their channels to be measured, they can invest in the embedding technology. However, no MSO biases would be considered for sampling as the panel would be a reflection of what people watch. For its extensive and advanced technology, it is looking at an ingenuous pricing model that will make affordable data available to the last mile. Srivastava P. (2013) posted that it cannot get any better than this for couch potatoes. With several big television shows running on various channels simultaneously, the Indian audience is spoilt for choice. All eyes are set on the small screen also because a number of shows featuring big stars have gone on air in the last few weeks.