The $13 billion Indian media and entertainment industry is seen growing 13 percent annually over the next five years to net revenues of $24.25 billion by 2014, says a report released Tuesday.

The study by the Federation of Indian Chambers of Commerce and Industry (FICCI) made the projection based on the recovery staged by the industry in the last quarter of 2009, which, it feels, will continue in the future.

The growth will be driven by factors like favourable demographics, high economic growth, strong fundamentals, expected rise in advertising revenue and increasing penetration, adds the study, conducted jointly by consultancy KPMG.

"The media and entertainment industry represents the face of consumers in India, " said FICCI secretary general Amit Mitra, after the study was released by Maharashtra Chief Minister Ashok Chavan at the Frames 2010 conference.

"It is a part of our daily life and touches maximum number of people. So despite the challenging last year, I'm excited by the potential of the industry to even grow beyond 13 percent per annum over the next few years," Mitra said.

Others who attended the inaugural event at India's commercial and entertainment hub included actors Shah Rukh Khan and Katrina Kaif and filmmakers Yash Chopra and Karan Johar.

Speaking on the session, Shah Rukh Khan said the three basic needs of every Indian -- food, clothing and shelter (roti, kapda aur makaan) -- appeared to have been fulfilled for most.

"There is now a fourth desire and that is entertainment and movies are a popular source of this fourth requirement. Another concept popularly emerging and posing to have a great future is sport entertainment," he said.

"We are at the threshold of a huge burst on the entertainment arena in India and entertainment is the packaging of a growing economy."

As per the FICCI-KPMG study several factors augur well for the industry, notably the potential for growth in media reach, impact of digitisation and convergence, better consumer understanding, innovation and enhanced penetration of regional markets.

The study also gives the following estimates of the size of various segments of media and entertainment industry in 2009 and the projection for 2014:

Television: From $5.71 billion to $11.58 billion

Filmed Entertainment: From $1.98 billion to $3.09 billion

Print Media: From $3.88 billion to $5.97 billion

Radio: From $173 million to $364 million

Music: From $184 million to $382 million

Animation: From just $71 million to $1.03 billion

According to the study, gaming will be the fastest growing sector in the media and entertainment industry. This sector grew 22 percent in 2009 and is expected to expand by 32 percent per annum to reach $711 million by 2014.