India's entertainment industry will generate $9.5bn in revenues 2008, according to a new study by consultants Ernst & Young.

Revenues for the industry - which includes films, radio, television and live events - grew by 15% in 2003 to $4.2bn.

Film revenues are currently worth $1bn, according to Ernst & Young, second only to the broadcasting industry which has revenues of $2.9bn according to the study.

Sixteen Indian films in 2003 grossed more than US$ 2 million in the local market compared to 13 in 2002.