India’s Media Revolution: First World Audio Visual & Entertainment Summit

India’s Media and Entertainment (M&E) industry is experiencing an unprecedented transformation, driven by the rapid growth of Over-The-Top (OTT) platforms such as Netflix, Amazon Prime, and Disney+ Hotstar. These platforms have revolutionized the way content is consumed, allowing Indian creators to reach global audiences and showcase their work on an international stage. This digital revolution has not only boosted the reach of Indian content but has also positioned India as a key player in the global M&E industry. The upcoming World Audio Visual & Entertainment Summit (WAVES) in Goa from November 20th to 24th, 2024, marks a significant milestone in India’s journey towards becoming a global entertainment powerhouse.

The Rise of OTT Platforms: Redefining Indian Content Distribution

The advent of OTT platforms has dramatically changed the landscape of the Indian M&E industry. These platforms have democratized access to content, enabling viewers across the globe to enjoy Indian movies, television shows, web series, and documentaries. Indian content, once limited to regional and national audiences, is now being streamed in more than 130 countries, making it accessible to a diverse and global audience.

OTT platforms have also provided a platform for independent creators and smaller production houses, who were previously overshadowed by larger, more established studios. This has led to a surge in the production of niche content that caters to specific audiences, further enriching the diversity of Indian media. For instance, shows like “Sacred Games” and “Delhi Crime” have garnered international acclaim, proving that Indian content can compete on a global scale in terms of quality and storytelling.

Moreover, the success of Indian content on OTT platforms has paved the way for international collaborations and partnerships. Indian production houses are now working with global studios to create content that appeals to both Indian and international audiences. This has not only expanded the reach of Indian content but has also positioned India as a central hub for affordable and high-quality content production.

The Diverse Landscape of Indian Content Production

India’s content creation is as diverse as its culture and traditions. The Indian M&E industry produces a wide range of content, including movies, television shows, news, sports, and digital media. This diversity is reflective of India’s rich cultural heritage and its ability to innovate and adapt to changing global trends.

Bollywood, the Hindi-language film industry based in Mumbai, remains at the forefront of Indian content production. However, regional film industries, such as Tollywood (Telugu cinema), Kollywood (Tamil cinema), and Mollywood (Malayalam cinema), are also making significant contributions to the industry. These regional industries produce films that resonate with local audiences while also gaining popularity internationally.

In addition to films, India is also a leading producer of television content. Indian soap operas and reality shows are immensely popular not only in India but also among the Indian diaspora around the world. Digital content, including web series and short films, is also on the rise, driven by the increasing consumption of content on OTT platforms.

India’s Growing Influence in Animation and VFX

India is already recognized as a global leader in animation and visual effects (VFX). Indian studios have worked on several Hollywood blockbusters, providing high-quality VFX at a fraction of the cost compared to Western studios. This has earned India a reputation for creative excellence and cost-effective solutions in the global animation and VFX industry.

The Indian government is aware of the immense potential of the M&E sector, particularly in animation and VFX. As a result, the government is actively supporting the growth of this industry through various initiatives and policies. These efforts are aimed at making India a global hub for animation and VFX, attracting international studios to outsource their work to India.

The Inaugural World Audio Visual & Entertainment Summit (WAVES)

To further bolster India’s M&E industry, the Ministry of Information and Broadcasting is organizing the first-ever World Audio Visual & Entertainment Summit (WAVES) in Goa from November 20th to 24th, 2024. This summit is a significant step towards strengthening India’s connections with the global entertainment industry and enhancing its influence on the international stage.

WAVES aims to bring together industry leaders, innovators, and key stakeholders from around the world to discuss the future of the M&E industry. The summit will focus on the economics of entertainment, new technological advancements, and the challenges and opportunities facing the industry. By facilitating discussions and fostering partnerships, WAVES is expected to play a crucial role in shaping the future of India’s M&E sector.

The ‘Create in India Challenge’: A Push for Innovation

As part of the WAVES summit, Union Minister Ashwini Vaishnaw launched the ‘Create in India Challenge – Season 1,’ a groundbreaking initiative that introduces 25 new programs designed to encourage innovation in the M&E sector. This challenge is a reflection of the government’s commitment to fostering creativity and attracting investment in the industry.

The ‘Create in India Challenge’ is expected to be a game-changer for the Indian M&E industry. By providing a platform for creators to showcase their work and compete on a global scale, the challenge will help identify and nurture new talent. The initiative also aims to promote the development of original content that reflects India’s rich cultural heritage while appealing to global audiences.

Government Support and Industry Growth

The Indian government recognizes the M&E sector as a key driver of economic growth and is committed to supporting its development. Various initiatives, including tax incentives, funding for startups, and infrastructure development, are being implemented to attract investment and foster innovation in the industry.

The government’s support is particularly crucial in the context of India’s growing influence in the global M&E industry. With a large and young population, a thriving digital economy, and a rich cultural heritage, India is well-positioned to become a global leader in media and entertainment. The WAVES summit and the ‘Create in India Challenge’ are expected to play a pivotal role in realizing this vision.

The Future of India’s Media and Entertainment Industry

The future of India’s M&E industry looks bright. With the continued growth of OTT platforms, the increasing popularity of Indian content globally, and the government’s commitment to supporting the industry, India is poised to become a major player in the global entertainment landscape.

The WAVES summit in Goa is not just an event; it’s a statement of India’s ambitions in the global M&E industry. By bringing together industry leaders, innovators, and policymakers from around the world, the summit will provide a platform for discussions on the future of entertainment and the role India will play in shaping it.

As India continues to grow as a global entertainment hub, the M&E industry is expected to contribute significantly to the country’s economy, creating new jobs, attracting investment, and driving innovation. The WAVES summit and the ‘Create in India Challenge’ are just the beginning of what promises to be an exciting journey for India’s M&E industry.