Indian Media & Entertainment sector to reach Rs 1.5 trillion
At a discussion during the inaugural session of FICCI Frames 2018, in Mumbai, Smriti Irani, Union Minister for Information & Broadcasting and Textiles, has said that with Government placing a high thrust to tourism, a lot has to be done in terms of industry coming together and highlighting to the Government specific locations particularly suited to filming, so that these can be pitched to both international community and domestic market.
FRAMES is a three day (5-7 March 2018) global convention covering the entire gamut of Media & Entertainment (M&E) like Films, Broadcast (TV & Radio), Digital Entertainment, Animation, Gaming, Visual Effects, etc. with nearly 2,000 Indian and 800 foreign delegates encompassing the entire universe of media and entertainment expected to attend the event. FICCI-FRAMES have emerged as the foremost business conclave in the entertainment sector attracting almost every vital stale holder in the industry. It has emerged as the biggest event of its kind in Asia.
Indian Media & Entertainment (M&E) sector has seen a 13% growth in the last year to reach Rs 1.5 trillion, as reported by the FICCI-EY study – ‘Reimagining India’s M&E sector’, which was released by Smriti Irani during the FRAMES 2018. The report says that given the current growth trajectory, the sector is expected to cross Rs 2 trillion by 2020 at a CAGR of 11.6%.
The Minister said that various Government departments relating to films will be brought under one umbrella organization, so that a film-maker with a new concept can get the necessary support for the same from one desk. The Minister said the Government would leverage technology to lessen the distance between Government and the film-maker needing assistance.
Irani said that when it comes to content and exhibition of content, the affordability of entertainment is what matters most to consumers. She said that digital technologies have a big role in bringing in affordability, due to falling data prices.
Recalling the Prime Minister’s clarion call to introduce Artificial Intelligence (AI) in everyday life, the Minister spoke of the potential role of AI in film-making, in enhancing consumer experience. She also talked about using data analytics to understand consumer needs, and of the need to look at technology from a creative point of view.
Eminent film personality and Chief Mentor, FICCI Frames, Karan Johar; President, FICCI, Rashesh Shah; Co-Chair, FICCI Media & Entertainment Committee, Siddharth Roy Kapur; Managing Director, Star India Pvt. Ltd., Sanjay Gupta; and Secretary General, FICCI, Dr. Sanjaya Baru were other dignitaries present on the occasion.