At the annual Federation of Indian Chambers of Commerce and Industry (FICCI) FRAMES conference, Sanjay Jaju, secretary, Ministry of Information and Broadcasting, Government of India addressed the attendees on the development of the media and entertainment sector and how it is poised for growth in the coming decade.
This industry is renowned for its creativity and innovation, culture and richness. It serves as a brain not only for India but now, for the world as well.” Jaju said.
India is currently the frontrunner for digital transformation and the M&E sector is also witnessing shifts in the type of content being created and consumed.
The accessibility of content, now that we have very affordable smartphones as well as data has increased tenfold. Be it urban or rural or remote, almost every part of India has easy access to various forms of content today.
“We have close to 90 crore internet users, more than 60 crore smartphones, more than 4 crore connected TVs,” Jaju said.
“84 percent of smartphone users check their phones every 15 minutes. We spend close to 5 hours a day on our smartphones today.” He added.
As per the FICCI report last year, the size of India’s media and entertainment sector was estimated to reach Rs. 2 lakh crores, Jaju mentioned. The digital media segment is witnessing a growth of around 30 percent YoY.
Jaju added that “The main shift here is largely due to the large shift in the OTT space. There are close to 60 OTT platforms in India, including regional languages. The current estimate is around Rs. 10000 crore that the industry is valued at.”
Additionally, a lot of foreign investment is also flowing in since content is being produced within the county itself, Jaju also mentioned.
“This paves the way for looking at this sector as the chief contributor to India’s soft power,” said the secretary.
The government of India and the state governments have taken a large number of initiatives to promote and spotlight the media and entertainment industry.
He also said, “Furthermore, the recent amendments in the Cinematograph Act 1952 provide for strict action against film piracy.”
The information technology tributary guidelines too enable digital news publishers and OTT platforms to address citizen grievances.
“The Create In India initiative is now in its advances stage. This will not only facilitate investments but will also foster innovation and assure skill development,” he added.
“The government is also establishing a National Centre of Excellence for animation, visual effects, gaming, comics, etc. This will build a world-class talent pool for this segment.”