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The Indian Media and Entertainment Industry expected to grow to US$ 100 billion by 2024
Nov 15, 2019

The need of the hour is for the Media and Entertainment industry to converge with policy initiatives, to help this booming sector fulfill its potential, at the fore. The CII Big Picture Summit provides this platform for all the stakeholders in the industry to help create the necessary environment to drive this industry forward.

The 2nd day of the 2019 Big Picture Summit saw Mr Sudhanshu Pandey, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry state that the power the M&E sector holds is multiplying as we are moving into a digital space. The digital revolution in M&E has created jobs and entrepreneurship at every corner of the country. He also stated that if we make the broadband faster, we can double the contribution of the sector every three years. He also went on to state the need for appropriate infrastructure in the industry to cater to the entrepreneurship environment that is slowly being cultivated.

Mr Alexander Shulgin, Futurist & VC, Family Group Russia who spoke on the transformation the world will undergo as a result of data mining and block chain, where block chain will help us in peer to peer connection, maintaining the privacy as there is only a single source of data.

Mr Karan Bedi, CEO, MX Player emphasised  how OTT has been a true revolution in India where since 2016, data consumption has gone nearly 20 times per capita and 28 times per aggregate. He stated that India has always been a supply constrained market in the entertainment sector due to shortage of screens. However, this has been drastically changing with the growth of online content as demand is being met through various platforms.

Mr Rahul Rawail, Indian film maker, speaking on regulation stated that consumers should be the decider of what he consumes, and the let choice of what one has to watch be left with the viewer with a disclaimer. Mr Ashish Kulkarni, Founder of Punnaryug Artvision Pvt Ltd & Screenyug Creations Pvt Ltd spoke on the need for co-production treaties to be implemented in a smoother manner, and how every segment producing content should be given equal weightage and how the creative content Commission needs to come into play. Mr Vikramjit Roy , Head Film Facilitation Office, Ministry of Information and Broadcasting stated that film friendliness factor has to be very high for people to visit and make film in India. For this we need to sensitize various ministries for shooting films at their jurisdictions.

Ms Swara Bhaskar, Indian Film Actress stated that the big change in the film industry came when the government declared that it would be possible to take loans for making films and with that, people started consuming good content. She went on to state that the communication levels between the audiences, makers and distributors have become much clearer.

Mr Blaise Fernandes, President & CEO, Indian Music Industry emphasised the importance for degree based education for various segments of the musical industry as we move forward. Mr Vikramaditya Bam, CEO, Viks Band/Sagarika Music stated the need for an improvement in infrastructure for the current music industry. Mr Dibyendu Lahiri, Proprietor stated that the availability of digital platforms has made it possible to distribute our songs, all over the market with an increase in availability. Ms Priyanka Joshi, Attorney, Zee Music Company spoke on the need for more accountability while emphasising the importance of a free market approach.

With the influx of media channels colleges and other mediums, the whole scenario of the Indian cinema has changed was pointed out by Ms Ashwiny Iyer Tiwari, Indian Filmmaker and writer.

As we move forward as an industry to achieve the goals set for ourselves to become a US$ 100 billion industry, we need to constantly reinvent every segment of the industry. For this, we need platforms such as the Big Picture Summit that brings the stakeholders of the industry under one roof to discuss innovative and holistic ways to continually help this industry grow.

15 November 2019
New Delhi

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