Create, connect, and converge for transformational growth

The Indian media and entertainment (M&E) industry is transforming into a key driver of economic growth, both domestically and internationally, while simultaneously employing a significant portion of the population, and has transformed into a focal point of the Indian economy.

The CII Big Picture Summit 2019, held on November 14–15, 2019, provided a platform for the stakeholders of the industry to converge to create a robust and holistic environment that will allow for the Indian M&E industry to reach the USD 100-billion mark, the target that it has set for itself while focusing on policy initiatives to drive the segment forward. Both national and international experts for the M&E sector, the government, along with academia and civil society, took advantage of this platform and discussed new ways to boost the growth of this sector.

On the summit, CII alongside Amit Khare who was then, secretary, Ministry of Information and Broadcasting; Dr RS Sharma, chairman, Telecom Regulatory Authority of India (TRAI); Shashi Shekhar Vempati, chief executive officer, Prasar Bharati, released a report –The Trillion (And Growing) Touchpoint Story – Recognizing the Modernization Conundrum, capturing the drivers of growth in the industry while revealing a path toward a more sustainable future even in uncertain times.

Amit Khare, ex-secretary, Ministry of Information and Broadcasting, deliberated on how the industry has transformed over the years with the private sector becoming the dominant player in recent times. He emphasized how the government has transformed itself into a facilitator for the industry by addressing the steps that have been taken for the ease of film shooting, curbing privacy, and the need for the government along with private players to step in to address the existing skill gap. He also stated the need for OTT platforms to have a self-regulatory system, one that is similar to what is witnessed in the news-print industry.

Dr RS Sharma, chairman, Telecom Regulatory Authority of India, emphasized as to how the government acts as a facilitator to the industry. He spoke on the process undertaken by TRAI, where before any regulatory exercise, they address the problem by consulting various stakeholders within the industry. He also spoke on how the industry needs to leverage the diversity in the country and let the audience decide what they want to watch.

Shashi Shekhar Vempati, chief executive officer, Prasar Bharati, elaborated on the transformation that the public sector has undertaken in the industry, while providing the industry with a vision for the coming decade. He stated the need for global brands to emerge from the industry and create a global digital ecosystem.

Atul Kumar Tiwari, additional secretary, Ministry of Information and Broadcasting, spoke on the dearth of credible data of the M&E industry that currently exists and the need to improve the situation. He emphasized the need to tackle data privacy, and moving forward, with regard to content, morality and morals of the society need to be constantly upheld. He also spoke on the government’s need to work for the skilling of the sector and reiterated that the government has undertaken proactive measures by recognizing M&E as a champion services sector.

SK Gupta, secretary, Telecom Regulatory Authority of India, spoke on how the industry has evolved where the earlier scenario saw a push in content where consumers were provided with content, which satisfied their needs. Presently, there has been a shift to a pull in content demand, which is primarily driven by OTT platforms. This is due to a change in consumer behavior and, therefore, as they draft a policy, it needs to adhere to these changes as well.

Sudhanshu Vats, chairman, CII National Committee on M&E and group CEO and MD, Viacom 18 Pvt. Ltd., stated the need for the three main players, industry, consumers, and policy makers to converge. He emphasized the importance to let the free market play out in order to create a robust environment for future growth.

Themed Create, Connect, and Converge for Transformational Growth, the summit concluded that coming years will be very important for the industry as it aims to transform the trillion touchpoints into a more sustainable proposition. With advertising rupees growing, the future is truly promising for the industry.