Govt to soon announce AVGC policy and create AVGC Mission: Secretary, Ministry of Information & Broadcasting
May 03, 2023
Hope to come up with NFDC's own OTT
as a platform to showcase those films that don't get space in the market
Indian M&E sector to touch Rs 3 trillion in 2025: FICCI-EY Report
MUMBAI, 03 May 2023: Mr Apurva Chandra, Secretary, Ministry of
Information & Broadcasting, Govt of India today shared that the
government is working to soon bring an Animation, Visual Effects, Gaming and
Comic (AVGC) policy and create an AVGC Mission.
Addressing the 23rd edition of FICCI FRAMES,
Mr Chandra said, "Animation, visual effects and graphics are areas which
have tremendous potential. With the establishment of the AVGC Task Force and
the creation of a national policy for AVGC, India will be well on its way to
becoming a global leader in the AVGC industry."
Highlighting the untapped potential of the Indian Media and
Entertainment industry, the Secretary asserted, "There is still a world left to
be captured by the Indian Media and Entertainment industry. The world is
interested in Indian stories and Indian culture."
He further assured the industry of support from the
government and stated, "The government would like to be facilitators and
supporters of the media and entertainment industry so that it reaches the world
stage. We would like to work with the industry to set up more and more
institutes so that more manpower comes on board in the industry."
Mr Chandra added that the government is in the works to set up a
National Centre for Excellence operational in Mumbai by next year.
Underlining the role of National Film Development Corporation
of India (NFDC), Mr Chandra said, "Through NFDC we need to finance
projects and give support to young film makers who don't have access to funds
otherwise. We plan to come up with NFDC's own OTT as a platform to showcase
those films that don't get space in the market so that young talent gets a
chance to showcase its talent."
Commenting on the Cinematograph Act, the Secretary
said, "The Cabinet has recently approved the revamp of the Cinematograph Act so
that strict actions can be taken against piracy. The act is likely to be
introduced in the Monsoon Session of the Parliament. We hope to get it passed
soon."
"This (Cinematograph Act) will give direct powers to the
government to take action against websites showing pirated films," shared the
secretary.
Dr PD Vaghela, Chairman, Telecom Regulatory Authority of
India (TRAI)
said, "With the way technology is changing and the way new players are coming,
we must ensure a level playing field for all. We should not impose regulations
or restrictions on the new players; less regulation is the best regulation."
Mr Subhrakant Panda, President, FICCI said, "Media & Entertainment
industry in India is growing at a CAGR of 10.5 per cent and is expected to
reach Rs 2.86 trillion in 2025, underscoring both its importance and
resilience. Internet access even in remote areas, low cost of data and
smartphone penetration has contributed to the growth of digital media."
Mr Panda further stated, "Given the rapidly changing landscape, industry
participants must be agile and respond to evolving trends. Conducive policies
have led to M&E becoming an integral part of the economy, it's not just in
terms of creativity and entertainment, but also job creation. FICCI is
committed to working with all stakeholders for the growth of the Indian M&E
industry and supporting its global ambitions."
Ms Jyoti Deshpande, Chair, FICCI M&E Committee; CEO,
Viacom 18 Media & President - Media & Content Business, Reliance
Industries Ltd said, "With disruptions and an imminent equally disruptive entertainment launch, a
digital-forward economy has already seen content and data consumption levels
reach monumental proportions by global standards. Indians now consume nearly
20GB data per month on an average, No. 1 in the world already, and expected to
reach 46 GB by 2027."
"The proliferation of Smartphones, Connected TV, advent of 5G
and affordable data rates all contribute to the fulfilment of the Digital India
dream. Propelled by double digit growth, by 2025 we are set to become Rs 2.86
trillion industry," added Ms Deshpande.
Highlighting the global recognition of Indian film industry,
Actor Mr Ayushmann Khurana said, "The more local we go, the more global we
reach. Our film industry is at the cusp of global greatness. India is now being
looked at as a creative juggernaut and our industry is being welcomed
globally."
Mr Shailesh K Pathak, Secretary General, FICCI said, "The art of storytelling that
Indians across the country have is amazing. In 2030, when India will be the 3rd
largest economy, our Media & Entertainment sector will be one of the
largest in the world."
FICCI-EY report titled 'Windows of opportunity - India's media &
entertainment sector maximizing across segments' was also launched at the FICCI
FRAMES 2023. Sharing salient outcomes of the report, Mr Ashish Pherwani,
Partner - Media & Entertainment, EY India, stated, "The Indian M&E
consumer base is large but heterogenous, hungry for content but willing to pay
only for value, and more than ready to experiment with technology, be it
streaming, digital payments, online education, virtual experiences, e-commerce,
social media, or gaming. The diverse consumer base, coupled with favorable macroeconomic
and demographic factors, have translated into a very exciting time for the
sector."
Highlights of the FICCI-EY Report:
- Indian
M&E sector grew 20% in 2022, touching the highest ever mark of INR2
trillion
- It is
expected to grow a further INR 734 billion to reach INR 2.83 trillion in
2025
- Advertising
grew 19% and crossed INR1 trillion (INR1 lakh crore) for the first time
- Digital
media grew by INR132 billion to reach INR571 billion, and now comprises
27% of the Indian M&E sector and 48% of all advertising revenues
- Except
for TV subscription, all M&E segments grew in 2022