Recently, Union Minister of Information and Broadcasting (I$B), Ashwani Vaishnaw announced that India will host World Audio Visual & Entertainment Summit in November alongside the International Film Festival of India. The minister made this announcement at a curtain raiser event in New Delhi, joined by Goa’s Chief Minister Pramod Sawant and Union Minister of State for Information and Broadcasting Dr. L. Murugan.
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When and Where?
The event will take place in Goa from November 20-24 along with the International Film Festival of India held from November 20-28.
Official Website: https://wavesindia.org/
More About the Curtain Raiser Event-
“IP rights hold significant value in the media and entertainment sector. We will be strengthening the ecosystem to protect these rights,” said Information and Broadcasting Minister Vaishnaw at the WAVES curtain raiser event.
Vaishnaw also mentioned that the government is exploring ways to provide low-cost funding to the media and entertainment sector, drawing insights from the venture capital model.
“The media and entertainment (M&E) industry is experiencing a structural change with significant technological advancements. This has created many opportunities but also raised concerns among some participants who have struggled to keep up with the changes,” he said. He emphasised that public policy should enable harnessing the best outcomes from these structural changes, and the government is committed to supporting the entire media and entertainment ecosystem in adapting to these changes.
The minister also highlighted the government’s focus on creating employment and enhancing the talent pipeline in the media and entertainment sector. “This will be achieved through both structural and procedural efforts, ensuring an ecosystem that promotes high-quality content and protects IP rights in the country,” Vaishnaw said.
The Minister added that WAVES and IFFI are two parts of the same spectrum, with the WAVES Summit representing the input and the International Film Festival of India (IFFI) representing the output. He noted that this convergence of input and output would establish Goa as a major hub for creativity and talent, solidifying its position as a beacon of innovation and artistic expression. He also expressed gratitude to the Chief Minister of Goa for hosting WAVES 2024 alongside IFFI, bringing both ends of the spectrum together.
Goa’s Chief Minister Sawant noted that WAVES would introduce a new dimension for industry collaboration, networking, and growth in the media and entertainment sector. He mentioned that the sector produced 3,000 hours of content for OTT platforms in 2023 alone.
The media and entertainment sector in India is valued at USD 27.5 billion. The government aims to position WAVES as a platform to spark ideas, fuel discussions, facilitate knowledge exchange, and encourage meaningful collaborations with industry leaders worldwide. It also seeks to present India as a business-friendly country and an attractive investment destination for the sector.
I&B Secretary Sanjay Jaju stated that the WAVES event aims to position India as a global leader in the media and entertainment sector. The summit will focus on fostering innovation and technological advancement, enhancing the industry’s global competitiveness, strengthening industry collaborations, attracting investment, promoting skill development, encouraging content diversity, and supporting sustainable growth.