The Media and Entertainment sector is going to be a $60bn industry in 5 years according to discussions held at the Seminar on ‘Media and Entertainment: India’s Entertainment Industry- A Global Powerhouse’ at the Global Exhibition on Services held in Mumbai. Eminent panelists representing government, television, cinema and events agreed that Indian Media and Entertainment Sector is going to be on a high growth trajectory with high focus on exports.
The Global Exhibition on Services (GES) 2018 was inaugurated in Mumbai on 15 May 2018 by the Hon’ble President of India Shri Ram Nath Kovind.
The exhibition cum conference aims to showcase India’s prowess across a host of services sectors.
Sudhanshu Pandey, Joint Secretary, Ministry of Commerce and Industry said that government views the media and entertainment sector as an high priority sector. This is one sector which not only fuels the growth in other sectors but also relieves individuals from stress through content. However, cultural differences in other countries are restricting the spread of Indian media sector across the other countries. The Government is working towards broadening presence of the Indian Media and Entertainment sector across the globe. It is also open to having agreements on various fields of media with other countries.
Sudhanshu Vats, Chairman, CII National Committee on Media & Entertainment and Group CEO, Viacom 18 Media Pvt Ltd noted that Indian Media and Entertainment sector is going to be one of the fastest growing sectors in India. The sector can actually focus on Making in India for the world. Currently, it is a $20bn sector and it would grow to become worth $60bn in the next five years. Exports from this sector which stand at around $1.7bn is going to increase five fold to $10bn in the next five years.
Mr Vats also added that the three important drivers of the sector include the ability to create jobs, negligible incremental cost of exports and the inter linkages to other sectors. The sector can create both low-skilled and high skilled jobs that would help the young, who are entering the job market.