July 13th 2024.
In an exciting announcement, India will be hosting the first ever World Audio Visual and Entertainment Summit in November, coinciding with the International Film Festival of India in Goa. The Minister of Information and Broadcasting, Ashwini Vaishnaw, has promised to create a more robust ecosystem to protect intellectual property rights within the media and entertainment industry.
During the curtain raiser event for WAVES, Minister Vaishnaw highlighted the importance of IP rights in this sector and expressed his commitment to strengthening the current framework. He also shared that the government is exploring ways to provide low-cost funds to the industry, taking inspiration from the successful venture capital model.
Joining Minister Vaishnaw in making this announcement was Goa's Chief Minister, Pramod Sawant. He described WAVES as a visionary initiative by Prime Minister Narendra Modi, as India strives to establish itself in the global media and entertainment landscape. Sawant emphasized the potential of this summit to foster collaboration, networking, and growth within the industry. He also mentioned that the sector has already produced 3,000 hours of content for OTT platforms in 2023 alone.
The International Film Festival of India, which will also take place in Goa from November 20-28, will run in parallel with WAVES. Minister Sawant expressed his excitement for both events, highlighting their significance in promoting India as a business-friendly and investment-worthy country in the media and entertainment sector.
Secretary of Information and Broadcasting, Sanjay Jaju, further emphasized the importance of WAVES in positioning India as a global leader in this industry. He shared that the summit aims to spark innovative ideas, facilitate knowledge exchange, and encourage meaningful collaborations with industry leaders from all over the world.
Overall, the government is taking significant steps to showcase India's potential in the media and entertainment sector through WAVES. With a market worth of $27.5 billion, India is eager to establish itself as a key player in this field and WAVES is a crucial step towards achieving that goal.
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