Government of India will be organizing the first World Audio Visual Entertainment Summit (WAVES) under the aegis of the Ministry of Information & Broadcasting, at Goa on the sidelines of 55th International Film Festival from 20th to 24th November, 2024. The World Audio Visual & Entertainment Summit is a global summit for the media and entertainment industry, specifically focusing on the Indian media and entertainment Industry.
India is one of the largest content creators as well as consumers of the media and entertainment sector. The Indian Media & Entertainment (M&E) industry is one of the fastest growing sectors of India's economy, with the second-largest online market in the world. Driven by rising incomes, the increasing availability of fast internet and low data rates, large smartphone penetration, growing consumer demand and advertising revenues, the sector is expected to reach a value of nearly USD 54 billion by 2026, up from around USD 28 billion in 2021. With favorable policy interventions, the Media and Entertainment Sector will play a major role in taking India's economy to achieve a USD 5 trillion economy target.
WAVES will bring M&E leaders from across the globe on to one platform to discuss the issues, mechanisms and create frameworks for enhancing opportunities. The Summit will include roundtable discussions among countries; cross-cultural content promotion; boost AVGC industry; promote Indian IPs; enhance business opportunities for global and Indian players; showcase Indian talent pool; and poise M&E as a means to generate employment in a sustainable media ecosystem. WAVES will serve as a premier platform for industry stakeholders to deliberate and collaborate on emerging trends, innovations and opportunities in the print, digital, audio-visual and entertainment sectors.
India, by hosting a global media and entertainment summit, WAVES, will represent the country as a global player in this realm and enhance India's global image and soft power.
(DIPR)
