Union Information and Broadcasting and Textiles Minister Smriti Zubin Irani inaugurated FICCI Frames 2018,with the theme âCreative Future: Coronation of Digital Consumerâ, in Mumbai on March 4. The welcome and key address was delivered by Siddharth Roy Kapur, Co-Chair, FICCI Media and Entertainment Committee at the 19th edition of the convention.
Kapur said, âFICCI is launching an international content market this year, which is a great initiative. We are a Rs126,000-crore industry with the largest producers of films but the entire industry is valued less than the box office collection of Avatar. We donât have a revenue model that is saleable and can actually make sense according to the investments made. It is important to see what the challenges are and what we need to do to be able to move forward.â
Rashesh Shah, President, FICCI, in his opening remarks said,âThe media and entertainment industry has been growing by leaps and bounds and is the heart of our country. We at FICCI are happy to bring business and entertainment together.â
The inauguration was followed by a conversation between Irani and Karan Johar, Filmmaker and Chief Mentor, FICCI. âThe beauty of our industry is that we are everywhere,â Irani said.
With the release of FICCI EY Media and Entertainment report 2018, Sanjay Gupta, Managing Director, Star India delivered the industry address.
âThere is no better time than now for the media and entertainment industry. The digital revolution has redefined the industry. We have 51 crore smartphone screens and with digitisation, we have become a creative powerhouse,â said Gupta.
Sanjaya Baru, Secretary General, FICCI, said, "FICCI Frames is now an institution in itself. FICCI focuses at making India globally more competitive. Not only digital but the print media is also going to grow. Growth is imperative for survival.â
Irani, in conversation with filmmaker Johar, spoke about the power of entertainment industry in India. Speaking about regional cinema, she said, âWe donât really talk about the capacity of our regional language films. How many countries can say that I have a Marathi box office hit like Sairat, or Prosenjit doing films that are watched across India or we have had a legend like Sridevi who we paid tribute to, who did films in five languages and was a superstar not only in Delhi, Mumbai but the entire nation. This is what we need to celebrate. The more the expanse of content, the more the opportunities for local languages and local talent to come to the forefront.â
The minister said the government plans to build an umbrella organisation to bring all shooting-related functionalities under one roof and create some sort of a single-window clearance across the countryâs locations.â
The evening also saw the presence of some noted personalities from the industry likeactress Huma Qureshi, lyricist and CBFC chief Prasoon Joshi, filmmakers Sooraj Barjatya, Amit Khanna and Ramesh Sippy among others.