Fuelled by technological innovations, the perennial pillars of the Media and Entertainment business- Content, Commerce and Community, have been growing exponentially as per Jyoti Deshpande, Chair, FICCI Media and Entertainment Committee.
Deshpande - CEO, Viacom 18 India and President, Media and Content Business, Reliance Industries – stated this while delivering the Keynote address on FICCI Frames 2023 on the topic- ‘Content, Commerce and Community– The Future of Indian Media and Entertainment.’
In her opinion, India is proudly leading the charge, taking the mantra of Make in India and Show to the world.
“The rich and diverse history of our stories has evolved from the last 90 years- from Alam Ara, the first Indian talkie to now The Elephant Whisperers, our stories from our nation’s heartland are making waves internationally,” she said.
She added that ‘quite literally’ the world dances to the tunes of ‘Naatu Naatu’ as India’s voice rings proudly in the global entertainment landscape.
Deshpande also emphasised that in 2015, Jio started a digital revolution to connect everyone and everything, everywhere, and it was in the footsteps of the flagship programme of the central government, which had the vision to make a digitally empowered society and knowledge economy.
“With disruptions such as free Digital IPL on JioCinema and an imminent equally disruptive entertainment launch, a digitally-forward economy has already seen content and data consumption levels reach monumental proportions by global standards,” she said.
Deshpande also pointed out that Indians now consume nearly 20 GB of data per month on an average, as of today, and the same is expected to reach 46 GB by 2027.
“The proliferation of smartphones, CTV, advent of 5G and affordable data rates all contribute to the fulfilment of Digital India Dream. Propelled by double digit growth by 2025, we are set to become a 2.83 trillion industry,” she said.
In addition, she also stated that earlier it was told to her that the Indian content production industry was extremely fragmented, and that Jio could never scale it, but just last month, Jio Studios unveiled a slate of 100 plus stories of movies and web series across languages, and made a case study in the Jiofication of the content industry.
“It would be my dream to see us smash through these forecasts as we lead the digital forward way to the world – be it through democratisation of the creator economy or disruption in digital distribution. No one innovates like India. No one can implement to unimaginable scale like India,” she said.