By Ritu Jha-
India is set to host the World Audio-Visual and Entertainment Summit (WAVES) in New Delhi from Feb. 5-9. The event will bring together leaders from the media and entertainment industry to discuss innovation, collaboration, and global trade opportunities.
Sanjay Jaju, Secretary of India’s Ministry of Information and Broadcasting, recently promoted the summit during a roundtable in San Francisco, urging business leaders, venture capitalists, and CEOs, artists to attend.
“The media and entertainment business is huge, and the United States is a leader in it,” Jaju said. “India is one of the fastest-growing media and entertainment industries and a content creator for the world. WAVES will provide unique business-to-business opportunities and open doors for collaboration.”
The summit, to be held at Bharat Mandapam in New Delhi, aims to spark discussions on topics such as globalization versus localization, digital advertising, advancements in animation and gaming, and emerging technologies like augmented reality, virtual reality, generative AI, and the metaverse.
A Booming Industry
India’s media and entertainment market, valued at $26.2 billion, is part of the global industry, which reached $2.32 trillion in 2022. Consul General Srikar Reddy emphasized India’s significance, noting its position as the world’s largest film producer and consumer.
“India is the fifth-largest economy and soon will be the third-largest. Indian films are gaining traction worldwide,” Reddy said, citing the success of films like Baahubali 2 and Pushpa 2 in North America.
Achal Malhotra, CEO of WAVES, highlighted the summit’s potential for fostering partnerships.
“This event is just the start. It will bring top global and Indian CEOs together and offer premium high-level discussions to instill confidence in investors,” he said.
Malhotra also pointed to the upcoming Indian Institute of Creative Technology in Mumbai as a hub for talent and innovation.
OTT WAVES: Expanding Digital Horizons
Jaju, on the sidelines of the event, shared with Indica the plans for OTT WAVES, a comprehensive digital platform offering archival content, live channels, and opportunities for independent filmmakers.
“OTT WAVES is not just a streaming platform – it includes radio, archival photographs, publications, and merchandise,” Jaju said. “The model promotes revenue-sharing, allowing creators to retain intellectual property while distributing their content.”
Jaju emphasized the platform’s alignment with India’s “Create in India, Design in India” vision.
“This is an opportunity for global players to join India’s journey in the entertainment industry,” he said.
WAVES and OTT WAVES signal India’s efforts to position itself as a global hub for media and entertainment innovation.
A Valuable Platform
Saraswathi Vani Buyyala, a writer and director who focuses on animation and films, said she was eager to attend the event to witness what she sees as India’s rise as a global content powerhouse.
“I’m particularly interested in the discussions on cross-cultural collaborations and the adoption of new technologies in the industry,” Saraswathi said. “I’m hoping to gain insights into the challenges and opportunities facing the Indian M&E sector, and to network with industry leaders and innovators. I believe WAVES will provide a comprehensive overview of the latest trends and advancements shaping the future of entertainment, both in India and globally.”
He said he was particularly excited to explore how WAVES is fostering skill development and empowering the next generation of media professionals.
“I believe this event will be a valuable platform for knowledge exchange and inspiration.”