The 4-day, World Audio Visual and Entertainment Summit (WAVES) that ended on May 4, successfully positioned India as a global media and entertainment hub, writes Diana Fernandes
Indian cinema and films have been around for centuries. With the age of the smart phone and the internet, the stories have come closer to the consumer. In such a scenario, Prime Minister Narendra Modi has now called on building what is called the Orange Economy, based on the pillars of content, creativity and culture.
At the first edition of the World Audio Visual and Entertainment Summit (WAVES) held at the Jio Convention Center, Mumbai, discussions, sessions, policy discussions and B2B sessions were aplenty as creators, startups and companies from across the world met on one platform, to explore the world of the orange economy.
Speaking at the inauguration of the summit, Modi had called it the right time to, Create In India, Create for the World, while asserting India’s storytelling tradition that spanned thousands of years.
Speaking to a select group of reporters, of which Navhind Times had the opportunity of being one, Union Minister of Information & Broadcasting Ashwini Vaishnaw said the government was committed to build all aspects of the economy especially that of technology.
From the use of artificial intelligence (AI) to the data protection act, Vaishnaw said all efforts were being put into not just understanding the role of technology but also to formulate policies that safeguard ideas. Among these include IIM studies on the biases of AI and ways to mitigate them and improving the Digital Personal Data Protection (DPDP) Act, 2023 which is one of the first comprehensive data protection law in India. The core of all this work, he said was the story.
“The story and idea is 80 percent of this industry, the remaining 20 percent is the technology and allied aspects,” said Vaishnaw.
In one of the many discussions that were held at the four day summit, business big wigs also shared their thoughts and views on how what needs to be done to build and strengthen the entire orange economy.
One such session was that of Biocon founder Kiran Mazumdar Shaw who called it exciting times and stressed on the need to learn to change the narrative pointing to technology as being the way to change it.
“The tech ecosystem is developing, there is robust infrastructure and we have the technology savy Gen Z in this. It will require a lot of work and time. It will include the processes of ideation, evolving of a strategy and creating launchpads. This industry has the ability to be a 100 billion dollar economy. It is a big dream, but is possible. We need to think beyond, and film is the launch pad. We cannot be trapped in the traditional mindset and can’t knock off each other but we need to protect the ideas of the creator and challenge the status quo. Tradition with technology can help to translate this economy to have global opportunities,” said Shaw.
Richard Kerris, vice president of NVIDIA, a company that designs and manufactures graphics processing units, chip sets and other high performing computing also shared technologies that were being adopted not only in the gaming sector but in film as well.
During a session at WAVES, Kerris said the company worked hand in hand with artists to create video as well as use the AI technology to provide an enhanced experience.
Netflix CEO Ted Sarandos who was also in attendance at the summit spoke about the huge investments the company had made in the Indian market adding that he found it difficult to predict the future of storytelling.
“It’s very difficult to predict where storytelling is headed. But what remains constant is the intent to connect with audiences. Our investments in India have generated over $2 billion in economic impact, post COVID. That’s all the jobs created, skills developed, and infrastructure supported. We’ve filmed across 100+ towns and cities in India across 23 states, and collaborated with over 25,000 local cast and crew,” he said.
Indian films have now reached audiences in over 100 countries, with global viewers increasingly seeking to understand Indian cinema beyond surface-level appreciation. He highlighted the growing trend of international audiences watching Indian content with subtitles, signaling deeper engagement with
India’s stories.
The Prime Minister also noted that India’s OTT industry has witnessed tenfold growth in recent years, stating that while screen sizes may be shrinking, the scope of content is infinite, with micro screens delivering mega messages. He observed that Indian cuisine is becoming a global favorite and expressed confidence that Indian music will soon gain similar worldwide recognition.
