WORLD AUDIO VISUAL & ENTERTAINMENT SUMMIT (WAVES)

TAG: GS 2: INTERNATIONAL RELATIONS

THE CONTEXT: To bolster India’s Media and Entertainment industry and enhance its global presence, the Ministry of Information and Broadcasting (I&B) is organizing the first-ever World Audio Visual & Entertainment Summit (WAVES).

EXPLANATION:

• This landmark event aims to strengthen India’s position in the global media landscape by bringing together key figures from the Media and Entertainment fraternity worldwide.
• With a focus on entertainment economics and technology, WAVES will serve as a critical forum for dialogue, trade collaboration, and innovation within the rapidly evolving Media and Entertainment (M&E) industry.
• Recently, the Union Minister of Information and Broadcasting launched 25 Challenges as part of the ‘Create in India Challenge – Season 1’ for the WAVES Summit.
• These initiatives are designed to foster innovation, attract global trade to India, and shape the future of the sector by addressing emerging opportunities and challenges.

India’s Global Leadership in Media & Entertainment

• India stands as one of the world’s largest and most diversified content producers, aiming primarily to entertain while embracing diversity and continuous innovation.
• From films to various forms of digital content across platforms, including news, sports, and over-the-top (OTT) services, Indian content has left a lasting impact on the global stage.
• Traditionally, Indian films and television channels have been accessible across 130 countries, but the rise of globally distributed OTT platforms is set to be a transformative force for India.
• This shift presents a significant opportunity for India to become a hub for high-quality, cost-efficient content creation on a global scale.
• Recognized for its prowess in animation and visual effects (VFX), India has gained acknowledgment for its potential in these areas.
• The Government of India has identified the Media and Entertainment Industry as one of its champion sectors, highlighting its strategic importance.

Objectives and Significance of WAVES

• WAVES is envisioned as a pivotal platform that will convene industry leaders, stakeholders, and innovators to explore opportunities, tackle challenges, and attract trade to India.
• By facilitating conversations on entertainment economics and the latest technological advancements, WAVES aims to shape the future of the Media and Entertainment industry.
• The summit will highlight India’s potential to serve as a global content creation hub, offering high-quality and cost-effective solutions.

Activities at the Summit

Nurturing the Creator Economy: Opportunities, Infrastructure, and Job Creation

• The creator economy holds immense potential for showcasing India’s rich cultural heritage, way of life, traditional medicine systems, and diverse cuisines.
• Recognizing this, the Government of India is committed to nurturing this economy by focusing on talent and skill development, as well as ensuring the availability of the necessary infrastructure.
• Plans are underway to establish world-class universities and facilities to enhance the capabilities of creators in the media and entertainment sectors.
• The use of new technologies and tools in the M&E sector presents significant opportunities for employment generation.
• It is estimated that successful implementation of the WAVES initiative could lead to the creation of 200,000 to 300,000 jobs in the sector.
• This aligns with the government’s broader goals of fostering economic growth and innovation.

Aligning with Visionary Leadership: ‘Design in India, Design for the World’

• The WAVES initiative is a significant milestone in India’s ongoing mission to nurture and elevate its creative ecosystem.
• It aligns seamlessly with Prime Minister’s visionary call of ‘Design in India, Design for the World,’ as articulated during his 78th Independence Day address.
• By highlighting the immense potential and talent within the nation, WAVES stands as a testament to India’s capabilities.
• It will serve as a global platform where the brightest minds, most talented creators, and visionary leaders from around the world can converge to share knowledge, exchange ideas, and push the boundaries of creativity.

WAVES Opportunities

SOURCE: https://pib.gov.in/PressNoteDetails.aspx?NoteId=152043&ModuleId=3