ANI | Updated: Mar 21, 2022 17:35 IST
New Delhi [India], March 21 (ANI/ATK): The foremost Expo to be held in the Middle East welcomes leaders and visionaries of the business world from across the globe. Connecting Minds, Creating the Future – the theme of Expo 2020 Dubai has successfully brought together great minds from all over the world under a single roof, reimagining the vision for the future.
At Expo 2020 Dubai, India’s Premier Business Coach and Life Strategist Saurabh Kaushik along with media moguls and unicorns like Abhishek Vyas (Founder of AVS Filmworks), Sanjay Raina (Abu Dhabi Film Commission and Start-up Advisor), Umang Bedi (Co-Founder at VerSe Innovation Dailyhunt | Josh), and Saravana Prasad (Founder of Innovation Film Academy and Film City, Bengaluru) shared their views on startup opportunities in India.
Raina specifically mentioned the growth and the coming opportunities for young startups, as he focused on innovation to be the key to differentiating from others. Further, the journey will need collaboration and strategic tie-ups across the industry giants, he added.
Bedi emphasized the importance of quality content and understanding the viewer’s needs and demands. He also mentioned that India’s media and entertainment industry is expected to grow at a compound annual growth rate of 3.24 per cent, touching USD 25.56 bn by 2022. The industry is said to be fueled by digital adoption among users across geographies.
The panel discussed that besides video apps and gaming platforms, Over-The-Top (OTT) platforms also emerged as one of the hottest sectors in the space with close to 95+ OTT platforms such as Disney+ Hotstar, ZEE5, Netflix, Amazon, and Prime Video, along with local players such as BIGFlix, ALT Balaji, Voot, Spuul, Eros Now, SonyLIV, Sun NXT, Hoichoi, Ullu, MX Player among many others, thriving in the space.
Kaushik added that “the biggest challenge media faces currently is that even the most established TV companies do not have their digital strategy in place. Most often its TV content is rehashed for the web & mobile. Most of these platforms generate revenue through subscriptions for their video creation and distribution engine. Leveraging AI and ML applications with the right strategy could be a game-changer” he added.
The panel discussed the rise of OTT platforms and projected the growth of these platforms as a certainty given the penchant for data consumption in India. Considering the increasing number of entrants in this segment and a wide user base, India’s National Investment Promotion and Facilitation Agency, Invest India had projected the Indian media & entertainment industry to touch USD 34.8 bn by 2021. It had further stated that the industry projected to grow at a CAGR of 14 per cent over the period 2016-2021, outshining the global average of 4.2 per cent Compounded Annual Growth Rate (CAGR), with advertising revenue expected to increase at a CAGR of 15.3 per cent during the same period.
The media and entertainment sector recorded total funding of USD 561.27 million in 2019, a decline of about 23 per cent in the amount of funding in the sector from the previous year. This could be a temporary fall given that the market for media & entertainment startups is only growing with the wave of new internet users and the rise of the regional language ecosystem.
The online gaming industry in India is expected to generate a revenue of INR 11,900 cr. by the financial year 2023, growing at 22 per cent CAGR, according to a report by consulting major KPMG and the Indian Federation of Sports Gaming. The addressable base is also increasing and is expected to touch nearly 600 million users in India by the end of this year. As a result, the Indian media and entertainment startup sector are also booming.
Image source: https://www.saurabhkaushik.com/
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Expo 2020 Dubai
media and entertainment sector
India’s Premier Business Coach
Media Mogul and Unicorns at Dubai UAE
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