Bright, bold future ahead for India’s streaming sector: FICCI
NEW DELHI, 09 December 2021: High level executives and government representatives on Friday joined a roundtable discussion on the outlook for the online curated content services industry. The 6th edition of FICCI Knowledge series ‘Fast Track Digital 2021- Setting a Global Stage for Stories Made in India’ served as a platform to launch the Economic Impact of Online Curated Content Services in India by Frontier Economics, and organized by FICCI, Creative First, the Motion Picture Association (MPA) and the Producers Guild of India (PGI).
Vikram Sahay, Joint Secretary, Ministry of Information & Broadcasting, Govt of India on Friday said, “A light touch regulation has been our intention, the government being an enabler, rather than bring any brakes to the system of decision making, investment and employment opportunities. Policy is always an evolving process – with time, experience, and learnings. The government has always worked with the industry and other stakeholders, and we look forward to your suggestions and views. The industry has taken the Digital Media Ethics Code positively and have incorporated the spirit of the ethics code diligently in its decision-making process. The grievances received by the Government have drastically come down and it shows that the regulatory mechanism with the self-certification process is working well.”
Belinda Lui, President & Managing Director, Asia Pacific, Motion Picture Association said, “Frontier Economics’ research shows that countries that incentivize, rather than over burdening online curated content industries with restrictions and heavy-handed regulation, are more likely to develop a virtuous cycle of investment and return. A policy framework that can be described as light-touch, involving elements of self-classification and industry self-governance, is likely to make it easier for the industry to achieve its full potential.”
Monica Shergill, Vice President, Content, Netflix India, said, “The growth in online curated content platforms and the high demand for local content has created a lot of investment and employment opportunities in India. We are excited about the immense potential of the entertainment industry and believe that it can be accelerated through an enabling ecosystem.”
Gourav Rakshit, COO, Viacom18 Digital, noted that serious challenges continue to prevent the industry from reaching its full potential. “In the area of piracy, a pioneering legal framework is needed and how it will be managed and is of less menace to the industry,” he added.
Nitin Tej Ahuja, CEO, Producers Guild of India, said, “Online curated content services have been a lifeline for content creators during this past phase of extreme disruption that we have faced for almost two years now. While the sector is a substantial and growing economic and employment contributor for the entertainment industry and the larger economy, no less important is the role it plays in providing a global service to India’s large and extremely talented creative community. It is critical that online content creation is provided with a nurturing environment to flourish and attain its immense potential.”
Kranti Gada, COO, Shemaroo Entertainment Ltd said, “The wide reach of OTT across geographies and demographics has given rise to several regional OTTs that cater to different audiences and preferences. It has not only democratized content but also improved the return on investment in creating it which otherwise was limited. The wave of regional content not only allows an increased level of cultural exchange but also helps in creating a creative economy value chain and job prospects.”
To view and download the ‘Economic Impact of Online Curated Content Services in India Research’ click here.
To view and download the Infographic, click here.
