afaqs! news bureau

Digital media to fuel Rs 3 trillion growth in M&E sector by 2026: Viacom18 CEO Kevin Vaz

The industry needs to adopt innovative strategies and create engaging content across multiple platforms, says Vaz.

Kevin Vaz, CEO- broadcast entertainment at Viacom18, reflected on the media and entertainment sector and its growth in 2023 at FICCI Frames 2024. During his keynote address, Vaz spoke about the highlights of the year and acknowledged the significant global reach of Indian content.

"In 2023, our industry witnessed a remarkable era of content creation, with over 200,000 hours of content produced annually," he noted.

Vaz further addressed digital media's role in the growth of India's Media and Entertainment sector. He emphasised the need to need to adopt innovative strategies to create content for multiple platforms and the importance of finding new revenue streams on the back of collaborations.

"The surge in digital media is forecasted to propel the M&E sector's growth to a 10% annual rate, reaching Rs 3 Trillion by 2026. Technological innovations have brought with it a paradigm shift in consumer preferences. Consumers now demand more personalised, interactive, and immersive content. This creates another facet to the growth of the entire digital media segment, including online curated content, digital advertising, and online gaming, to name a few."

"Each of us need to reflect on how these preferences will change the way we think about the future of M&E and the business models that are most suited to respond. To navigate the future, all of us at various intersections of the industry need to adopt innovative strategies and create engaging content across multiple platforms, leverage big data analytics, collaborate with global partners, and explore new revenue streams," he said.

He further notes that, despite this digital boom, traditional media in India is also experiencing a steady growth which showcases India's diverse media consumption habits. "While this might appear to be a paradox when viewed through a singular global lens, this is the truth of India – a market of AND, not OR," added Vaz.

According to him, the road ahead for the industry is brimming with possibilities and challenges alike. He says the integration of artificial intelligence promises to reshape the landscape of content creation, distribution, and consumption. "Advances in generative AI, while still relatively nascent, have produced an explosion of possibilities in the creative sector. It has ushered in a new dimension to the creative process, allowing the industry to explore uncharted territories of creativity and push the boundaries of productivity."

"As AI technologies continue to evolve, they offer unprecedented opportunities for personalized experiences and targeted advertising. However, this next-gen transformation also presents challenges such as data privacy concerns, reskilling and the need for ethical considerations – concerns that the industry and government together need to explore and address," noted Vaz.

Vaz reiterated that the road ahead encompasses both opportunities and challenges in equal measure. He states that as stakeholders of this vibrant sector, we must all remember that at the heart of it, "Our industry is about our consumers in a very human sense – their emotions, relationships, talents – their stories. All of us here today are simply facilitators – connecting stories to audiences and audiences to stories."

Have news to share? Write to us