Thursday, October 9, 2014

Indian Media & Entertainment Sector’s Endeavour in the Global Market

The Indian media and entertainment (M&E) sector is very vibrant and exciting and most susceptible to tremendous growth. It is slowly starting to create an impact on the global economy as well as bringing India into the focus of the biggest economies for the purpose of investment. The industry is predicted to bring a turnover of 2.27 lakh crore by the year of 2018. India already has a self-sufficient agricultural sector and a fast-growing industrial base; if India stabilizes the financial sector with the help of RBI and the Government, there is nothing that can beat the world’s third largest economy from overtaking the first two.

Just like the banking and finance sector keeps expanding and creating millions of new jobs along with joint effort by the government, the same way, the media and entertainment industry is increasing by acquiring quantitative and qualitative business results. Our reputation is attributed by our innovation and success. Recognition in the global market is the key to growth, and we are just starting to get it. Not only Indian films are getting a phenomenal response but also the television entertainment sector is slowly recognizing its true potential. Companies like ZEE Entertainment is growing fast and have an ambitious outlook. Even their new motto, “Vasudhaiva Kutumbakam- The world is my family” where they have promoted familial and harmonious relations between India and Foreign countries, is a brilliant marketing idea.

India has a lot of stories to tell and the world is eager to listen, if we portrayed it in the best way possible. Most of the major television shows in U.S.A. have at least one Indian character in it; this is because of demand and recognition of potential. Moreover, there are shows that are entirely made on an Indian theme, such as “Outsourced” or “The Mindy Project”, not to forget the extremely complicated Private investigator, Kalinda Sharma, on the hit legal show “The Good Wife”.  Indians are becoming more prominent in business, more prominent in the music industry too. We've always been predominantly engineers and doctors, but the world is seeing us in other facets of life now. China made its first movie about India and shot in India called, “My Amazing Trip to India”, which just shows our augmenting popularity.

International recognition is leading to companies like AMD (Advanced Micro Devices) which is a technology company, wants to collaborate with the Indian Film Industry in order to share their technology related to graphics and visual effects with us as well as get ideas from us to solve software related problems. India knows how to be cost-effective, evidencing from the recent successful ISRO mission, and we are known for it throughout the world.

Recently, in Karnataka, amendment of The Goonda Act, 1985 has been awaiting the Governor’s accent. It seeks to cover habitual offenders in digital crimes who continually disrupt the public order. This will be a big step towards solving the main problem of copyright issues which are rampant here. Fear of committing cyber crimes and piracy will greatly benefit the M&E industry and increase our revenue and achieve our ambitious goals. 

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