FICCI Frames 2024: Sanjay Jaju on how OTT space in India is poised to become a half-billion-dollar industry

The anual FICCI Frames kicked off today—the international forum for the Indian film industry  coordinated by the Federation of Indian Chambers of Commerce & Industry (FICCI). The event, which will run from 5 March to 7 March this year, features a variety of activities including conference sessions, keynote speeches, masterclasses, workshops, discussions on policy, business-to-business meetings, exhibitions, cultural events, networking opportunities, and the presentation of the BAF Awards. 

As the inaugural session unfolded this morning, Sanjay Jaju, secretary of the Ministry of Information & Broadcasting for the Government of India, emphasised the sector's crucial role in shaping societal perspectives and driving economic development. Jaju also reflected on the profound impact of India’s media and entertainment sector in shaping audiences' collective consciousness and projecting cultural ethos onto the world stage. 

Below are the highlights as Campaign India takes you behind the scenes of this year's forum.

Digital transformation

Starting his keynote address, Jaju expressed that India is undergoing a significant transformation and the media and entertainment sector is at the forefront of this evolution. 

“With the proliferation of online media content and the widespread accessibility enabled by affordable smartphones and data connectivity, our nation is experiencing a paradigm shift. With close to 90 crore internet users and more than 60 crore smartphones, coupled with affordable data and widespread digital infrastructure, accessibility to online media content has never been greater,” he said. 

Jaju also spotlighted that the media and entertainment (M&E) sector in India is estimated to reach close to two lakh crores, with the digital media segment witnessing a staggering 30% growth.

Industry growth and the OTT revolution

Talking about the sheer scale of India's media and entertainment sector, with an estimated worth of two lakh crores, Jaju highlighted, “The rapid growth of the over-the-top (OTT) segment, comprising diverse elements like films and gaming, underscores the industry's dynamic nature. With nearly 60 OTT platforms in India, including many in regional languages, this sector is poised to become a half-billion-dollar industry."

Government initiatives and policy reforms

Sharing how the the government of India is committed to fostering the growth of the media and entertainment sector through proactive policies and initiatives, Jaju voiced, “Recent amendments to the Cinematograph Act and the formulation of the National Broadcasting Policy are testament to our dedication to creating an enabling environment for investment, innovation, and skill development."

He added that recent amendments and policies, including strict penalties against piracy, enhanced foreign direct investment (FDI) limits and the National PBGC policy, with aims to foster growth, innovation and skill development within the sector. 

Global competitiveness and soft power

Jaju also pointed out that India's media and entertainment industry is not only a driver of economic growth but also a potent tool for showcasing our soft power on the global stage. 

“By attracting foreign filmmakers, expanding co-production treaties, and participating in international film festivals, we aim to position India as a cinematic powerhouse with cross-country linkages,” shared Jaju. 

Collaborative innovation and prospects

As India embraces digital technologies and harnesses the potential of artificial intelligence, according to Jaju ‘collaboration’ and ‘innovation’ needs to be at the core of India's media and entertainment sector.

Jaju said, “Through collaboration, we can propel this sunrise industry to greater heights and cement our position as a global leader in content creation and dissemination."

In conclusion, Jaju's keynote address set a visionary agenda for the media and entertainment sector, he signed off by saying, "Collaboration, innovation, and leveraging digital technologies, including artificial intelligence, will propel India's media and entertainment sector to greater heights on the global stage."

As industry stakeholders convene to chart the course ahead for this space, jaju is confident that the stage is set for transformative growth and impactful contributions to India's socio-economic fabric.