India to become third largest M&E market within five years

India is expected to ascend to the position of the third-largest media and entertainment market globally within the next five years, according to Union Information and Broadcasting Minister Anurag Thakur. 

Speaking at the inauguration of the 54th edition of the International Film Festival of India (IFFI) in Panaji, Thakur highlighted the significant growth of India as the fifth-largest economy and media and entertainment industry.

Thakur also announced a noteworthy addition to IFFI, stating that for the first time and from hereon, IFFI will bestow the best web series OTT award. This recognition acknowledges the transformative impact of original content creators in India, particularly during the COVID-19 pandemic, where OTT platforms played a pivotal role in entertaining people when traditional avenues were limited.

Under this mission, Thakur revealed the ambitious goal of restoring and digitising 5,000 films and documentaries, reflecting the government’s commitment to preserving and promoting India’s rich cinematic heritage.

Highlighting the industry’s dynamic nature, Thakur emphasised the growth of the OTT segment at a rate of 28%, prompting the decision to institute this award. The minister further introduced novel features in this year’s IFFI, including an expanded ‘Film Bazaar’ featuring a VFX and tech pavilion, a documentary section supporting non-fiction storytelling, and the introduction of Cine Mela, a celebration of diversity and culture. 

Additionally, the festival will showcase a section on restored classic feature films, presenting seven world premieres of meticulously restored masterpieces as part of the National Film Heritage Mission.

Source: Economic Times