The World Audio Visual & Entertainment Summit (WAVES) kicked off on Thursday (May 1) with a speech by Prime Minister Narendra Modi. “WAVES is not merely an acronym but a wave representing culture, creativity, and universal connectivity”, he said.
Actors Shah Rukh Khan, Deepika Padukone, Rajnikanth, Chiranjeevi, Mohanlal, and Alia Bhatt are among the speakers at the event, and have promoted it in recent days across their social media accounts.
WHAT IS THE WAVES SUMMIT?
It is described as “a key forum for promoting discussions, collaboration, and innovation in the M&E (Media and Entertainment) industry. The event will bring together industry leaders, stakeholders and innovators to discuss prospects, challenges, promote global trade and influence the sector’s future.”
Under the slogan “Connecting Creators, Connecting Countries”, the inaugural summit of the Government of India is being held at the Jio Convention Centre in Mumbai for four days. It will include panel discussions and provide opportunities for those in the M&E industry to connect.
YouTube CEO Neal Mohan said the company plans to invest over Rs 850 crore in the next two years to accelerate the growth of Indian creators, artists, and media companies. In the last three years alone, YouTube has paid more than Rs 21,000 crore to creators, artists, and media companies all across India, he added.
Over 100 leading exhibitors — including Netflix, Amazon, Google, Meta, Sony, Reliance, Adobe, Tata, Balaji Telefilms, Dharma Productions, Saregama, and Yash Raj Films — are participating.
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It includes a WAVES Bazaar, billed as a global e-marketplace for creators across various industries, including film, TV, music, animation, gaming, and comics, to showcase their work, pitch projects, and establish meaningful business-to-business (B2B) relationships. Another initiative is WAVEX (WaveXcelerator), a startup program featuring live pitching by early-stage Indian startups in M&E and AVGC-XR sectors (Animation, Visual Effects, Gaming, Comics, and Extended Reality).
WHAT SPACE DOES M&E OCCUPY IN INDIA?
WAVES aims to “unlock a $50 billion market by 2029, expanding India’s footprint in the global entertainment economy.” With expanding coverage of digital services, technological advancements and a young population, consumption of M&E is set to grow. According to the government’s Invest India agency, growing at a CAGR of 10% between 2023 and 2026, the sector will be propelled by digital media.
As of 2024, the M&E industry’s total value stood at Rs 2.5 lakh crore ($29.4 billion) and is expected to grow by 7.2% in 2025. A FICCI–EY report said that digital media contributed an unprecedented 32% to the overall revenues.
However, it also flagged some concerns. Though over 1,600 films were released in 2024, theatrical admissions declined, and only 11 Hindi films grossed Rs 100 crore, down from 17 in 2023. Total revenues dropped 5% to Rs 18,700 crore. Both digital and satellite rights values fell by 10% as broadcast and OTT buyers focused on profitability, it said.
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Shah Rukh Khan also said on Thursday, “The call of the day is more theatres, simpler and cheaper theatres at cheaper rates,” pointing to how the theatrical experience of watching movies is becoming expensive in big cities.
