“You need regulation for the betterment of the system,” said Mr M. Venkaiah Naidu, Minister of Information and Broadcasting, addressing the inaugural session of the 5th CII Big Picture Summit in New Delhi today.
Speaking on the theme of the Summit “Embracing Disruption to Stay Competitive”, the Minister stated that rapid changes in technology, the plethora of platforms for media consumption and consumer expectations necessitate new business models based on the emerging market.
However, he stressed, the Indian industry has not yet faced the full impact of disruption, because even today around 80% of consumers have only 2G access on phones and the full potential of the smart phone has not been unleashed. He said India has the talent and skill required and stressed that the various initiatives of the Government, such as Skill India and Digital India, would promote up the sector. Urging delegates to “look outside” for best practices, he said it was equally important to “look inside” to make sure that we use the best of both – global and Indian.
Mr R S Sharma, Chairman, TRAI, said that India is in the midst of a digital revolution with high-speed internet data, multiple channels of consumption, consumers deciding time and location of consumption, and conventional delivery platforms dying. It is imperative that new business models are created. At the same time, given the changes and the convergence that this digital revolution is bringing, it is essential that a clear regulatory framework is put in place in order to minimize potential litigation, he added.
Mr Harit Nagpal, CEO, Tata Sky, stressed the need for strong fundamentals to enable the sector to reach its true potential. He shared several examples of issues that came up due to contradictory policies and hamper growth of the sector, and urged the Government to take steps to address those issues.
Indian film director, Mr Ramesh Sippy, said that moving ahead with a positive attitude would achieve the goal of USD100 billion in the M&E sector. He said that a change in consumer mindset - of paying for content – has to be stressed upon so that this sector can achieve its full potential.
Mr Sudhanshu Vats, Chairman, CII National Committee on Media & Entertainment and Group CEO, Viacom 18 Media Pvt Ltd, said that the theme of this Summit was important due to constant disruption. While all organisations deal well with creation and preservation, the need of the hour is to deal well with disruption. Creative disruption is important to stay competitive, he emphasized.
A CII-BCG Report on ‘Convergence, the new multiplier for M&E’s $100 billion vision’ was also released at the event.
25 October 2016