Millennium Post

‘Media industry must use digital technology’

India’s media and entertainment industry needs to tap the innovations made possible by digital technology such as smart phones and tablet PCs, if it were to grow to become a $100 billion industry, said STAR India CEO Uday Shankar.

Speaking at the first-of-its-kind Media and Entertainment Summit organised by the Confederation of Indian Industry (CII), he said that the industry, which is currently worth $15 billion, should look at offering a unique content proposition for the 600 million odd mobile screens if it is serious about making itself count in the global stage.

'We are drunk on our own volumes: largest number of newspapers in circulation, largest number of television viewers at 400 million, 100 million digital consumers. Digital in particular is an indictment of our creative and strategic limitations. We have 600 million mobile screens and yet we do not have a unique content proposition for the medium,' Shankar said in his keynote address on the occasion.'Our ability to convert that into corresponding value is disappointing,' he added.

Information and Broadcasting Secretary Uday Kumar Varma, Leader of the Opposition in Rajya Sabha Arun Jaitley, Walt Disney Co Managing Director Ronnie Screwvala, Viacom 18 Media Pvt Ltd. CEO Sudhanshu Vats and Sony Picture Television President Andy Kaplan attended the summit.

'The benefits of pursuing this dream are obvious to the industry – larger size should lead to bigger profits, bigger share holding value and more wealth. It is easy for the industry to get motivated about the goal,' Shankar said.

‘The media and entertainemtn industry is a globally growing industry but our participation in that eco-system is zero and India is hardly factored into the global thought process of technology or content,’ he added. Similarly, on the domestic front, the industry is yet to fully unlock the potential of the vast Indian market.' The size of India’s Media and Entertainment industry, which includes television, print, radio, digital media, was pegged at $15 billion at the end of 2011.
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