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AI Set to Reshape Media: Embrace or Be Left Behind
1 Dec
Summary
- AI's significant impact on media and entertainment sector predicted.
- India's M&E sector aims for $100 billion by 2030, growing 7% annually.
- Government urges industry embrace AI for productivity and global reach.
The media and entertainment sector is poised for a massive transformation due to Artificial Intelligence, according to Information and Broadcasting Secretary Sanjay Jaju. He emphasized the necessity for the industry to embrace AI to leverage its positive impacts, including significant productivity gains and job creation, while acknowledging the need for regulatory guardrails. India's creative economy, currently a livelihood for over 10 million people, is targeted for substantial growth.
Projections indicate India's M&E sector will expand by 7% annually, aiming to reach $100 billion by 2030. This growth is crucial for increasing its current 2% share of the global market to 4-5%. The government is committed to fostering an environment where the industry can thrive through skill development and incentives, ensuring a level playing field for sustainable development across all verticals.
Jaju unveiled a CII White Paper advocating for a future-ready, globally competitive industry by 2030. It calls for urgent action from governments and industry leaders to embrace convergence and digital-first innovation. By doing so, India can enhance its cultural leadership and soft power on the global stage, capitalizing on the M&E industry's projected worldwide growth.
