FICCI Frames 2014, which got underway in Mumbai on March 12, saw Punit Goenka, MD & CEO, Zee Entertainment Enterprises deliver the opening keynote address.
Speaking on the role that role that media & entertainment industry has played in transforming lives, Goenka noted that right from the language, to one’s social conduct, to even one’s clothing patterns, media & entertainment as an industry has played a vital role in enhancing the lifestyle patterns across the nation.
According to him, media has also been a key driver of certain critical social messages, which have generated the desired levels of awareness amongst people. And above all, the industry has played a crucial role in enhancing the country’s economy by generating immense employment opportunities. “As per the latest reports, this industry employs over 6 million people, clearing justifying its substantial contribution to the overall economy,” Goenka shared.
He further said, “Gone are the days when this industry was purely looked at as a medium of glamour. It is now recognised as a medium of employment, and betterment of society, and I consider myself to be privileged to be a part of this industry. As per the KPMG report, the industry has shown a healthy 12 per cent growth to Rs 92,800 crore in the year 2013, largely backed with the rollout of digitisation. It has reached at a juncture which is filled with opportunities and challenges. The year 2013 certainly has been an important year for the industry, witnessing impactful changes in the overall paradigm.”
From a television industry perspective, whether it was the rollout of digitisation phases or the implementation of 12-minute advertising cap, or even the concrete initiatives taken by the Broadcast Audience Research Council (BARC) in the overall audience measurement ecosystem, the year has seen it all, Goenka pointed. Even from the film industry perspective, there has been a double digit growth, with many titles scoring brilliantly on box office collections.
The print sector, on the other hand, grew at a CAGR of 8.5 per cent this year to reach Rs 24,300 crore. Goenka stressed that it is now time to capitalise on the opportunities and march ahead to achieve higher milestones. “It is time to unleash the required levels of innovation and creativity, which would open up newer avenues of growth. It is now time to repay back to the industry, what it has given us till date,” he added.
He further said, “In my opinion, we are no longer a rapidly growing ‘Indian’ media & entertainment industry. What I firmly believe is that this industry has all that it takes to have global aspirations. This industry is blessed with such great talent and potential, that it has all the required elements – a) to produce content which is of international standards, b) to device world class content distribution platforms, and c) the ability and potential to entertain and engage the global audience. In fact, the global media and entertainment ecosystem is poised at an extremely interesting juncture, which is filled with opportunities. It is extremely essential for us to prepare ourselves to face the changing dynamics of this global industry.”
As per the latest PWC report, the global media and entertainment market is estimated to grow at a CAGR of 5.6 per cent over the next five years, generating revenues of $2.2 trillion. What is interesting to note is that consumer spend on access of content will rise up to 30 per cent in the year 2017, from 24 per cent in the year 2012. This connotes that the consumers are ready to pay that extra rupee for accessing content based on their preferred time, place and screen. Content Creators need to address this demand by ensuring that they are present at whichever time the consumer demands your content, on whichever screen he wishes to access.
Also, the mobile internet spend is estimated to exceed the fixed broadband spend in markets like the US and South Korea, followed by the UK. These reports further reinforce the major paradigm shift expected in these markets. So, on a global distribution front, content creators will have to adapt the new-age distribution platforms as well, apart from the primary platforms like television.
Goenka concluded by saying, “The point that I would like to drive home is that as an industry, we are absolutely geared up to face the global consumers. So, till date, if we have transformed the lives of the Indian audiences, our aim should be to transform the lives of the global audiences. I firmly believe that we as an industry certainly possess the potential to entertain the world, and we should march towards achieving the same.”