Media, Entertainment sector set to $100 bn industry

The government is going to work with states to promote film shooting, adding that people can afford to go to theatres if the price is right. The media and entertainment industry should set a target of growing to over $100 billion by the year 2030, said the Union Secretary for Information and Broadcasting Apurva Chandra. The Ministry of Information and Broadcasting will do whatever it takes to support the MSME sector and help it grow.

The Secretary announced that Invest India is going to be leveraged in order to bring in higher foreign investment into India in the film sector. The Ministry has merged various film units under one; NFDC based in Mumbai which is going to be the hub of the cinematic arm of the government and wants to revamp the Film Facilitation Office.

The ministry is going to hand this over to Invest India, to come up with a single-window portal for opening theatres so that more and more theatres can come up and the public gets more avenues to watch the magic of films in theatres.

Observing the changed viewing habits of people due to the COVID-19 pandemic, the Secretary noted that when ticket prices were brought down to Rs 75 three days back, all shows were full. He added that this shows that if price points are right, people can afford theatres.

“The craving to go to the theatres is there, so we need to work on how we can bring people back to theatres,” he said. The secretary told the industry that the government hopes to table the amendments to the Cinematograph Act in the winter session of the parliament.

Going forward, the National Centre of Excellence for AVGC is going to be set up in collaboration with the private sector, the Secretary informed. There will be a proposal for a 48% stake for the Ministry of I&B, 26% for FICCI and 26% for CII, so that it is the private industry and not the government which leads the AVGC transformation. The Ministry of I&B functions will work as a catalyst for the upsurge in the media and entertainment industry.