India to host first global summit for media & entertainment sector in Nov

India will host the first World Audio Visual and Entertainment Summit in November alongside the International Film Festival of India in Goa, with I&B Minister Ashwini Vaishnaw promising to strengthen the ecosystem for the protection of intellectual property rights in the media and entertainment sector.

Vaishnaw and Goa Chief Minister Pramod Sawant made the announcement of the first World Audio Visual and Entertainment Summit (WAVES) in Goa from November 20-24 and described it as a visionary initiative by Prime Minister Narendra Modi as India seeks to make a mark in the media and entertainment sector.

"IP rights hold huge value in the media and entertainment sector. We will be strengthening the ecosystem for protecting IP rights," Vaishnaw, the Information and Broadcasting Minister, said in his address at the curtain raiser event for WAVES.

Vaishnaw said the government was also exploring ways to make available low-cost funds to the media and entertainment sector with learnings from the venture capital model.

Sawant said WAVES will add a new dimension for industry collaboration, networking and growth in the media and entertainment sector. He said the sector had produced 3,000 hours of content for the OTT platforms in 2023 itself.

The International Film Festival of India will be held from November 20-28 in Goa, Sawant said.

The media and entertainment sector is pegged at $27.5 billion in India and the government seeks to position WAVES as a platform to evoke ideas, fuel conversations, facilitate knowledge exchange and engage in meaningful collaborations with industry leaders from across the world.

It also seeks to present India as a business-friendly country and an investment destination for the sector.

I&B Secretary Sanjay Jaju said the WAVES event would seek to position India as a global leader in the media and entertainment sector.