Madhavan, who is also the country director and president of Disney Star, said the industry is looking to the I&B department for support on a comprehensive national broadcasting policy, which covers the cable TV network law.
He added that broadcasting is a fast growing sector in India as factors such as low data prices, wireless broadband and increasing smartphone penetration have been catalysts for this explosive growth.
“This sector is expected to continue to show strong double-digit growth. It is also important to mention here that the introduction of 5G services will provide it with further consolidation… The industry would like to see light regulation. Especially in newer and growing areas such as OTT, innovation and investment.” he said while addressing the CII Big Picture Event.
Madvan added that light-touch regulation, which generally entails the continuation of all existing licenses, rules, regulations, exemptions, etc., is “crucial” to continued innovation and investment in the streaming business.
The media industry needs to keep pace with the ever-changing environment as consumer behavior, technology, and consumption behavior change.
“We have to challenge the status quo and question our old and successful formulas. We need to recognize and address what young audiences are looking for. Digital is a way of life for them,” he said, adding that they spend more hours in the virtual world, which is entirely consumed by digital products such as streaming and games. .
And, according to Madhavan, young audiences are now also engaging with the physical and virtual realms of the Metaverse, which have “huge potential” to be creators with unique experiences.
“As a country, we must be ready to take on all future challenges and seize the opportunities offered by our sector to make India a creative hub in the world,” he added.
It also highlighted the potential of the Animation, Visual Effects, Games and Comedy (AVGC) sector, which is now an $800 billion industry globally.
India, although there is a talent force available in the country, it does not have even one percent stake in the AVGC sector.
He added, “This could be another IT-like sector, and we can certainly target a 5 percent market share within 5 years. That’s close to $40 billion with a potential of creating 1.6 job vacancies.”
He also sought regulatory clarity for the gaming sector, another high-growth sector.
Madhavan also raised the issue of piracy, which is “rampant” and the industry is suffering, and sought tougher measures and support for intellectual property protection and anti-piracy.
He added, “With the appropriate support from policymakers and regulators, I am confident that with the opportunities that lie ahead, our industry can achieve its $100 billion ambition in the shortest possible time.”