The Government of India has shown foresight in identifying the Media & Entertainment Industry as a champion sector. In the creative world, the tiniest idea gives birth to stories which take the form of various visual & performing arts. There are many livelihoods involved in the creation of films, music, literature & art, the entire creative process has investments and economics driving the sector and contributing to the GDP. A vibrant creative sector contributed 4% (2017) to the economy of United Kingdom and 4.2% (2018) as seen in the US economy. In Asia, K-Pop today contributes USD 5 billion to the South Korean economy – the leading player of K-Pop, Big Tree Entertainment today has a market valuation of USD 1 billion. Per FICCI-EY 2019 report, the Media and Entertainment Industry in India is estimated to have revenues approximately USD 25 billion. For our country, with a rich diversity and cultural heritage there are many stories to tell, and there is no reason why the industry in India cannot achieve the GDP contributions of markets like United Kingdom, US and South Korea. In India, as long as there are a high percentage of revenue leakages in the monetization chain because of piracy, fair value to all stakeholders in the creative process will always remain a pipe dream and champion status will always elude us. The Government has addressed this concern recently, but the time has now come to introduce administrative measures which will empower the executive and bring immediate and long-term relief to this cancer called piracy of content.
The report can be accessed here.