“If I were asked, under what sky the human mind has most fully developed some of its choicest gifts, has most deeply pondered on the greatest problems of life, and has found solutions, I should point to India! These words are not mine, but are of renowned German writer and scholar - Max Mueller; quoted almost a century back. Today these words resonate with greater relevance and much deeper conviction, as India shines in the global spotlight potentially as the next world super power” – with these opening remarks Punit Goenka, MD, Essel Group opened his Keynote address at the 19th Wharton India Economic Forum.
Setting the tone for his address, Mr Goenka emphatically pointed out that India under the new government is soon going to achieve its target set by Prime Minister (Narendra Modi) to become $20 trillion economy, on the strength of her powerful youth and entrepreneurial spirit.
Calling the youth, a ‘hope of our future’, he applauded the entire student committee for putting together the noteworthy and prestigious event.
Mr Goenka then spoke at length about India’s burgeoning Media & Entertainment (M&E) Industry and how it is ‘on the cusp of a strong phase of growth’. He called it the ‘sunrise sector of the Indian economy,’ with its CAGR growth estimated at 15 %, as against the 4 % growth rate of the global M&E industry. He also stressed on the increasing role and dominance of Internet in India and its defining influence on media landscape and significantly on Indians and their entertainment consumption habits.
Talking about Zee TV, Mr Goenka further added that “as a global entertainment conglomerate Zee has always been at the crest of innovation and leadership. Today, it has successfully set up its presence across 169 countries, entertaining over 800 million viewers across the globe.”
Here are some of the other key highlights of this speech:
- The story of the Indian Media & Entertainment Industry looks much more appealing compared to its global counterparts. The size of the Indian industry is expected to exceed USD 29 Billion by the year 2018. India’s favourable regulatory environment and recent reforms have opened up a number of investment opportunities in the M&E sectors.
- ‘Quicker, targeted, transparent and collaborative’ – this is the new business mindset that has come about owing to widespread technological advances in the Media & Entertainment Industry ecosystem and digitization of the cable industry.
- Technology advancements in the field of entertainment such as aspects like 4K will enrich the viewing experience, and will open a whole new arena of premium content consumption. At the same time, 4G will further empower the consumers to access rich content on the go.
- The growing Indian middle class and working population with its increasing per capita income is generating a huge domestic demand for leisure and entertainment.
- ZEE has made substantial contribution to the media and entertainment industry in the US, both in terms of revenue and employment opportunities. India.com, an initiative in the digital space, has emerged as a No. 2 portal in the US when it comes to the Indian diaspora.
- In the near future, Zee has plans to work on global content properties and cater to global audiences. Going forward, in the US market, there are also plans for a venture in Radio space to further enhance our touch points with the consumers. As a leading media company, the group aims to create a 360 degree consumer connect ecosystem in the US, providing engaging entertainment content.