India to host inaugural World Audio Visual and Entertainment Summit in Goa

India is set to organise the first World Audio Visual and Entertainment Summit (WAVES) in November, coinciding with the International Film Festival of India in Goa. Information and Broadcasting Minister Ashwini Vaishnaw announced the event, emphasising the government's commitment to bolstering intellectual property rights protection in the media and entertainment sector.

Scheduled for November 20-24, WAVES aims to position India as a global leader in the media and entertainment industry. The summit will focus on fostering innovation, enhancing global competitiveness, and promoting sustainable growth in the sector.

Vaishnaw highlighted the government's plans to strengthen the ecosystem for IP rights protection and explore low-cost funding options for the industry. He also stressed the importance of creating employment opportunities and augmenting the talent pipeline in the face of rapid technological changes in the sector.

Goa Chief Minister Pramod Sawant, who joined Vaishnaw in making the announcement, noted that the Indian media and entertainment industry produced 3,000 hours of content for OTT platforms in 2023 alone. The sector is currently valued at $27.5 billion in India.

I&B Secretary Sanjay Jaju outlined the summit's objectives, which include attracting investment, promoting skill development, and encouraging content diversity. WAVES is expected to serve as a platform for industry collaboration, knowledge exchange, and networking among global leaders in the media and entertainment field.

This initiative aligns with Prime Minister Narendra Modi's vision to establish India as a significant player in the global media and entertainment landscape. The event's timing alongside the International Film Festival of India is expected to create synergies and enhance India's profile as a business-friendly destination for the sector.