At the India Digital Summit (IDS) 2024, Sanjay Jaju, Secretary of the Ministry of Information and Broadcasting, underscored the significant growth of Over-The-Top (OTT) platforms in various regional languages across India. Jaju highlighted that the country currently boasts over 60 OTT platforms, with 30% of their original content produced in regional languages – a figure expected to surge to 50% by the end of the year.
Jaju emphasized the substantial contribution of the media and entertainment sector to the Indian economy, noting its remarkable growth rate of 20%, amounting to approximately Rs 2 lakh crore. Within this sector the digital media segment stands out as the second-largest sub-segment experiencing a robust growth rate of around 30%, equivalent to approximately Rs 60,000 crores. Additionally, the film segment exhibits a growth rate of 25%.
In the past year, the digital platforms saw the release of over 200 films, with 75 films opting for direct digital releases without a theatrical premiere – a trend that Jaju highlighted as noteworthy.
Highlighting the growth trajectory of related industries, Jaju pointed out the online gaming industry’s impressive 34% growth rate along with the animation and VFX sector’s anticipated 30% growth, projected to reach a $2 billion valuation by 2025.
Furthermore, Jaju unveiled new government initiatives aimed at bolstering the media and entertainment sector. These initiatives include the establishment of a National Centre of Excellence in Maharashtra, designed to nurture world-class media talent and an incentive scheme geared towards attracting international projects to India.