India to be third largest media and leisure market in 5 years: Minister Anurag Thakur
Union Information and Broadcasting Minister Anurag Thakur has stated India will turn into the third largest media and leisure market on this planet in subsequent 5 years.
Speaking on the inauguration of 54th version of the International Film Festival of India (IFFI) in Panaji on Monday, Thakur additionally stated that for the primary time, IFFI has determined to bestow the very best internet collection OTT award, acknowledging the transformative function of unique content material creators within the nation.
“India, on one hand, has become the fifth largest economy of the world. It is also fifth largest in the world in terms of the media and entertainment industry. In the next five years, India is going to be the third largest economy in the world as well as the third largest media and entertainment market,” he stated.
The minister stated just like final 12 months’s version after they initiated some firsts, the spirit continues with some extra firsts on this version additionally.
“For the first time and from hereon, IFFI will bestow the best web series OTT award. It will acknowledge the transformative role of original content creators in India and celebrate their contribution to employment and innovation,” he stated.
This recognition can also be given to OTT (over-the-top media service) as a result of it entertained individuals when “everything was closed” throughout the COVID-19 pandemic, the Union minister stated.
“The OTT (segment) is currently growing at a rate of 28 per cent. That is why we decided to institute this award,” he stated.
Another first on this 12 months’s version is to enhance the scope of ‘Film Bazaar’ (an occasion held on the competition sidelines) by introducing a well-curated VFX and tech pavilion to showcase innovation from the cinema world, a documentary part to help non-fiction story telling, he added.
“For the time, we also present Cine Mela, an extravagant celebration of our diversity and culture. The IFFI has also introduced a section on restored classic feature films,” he stated.
“We are going to show you seven world premieres of meticulously restored masterpieces of NFDC (National Film Development Corporation) and NFAI (National Film Archive of India) under the National Film Heritage Mission,” Thakur stated.
Under this mission, 5,000 movies and documentaries could be restored and digitised, he stated.