The foremost Expo to be held in the Middle East welcomes leaders and visionaries of the business world from across the globe. Connecting Minds, Creating the Future - the theme of Expo 2020 Dubai has successfully brought together great minds from all over the world under a single roof, reimagining the vision for the future.
At Expo 2020 Dubai India’s Premier Business Coach and Life Strategist Mr.Saurabh Kaushik along with media moguls and Unicorns like Mr. Abhishek Vyas (Founder of AVS Filmworks), Mr. Sanjay Raina (Abu Dhabi Film Commission and Start-up Advisor), Mr. Umang Bedi (Co-Founder at VerSe Innovation Dailyhunt | Josh), and Mr. Saravana Prasad (Founder of Innovation Film Acadamy and Film City, Bengaluru) shared their views on Startups and opportunities in India.
About the session
Mr. Raina specifically mentioned the growth and the coming opportunities for the young startups, he focused on innovation is the key to differentiate from others, further the journey will need collaboration and strategic tie-ups across the industry giants he said. Mr. Bedi focued on the quality content and the understanding of the viewers needs and demands, he mentioned the India’s media and entertainment industry is expected to grow at a compound annual growth rate of 3.24%, touching $25.56 Bn by 2022. The industry is said to be fueled by digital adoption among users across geographies.
Panel discussed that besides video apps and gaming platforms, over-the-top (OTT) also emerged as one of the hottest sectors in the space, with close to 95+ OTT platforms such as Disney+ Hotstar, ZEE5, Netflix, Amazon, and Prime Video, along with local players such as BIGFlix, Alt Balaji, Voot, Spuul, Eros Now, SonyLIV, Sun NXT, Hoichoi, Ullu, MXPlayer among others, mushrooming in the space
Mr. Kaushik added that the “biggest challenge that the media faces currently is that most established TV companies do not have their digital strategy in place, most often it’s TV content rehashed for the web & mobile. Most of the platform generates revenue through subscriptions for its video creation and distribution engine. Leveraging AI and ML applications, with the right strategy could be a game changer “.
Panel discussed the rise and projected growth of the over-the-top platforms is a certainty given the penchant for data consumption in India. Considering the increasing number of entrants in this segment and a wide user base, India’s national investment promotion and facilitation agency, Invest India projects the Indian media & entertainment industry to touch $34.8 Bn by 2021. It further states that the industry is projected to grow at a CAGR of 14% over the period 2016-2021, outshining the global average of 4.2% Compounded Annual Growth Rate (CAGR), with advertising revenue expected to increase at a CAGR of 15.3% during the same period.
The media and entertainment sector recorded a total funding of at $561.27 Mn in 2019, a decline of about 23% in the amount of funding in the sector from the previous year. This could be a temporary fall given that the market for media & entertainment startups is only growing with the wave of new Internet users and the rise of the regional language ecosystem.
The online gaming industry in India is expected to generate a revenue of INR 11,900 Cr by the financial year 2023, growing at 22% CAGR, according to a report by consulting major KPMG and the Indian Federation of Sports Gaming. The addressable base is also increasing and is expected to touch nearly 600 Mn users in India by the end of this year. As a result, the Indian media and entertainment startup sector is also booming.