WAVES aims to unlock $50B global entertainment market by 2029
What's the story
The World Audio Visual Entertainment Summit (WAVES) is happening in Mumbai from Thursday to Sunday.
The event seeks to unlock a $50 billion market by 2029, expanding India's footprint in the global entertainment economy.
Prime Minister Narendra Modi inaugurated the summit, and popular celebrities like Shah Rukh Khan, Deepika Padukone became part of the opening-day event.
The summit is going to focus on boosting the media and entertainment industry, which reached the revenue of ₹2.5 lakh crore in 2024.
Piracy issues
WAVES 2025: Tackling piracy and its impact on the industry
Notably, the summit will also address the issue of piracy, which has led to a loss of $1.2 billion, with 90 million users indulging in online video piracy in India in 2024, per a Media Partners Asia report.
Over 750 finalists have been selected for 32 challenges as part of WAVES.
The summit's discussions will touch key themes of the creative economy, including broadcast, content creation, delivery platforms, advertising and marketing, animation, visual effects, eSports, digital media, and films.
Industry analysis
WAVES 2025: Examining growth and challenges in the M&E industry
Despite the booming media and entertainment (M&E) industry, the shift in pandemic-led consumption patterns has led to a growth slowdown, reports MoneyControl.
Last year, the industry's growth declined to 3.3% from 8.3% in 2023, an EY-FICCI report stated.
The slowdown was primarily due to falling subscription revenues and a global decline in animation and VFX work outsourced to India.
Film industry
Examining the impact of the pandemic on the film industry
Notably, the film industry has been drastically different post-pandemic, with footfalls not returning to pre-COVID levels.
In fact, even with 1,600+ films releasing in 2024, theatrical admissions declined, with merely 11 Hindi films grossing ₹100 crore (down from 17 in 2023).
Revenues fell by 5% to ₹18,700 crore, while digital and satellite rights values also fell by 10% as broadcast and OTT buyers focused on profitability.