India one of the biggest, most lucrative movie markets: MoS I&B L Murugan
May 22, 2022
New Delhi [India], May 22 : Union Minister of State for Information and Broadcasting L Murugan on Sunday addressed the participants of the Startup pitching session at Cannes Next, and said that India is one of the biggest and most lucrative movie markets.
At the onset, Murugan commended the organisers for the excellent initiative at Cannes Next, which has given a prominent platform to budding talent and startups in the field of audiovisual production and movie making.
Speaking on the importance of India as film making hub, he said, "With more than 2,000 films being produced in so many different languages every year, India is the largest producer of films, full of talented and creative filmmakers. With a 1.3 billion population, it offers one of the biggest and most lucrative movie markets. India is a great land of storytellers and moviemakers and now it is emerging as a content hub of the world."
He further added that being one of the largest producers and consumers of smartphones, movies now find their way to every individual through OTT platforms and other internet-based media, thus giving direct access to individual movie watchers.
"With one of the biggest pools of technical and software talent, India has necessary skills and technology available in the modern business of films, especially in the field of technical aspects of film making," he said.
Murugan informed the audience that audiovisuals are the area where technology marries art.
"New technologies like blockchain, deep learning, Artificial Intelligence and Virtual Reality are making inroads in the moviemaking sector for good. The content translations and effective sub-titling are breaking down the barriers once posed by the languages. With the focus on Digital India and Start-Up India, by Prime Minister Narendra Modi, India today is one of the most vibrant startup ecosystems in the world. With more than 100 Unicorns, the march led by young tech-savvy Indians is going strong," the MoS said.
Thanking the leadership of the country Murugan said it is because of our Prime Minister Narendra Modi and Union Minister Anurag Singh Thakur that India is strongly focussing on the Audio-Visual Sector as a Champion Sector.
Encouraging the start-ups the Minister said that Animation, Virtual Reality, Gaming, and extended Reality are the ever-expanding areas where young startups can pitch in with their fresh ideas.
"We are in the age of large scale technology-led disruption in every business, and moviemaking is no exception to this. The old traditional way of business is fading away and newer structures, hyper localisation of marketing, individual preferences and tastes, all contribute to the large scale entry of technology in moviemaking," he said.
Expressing happiness that five startups from India were pitching in Cannes, Murugan said, "I hope their ideas will influence the producers, and financers and business enthusiasts, and get the wider platform for their product. I am happy that they are moving from the Local stage to the Global stage. And what could be better than this platform available at Cannes Film Festival, itself."
Cannes Next is an executive conference and innovation-driven business development platform, exploring the future of the entertainment sector. It is a unique gathering enhancing partnerships and fostering business opportunities by connecting world-class creativity with cutting-edge business and technological innovation.
This is a new segment inspired by top-tier visionaries and decision-makers through a tailor-made series of inspiring conferences, keynotes, and panel discussions; to grow the network with creatives, clients, and tech companies, among our various events.
