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Facing the changing dynamics of the global industry

MUMBAI: The Indian media and entertainment industry has all that it takes to have global aspirations and Indian companies should now be looking to transform the lives of a global audience, feels Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka.

punit ficciWhile addressing the audiences at the FICCI Frames 2014, Goenka said that the global media and entertainment ecosystem is poised at an extremely interesting juncture, which is filled with opportunities. “It is extremely essential for us to prepare ourselves to face the changing dynamics of this global industry,” he said.

He further added that the industry is blessed with great talent and potential. “It has all the required elements to produce content which is of international standards, to device world-class content distribution platforms, and above all has the ability and potential to entertain and engage a global audience,” he said.

He said that consumers are ready to pay extra for accessing content based on their preferred time, place and screen. “Content creators need to address this demand by ensuring that they are present at whichever time the consumer demands their content, on whichever screen the consumer wishes to access,” he said.

On the strength of the industry, he said that it is now time to capitalise on the opportunities and march ahead to achieve higher milestones. “It is time to unleash the required levels of innovation and creativity, which would open up newer avenues of growth. It is now time to repay the industry what it has given us till date,” he added.

According to Goenka, television has played an important role in social uplift for the past two decades. “Right from language to social conduct to even clothing patterns, media and entertainment as an industry has played a vital role in enhancing lifestyle patterns across the nation,” he said.

Media has also been a key vehicle for critical social messages which have generated the desired levels of awareness among the masses. And most importantly, he said, the industry has played a crucial role in enhancing the economy by generating immense employment opportunities.

“As per the latest reports, this industry employs over six million people, clearly justifying its substantial contribution to the overall economy. Gone are the days when this industry was purely looked at as a medium of glamour. It is now recognised as a medium of employment and betterment of society,” he said.

The year 2013 has marked a watershed in the growth of the industry. From a television industry perspective, whether it was the roll-out of digitisation, or the implementation of 12-minute ad cap, or even the concrete initiatives taken by the Broadcast Audience Research Council (BARC) in the overall audience measurement ecosystem, the year has seen it all, he concluded.