OTT will be the Future of the Media & Entertainment Industry
OTT (Over the Top) platforms will be the future of Indian Media & Entertainment Industry, with its diverse content and growing audience. It will be the new normal in the Indian Media and Entertainment Industry, mentioned Mr. Vikram Sahay, Joint Secretary (P&A), Ministry of Information and Broadcasting, Government of India, in a webinar organized by PHD Chamber of Commerce and Industry on ‘OTT Platform- The New Normal for Indian Media and Entertainment Industry’.
Shri Vikram Sahay appreciated the Knowledge Report submitted by the Media Team of PHD Chamber on’ Outlook of Media and Entertainment Industry in the COVID Scenario’ to the Hon’ble Minister, Shri Prakash Javadekar Ji.
Shri Sahay mentioned that the biggest strength for the success of OTT Platforms is technology and if recent reports are to be believed India will be the top 10 markets, for media & entertainment, by 2022.
Shri Vikram Sahay mentioned that OTT has given an opportunity to young Indian talent to produce good series to export aboard so that India can be one of the entertainment leaders in the world.
Mr. Zubin Dubash, COO – Digital, Shemaroo Entertainment Limited, mentioned that due to lockdown and shut down of theatres, the target audience was looking for interesting content and this derived demand was fulfilled with the OTT platform that delivered all genre content at the same time with an affordable rate and flexible watching.
Mr. Dubash discussed that due to its increased popularity, the audience has started to look at OTT as a separate entity and, it became a place for advertising as well. In these times, OTT has helped in giving ignition to the crippling advertising revenues.
He said the need for self-regulation while balancing the creative liability at the same time providing information to the audience of what they will be watching. While the OTT platforms are giving a new turn in the media and entertainment industry, it also needs to look at creating value in its customers. He also cited the example of parental control available on many OTT platforms.
While talking about the growing future of this platform in the coming years, he mentioned that video on demand (VOD) will be the next thing coming up in multiplexes.
Ms. Ashi Dua, Founder, Flying Unicorn Entertainment, while discussing her journey from film to OTT movies mentioned that OTT is here to stay and, it has given content wings to fly making it reach a wider audience.
She said that the theatre will remain in the entertainment space but, it has to tweak its consumer experience.
She highlighted that OTT is a gold mine for writers and, it’s giving writers a golden opportunity to showcase their creativity and imagination with an increasing demand for varied genres of content.
Mr. Sushil Chaudhary, Founder & CEO, Picture Time, discussed the regulatory aspect of the OTT platform and the need for a moral code of conduct at the level of creators, producers, and filmmakers. He shared that a lot of OTT players have signed the code of conduct for self-regulation related to the content shown on their platforms.
India’s OTT industry is quite new and, its contribution towards the entertainment industry will cushion to the film and entertainment industry in the future. India has the potential to exponentially increase their revenue in this field, said Mr. Sushil Chaudhary
Mr. Chaudhary mentioned that in this digitalized world, Telecom Service Providers (TSPs) would take over consolidated with the OTT world. The cinematic theatre experience will remain but, it has to tweak itself depending on the viewers’ preferences and to be more effective for the target audience.
Ms. Shagun Singhal Garg, Motivational Speaker, and Educationist while moderating the technical session discussed the advantages of OTT and behavioral changes and habit formation towards entertainment post-COVID-19.
She mentioned that viewers’ choice is at the helm and, OTT platforms make viewers subscribe to the app and, there is the instant gratification of watching the content of their preference. She highlighted that OTT has helped to build digital companions in the future and, this is the future of digitalization.
Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated about the daunting impact of the pandemic, especially in the media and entertainment industry. He mentioned the pivotal role of OTT platforms in this new normal that has paved a new pathway in the media and entertainment industry.
He highlighted that OTT seems to be the next normal for the world of info entertainment with its flexible viewing, updated content, and constant development. He also mentioned the new features on OTT platforms like participative chatting and common distance viewing. It’s time for key investors to come forwards towards investing in these platforms in the forms of ads, see funding etc. He also discussed the recent movies and shows released on these OTT platforms that witnessed a spike rise in their viewing and visibility despite the times of pandemic.
Moving ahead, the convergence of new technologies can make the entertainment industry survive and thrive in the upcoming new normal. The industry needs to find new scopes for expansion into newer markets that will lead to newer jobs or responsibilities over time. With the coming of OTT platforms, the film industry is witnessing a new opportunity and, this sector will see new heights in the times to come, said Dr. D K Aggarwal.
Mr. Mukesh Gupta, Chairman, Entertainment & Media Committee, PHD Chamber of Commerce and Industry while giving an industry perspective towards OTT platforms, discussed OTT platforms have given an opportunity to youth and producers to showcase their talents. He suggested the need for the intervention of the censorship board by the government to minimize inappropriate content on these platforms.
He said that an OTT platform needs to be a mix of ethnicity, spirituality, entertainment at the same time ensuring the wellbeing of society. He suggested that the government should start their own OTT platforms that will encourage programs like Make in India and Self-Reliant India and also showcase the developments of the nation.
Mr. Saurabh Sanyal, Secretary-General, PHD Chamber proposed a formal vote of thanks to all the delegates and participants.
The webinar was moderated by Dr. Yogesh Srivastav, Principal Director, PHD Chamber of Commerce and Industry and was supported by Picture Time. The webinar received extensive participation of many industry stalwarts pan-India.