The media and entertainment industry in India has been growing steadily after the slump it saw during the COVID years. The OTT side of the business has become a really important part of the industry. India’s IB minister Anurag Thakur made a very bold statement at India’s biggest film festival. The minister claimed that India will become the 3rd largest media and entertainment market in the next five years.
The 54th edition of the International Film Festival of India is taking place in Goa. Speaking at the inauguration of the event, Anurag Thakur said that India will become the 3rd largest media and entertainment market in the world. It is currently the 5th largest in the world.
OTT is believed to be one of the biggest drivers of this growth in the industry. In India, it is growing at an impressive rate of 28% annually. This year’s edition of the IFFI also had sections for awards meant for OTT content.
The minister also claimed that India will become the 3rd largest economy in the world in the next five years. This year’s IFFI is offering better experiences like technologies that can help people know about the latest developments in film and media.
There are separate sections for non fiction documentaries as well. The festival is also going to restore and digitize many films and documentaries.