MUMBAI: The domestic media and entertainment sector can grow more than threefold to scale past the USD 100-billion mark in the next decade, creating tens of thousands of jobs and a ripple effect across other sectors of the economy, says billionaire Mukesh Ambani, who also is the largest private sector broadcaster.
The domestic media and entertainment industry is valued at USD 28 billion today and has the potential to grow more than threefold to touch over USD 100 billion in the next decade. This growth will drive entrepreneurship, generate millions of jobs, and create a ripple effect across sectors, Ambani said, addressing the World Audio Visual & Entertainment Summit here Thursday.
Ambani, who owns the Network18 group which runs dozens of television channels as well as digital platforms, entertainment channels and content streaming platforms, said the fusion of storytelling and digital technologies has created a strategic and economic opportunity. Digital technology has multiplied the impact and reach of entertainment and cultural experiences beyond imagination, he added.
The tools of AI and immersive technologies can make our stories more captivating than ever before, and take them instantly to audiences across languages, countries, and cultures. By mastering these tools, our super-talented young creators will rule the global entertainment industry with blockbusters, the billionaire with over USD 100 billion in net worth, said, adding in an increasingly turbulent and uncertain world, our stories give the hope of a better future with their power to unite, inspire, and enrich.
He also said that no other nation can match our storytelling power because our entertainment and cultural industry is not just soft power, it is the real power.