CHALLENGES FACED BY MEDIA AND ENTERTAINMENT START-UPS IN INDIA

CHALLENGES FACED BY MEDIA AND ENTERTAINMENT START-UPS IN INDIA

Introduction:

The Industry of Media and Entertainment (M&E) coexisted and add value to the economic growth of a nation. Even the process of digitalisation accelerates the growth and during this pandemic OTT. The industry is not only limited to Movies or Cinema but also music, publishing, print media, advertising, gaming also become the part of it.  By 2021, this industry is expected to cross its compounded annual growth rate up to $40 billion. This numeric value suggests the opportunities and scope of a bright future of this industry in this growing digital era.  With reference to the previous information of data base, in the year 2019 this sector has reduced total capital of $561.27 million which fall of around 23% of total income in that financial year.

Amid of this pandemic, the love for gaming in youths has gained so much popularity that by 2023, our Nation is predicted the total revenue of INR 11,900 with a growing rate of 22 %.  Apart from gaming the Over the top (OTT) platform has gained so much of attention not only from youths but also from all the age groups. It makes us believe that cinema and entertainment industry has a bright future rafter overcoming the challenges and struggle. This write up is going to acknowledge about the challenges of the M&E start-ups and its stance in present scenario with reference to the governmental schemes. It will also allude about the one of the leading company of M &E industry in.

Media and Entertainment start-up position: Challenges

The Indian M&E industry is projected to develop at a speed of 14% over the period 2016-2021, surpassing the worldwide 4.2% Annual Growth Rate (AGR), with promoting income expected to increment at a compounded Annual Growth Rate (CAGR) of 15.3% during the same period. Television, Print and Films are the biggest fragments comprising almost 80% of the M&E market. The web based gaming industry is relied upon to develop at a build yearly development rate (CAGR) of 40% to $2.8 billion by 2022, up from $1.1 billion in 2019.  The Animation, Visual effects, Gaming and Comics(AVGC) area is the quickest developing area, increasing at a pace of 29% somewhere in the range of 2019 and 2024, while the varying media and administrations area is growing at a pace of 25%. The Indian AVGC industry is relied upon to reach $43.93 billion by 2024[1]. Additionally, OTT depends intensely on broadband network which is as yet stuck at its advancement stage in the country.

This has been an issue however long the business can be perceived. It is undeniably challenging for the media business[2] to consent to every one of the principles and guidelines inside as far as possible and to act as per every one of the laws that apply to them. The M&E industry since the very beginning struggling with the compliance of the law of the land i.e. lex loci. Even from the start-ups to leading firms they face issues relating to payment of tax. The Income Tax division comes intensely on the defaulters, from tremendous measures of fines to even detainment. With each progression of accomplishment that the association takes, enrolment is needed for permits to operate, from work enlistment, tax collection, extending the business, expanding its extension by having new customers ready, and so on; for all means, the possession archive is an essential prerequisite[3].

The media business is inviting new advancements to their space of work, while the larger part is reluctant and are worried about the explosion or the difficulty these new remarkable arrangements will cause in reliance on obsolete philosophies making it hard for the players to convey business between themselves. Money isn't such a great deal a-major issue for grounded or even new media houses that are upheld by some persuasive individual; yet it is important a for start-up.

Renowned start-ups of M&E industry:

POPXO

The brand name which does not need any introduction to this modern generation is one of the leading start-up with a tagline “Take it a POP”. Considering the diversified culture of our nation they developed their content with the six different languages like Hindi, English, Marathi, Tamil, Telgu and Bangladeshi. While we the citizen of India is steeping forward with a motto of equality and equal protection, this is the first Media and entertainment channel to create an online community for women to read, watch, learn and shop. With this unique thought and creative works they gained 39 million new visitors to their official page. They deal with various content focusing on various genre of viewers like popxo daily and popxo beauty.

Share Chart

Concerning about the beauty of India and love for regional language in 2015 the social channel of regionallanguage ‘Share chart’ was launched. The start-up is developed in Bangalore in 15 Indic languages by Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Sigh. It’s the social media platform where people can share their photos, videos and content which enables the creator to make more connections.

Leading Media and entertainment firm:

EROS

In 1977 Mr. Arjan Lulla Eros International Media Ltd was established which is the biggest film and film conveyance organization in India. They have likewise dispatched their applications for portable form separated from the PC adaptation. It additionally has the permit to convey the Indian film in different modes like dramatic, TV and advanced stages. They are likewise answerable for naming Indian motion pictures in 25 dialects have workplaces all around the world like Australia, Fiji, USA, UK, and Dubai. It has his central command in Mumbai, India.

Conclusion:

With the emergence of the Information Technology Act, 2000, e-commerce, and e-governance in India, technology has given birth to an efficient and sensible mode of dealing with issues that further aim at reducing the burden of already burdened courts and the government. Most likely when it comes is digitalisation which creates more opportunity to the M&E industry.  Being a democratic nation, the media is the fourth branch of democracy. Hence the media and entertainment industry plays a significant role in developing a country economically as well. Today, we are in the second year of the COVID 19 pandemic which simply continues to get increasingly perilous. Thus the work culture has shifted towards digitalisation. Their work is made simpler because of the approach of lawful innovation. Moreover, after overcoming those struggle phase and challenges before the start ups the bright future awaits with a scope of employment.

Submitted by: Bijayini Namrata Patel

 

[1]Markand Adhikari, Chairman & MD, Sri Adhikari Brothers, Indian Media & Entertainment Industry in 2021: Challenges & Opportunity, CXO (Apr 30 2021), https://www.cxooutlook.com/indian-media-entertainment-industry-in-2021-challenges-opportunity/

[3] Media and Entertainment Industry, IBEF (Oct 12 2021) https://www.ibef.org/industry/media-entertainment-india.aspx