Media Consumption in India growing much faster than China and US: CII-BCG Report

Fuelled by the factors like digital transformation, convergence of technology, Artificial Intelligence and new operating system Block-chain, which are changing the rules of the game in the new media landscape, the media consumption in India is growing much faster than China and US creating up to a trillion interactions with consumers per annum, the CII-BCG report has said.

The report is slated to be released during the CII Big Picture Summit 2018, which will bring together bright minds of M&E leaders to navigate a successful growth path.

Themed “Changing Media and Entertainment landscape – From Convergence to Transformation”, the 7th CII Big Picture edition organised by the Confederation of Indian Industry, will take off on Thursday in New Delhi.

Over 250 delegates and 75 speakers will be participating at the two-day CII Big Picture Summit over a dozen sessions.

On this occasion, CII-BCG will release a report — One consumer, many interactions” capturing the changing media landscape where content, consumer and technology are wedded to each other.

“The M&E growth is predominantly being fuelled by the digital segment with increasing consumption of content over the mobile Internet. Embracing Artificial Intelligence and Block-chain as the new operating system will create a new wave of smart business strategies and modules for the Indian Media & Entertainment sector,” says Chandrajit Banerjee, Director General, Confederation of Indian Industry. “The emerging 5G Broadband and Block-chain will have a major impact in the changing M&E landscape. Even as the anxiety of disruption continues, convergence, digital transformation, AI and block-chain are changing the rules of the game.”

The Big Picture Summit is happening at a time when OTT giants are competing for the time from consumers while media companies are building resilience, speed, agility and flexibility for survival in the emerging media landscape.

According to the CII-BCG Report, emerging trends like the explosion of new devices and services will fundamentally change the way media houses of the future will look, along multiple axis, including the content produced, relationships with advertisers and technology backbone and talent that drive the organization.

“The CII-BCG Report has clearly spelled out that the media companies have to make sure they have the talent with right skills and have to really listen to your consumers. These are the traits that would help collaborate and compete in the new media world,” says Sudhanshu Vats (CII National Committee on Media & Entertainment and Group CEO, Viacom 18 Media Pvt. Ltd.) “The Industry needs to come together to ensure there are enough skilled talent to drive this growth and a measurement currency that helps monetize the opportunity.”