The broadcasting industry has suggested the government to adopt a "light touch regulation" for the sector, which will encourage newer and growing areas like OTT.
The industry expects "timely support from policymakers and regulators" in the current challenging environment on issues like piracy, new tariff order (NTO) and regulatory clarity on the gaming industry, said K Madhavan, Chairman of CII National Committee on Media & Entertainment.
Madhavan, who is also Country Manager & President of Disney Star, said the industry is looking to the ministry of I&B for support on a comprehensive National Broadcast Policy, covering Cable Television Network Act.
Streaming is a fast-growing sector in India as factors like low data prices, wireless broadband and growing penetration of smartphones have been catalysts to this phenomenal growth, he added.
"This segment is expected to continue witnessing strong double-digit growth. It is also important to mention here that the rollout of 5G services will provide it a further boost…The industry would like to see a light touch regulation. It will encourage, especially in the newer and growing areas like OTT, innovation and investment," he said while addressing CII Big Picture Event.
A light touch regulation, which generally entails that all existing licenses, rules, regulations, exemptions etc will continue, is "critical" for continued innovation and investment in streaming businesses, Madhvan added.
The media industry needs to constantly keep pace with the changing environment as the consumers, technology and consumption behaviour are changing.
"We have to challenge the status quo and question our own, old, successful formulas. We need to recognise and address what young audiences are looking for. Digital is a way of life for them," he said, adding they spend more hours in the virtual world, totally consumed by digital products like streaming and gaming.
According to Madhavan, young audiences now are also getting involved with the physical and virtual worlds of Metaverse, which has "immense potential" to be innovative with unique experiences.
"As a country, we should be ready to address all future challenges and seize the opportunities that our sector offers to make India the creative hub of the world," he added.
He also highlighted the potential of the animation, visual effects, gaming and comics (AVGC) sector, which has now become a USD 800-billion industry globally. India, despite having a talent force available in the country, does not even have a one per cent share in the AVGC sector.
"This can be another IT-like sector, and we can definitely target a 5 per cent market share in 5 years' time. That is close to 40 billion dollars and with a potential to create 1.6 lakh jobs," he added.
He also sought regulatory clarity for the gaming sector, which is another high-growth segment.
Madhavan also raised the issue of piracy, which is "rampant" and the industry is suffering and sought stricter and more supportive IP protection and anti-piracy measures.
"With the right support from policymakers and regulators I am confident that with the opportunities ahead of us, our industry can achieve its 100 Billion Dollar ambition in the shortest possible time," he added.