‘Media undergoing fundamental shift’: Vaishnaw
Union minister Ashwini Vaishnaw noted a fundamental shift in media due to the creator economy, emphasizing technology's role in democratizing content creation.
Union minister of information & broadcasting Ashwini Vaishnaw on Saturday said the media landscape is undergoing a fundamental shift with the creator economy growing exponentially.
“The world of creators and their economy is going through a fundamental change. With the advent of technology, the old model is giving way to the new model, creating opportunities as well as challenges,” Vaishnaw told representatives from about 20 national and regional news media houses.
The interaction was held ahead of the World Audio Visual & Entertainment Summit (WAVES) scheduled in Mumbai from May 1 to 4, which the minister said has already received over 100,000 registrations.
“The shape of the media world is changing,” the minister said, stressing “the collective need as a country to respond to the new model.”
Vaishnaw highlighted how technology has democratised content creation. “Gone are the days when a big studio was needed for creating content. Today, a creator from a remote village in Jharkhand or Kerala can create good quality content and get millions of views,” he said.
“WAVES seeks to evolve itself as a global platform for media and entertainment, just as Davos serves as a global platform for economic policies,” the minister added.
He also mentioned that Prime Minister Narendra Modi has acknowledged creators’ work and their contribution to the economy by promoting India’s soft power globally.
The summit will honour top innovators with awards, celebrating their contributions to the evolving global media and entertainment landscape.
Heads of various media organisations congratulated the government for conceptualising WAVES to bring policymakers, creators, industry stalwarts, tech giants and startups onto one platform.
Information & Broadcasting Secretary Sanjay Jaju welcomed participants, highlighting the significance of collective dialogue in shaping the future of the media landscape.
