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The media sector in India has seen a massive transformation in the last decade, with the proliferation of digital media and the rise of social media. India’s Media & Entertainment industry is expected to reach $30.9 bn by 2024. India today, is a massive market for media businesses, and startups are leveraging this opportunity to disrupt the industry with innovative products and services. Audiences across all demographics and across media platforms, including television, movies, out-of-home (OOH), radio, animation, and visual effects (VFX), music, video games, digital advertising, live events, filmed entertainment, and print, consume Indian media.
India has a diverse and complex media landscape that offers both opportunities and challenges for upcoming businesses. On one hand, the massive population presents a vast market for media products and services. On the other hand, the traditional industry is highly dominated by large conglomerates that control most of the advertising revenue and distribution channels. This makes it difficult for startups to gain a foothold in the market.
However, the rise of digital media and social media has opened up new opportunities for startups to disrupt the industry. With the proliferation of smartphones and affordable internet, consumers are increasingly consuming media on digital platforms. This has led to the emergence of new business models such as subscription-based services, digital advertising, and influencer marketing. Additionally, startups can leverage technology such as artificial intelligence and machine learning to create personalized and engaging content for consumers.
Filmboard Movie Technologies Private Limited is a DPIIT Recognised startup enables producers and filmmakers to book any film-related talent, crew, services, And locations. Filmboard Movie Technologies also won the National Startup Award (2022 edition) in Media and Entertainment sector and is a beneficiary of the Seed Fund Scheme.
Quidich Innovation Labs Private Limited is another DPIIT-recognised startup that identifies gaps in the broadcast and film industry to introduce new and innovative technology helping customers enhance the storytelling through production. Quidich Innovation also won the National Startup Award (2022 edition) in Media and Entertainment sector.
India today is spending 80% of its time on mobile phone apps on media and entertainment. Startups like Pocket Aces Pictures Private Limited are creating content for millennials across multiple platforms, including social media, streaming services, and podcasts. The company has become one of the largest digital content creators in India, with over 800 million monthly views across its platforms.
With the rise in the demand for regional content consumption, it is expected that the share of regional content in TV and OTT consumption reach 60% and 50% respectively by 2025. Innovative startups from the sector are taking advantage of this opportunity to establish a market presence. Sri Bahubali Media Private Limited is a DPIIT-recognised startup specializing in technical and artistic innovative solutions addressed to the cultural and creative Industry. Its primary venture in OTT space is one of its kind and first in the genre. OMTV aims to provide Indian cultural content and showcase the diversity and deep-rooted philosophy present in the traditions of the nation that has left the world mesmerised time and again.
The sector has seen a surge in number of startups over the years and every day new startups are being launched to innovatively challenge the existing norms of the sector. To establish market and a brand for themselves startups often participate in events marquee events of the Government of India such as the International Film Festival organised by the National Film Development Corporation of India under the Ministry of Information and Broadcasting.
The 53rd International Film Festival of India saw the participation of many startups, who also conducted workshops for producers. These opportunities highlight the keen interest in the startup ecosystem among the business industry, with a focus on finding synergies and adopting technologies for growth. Participation in such programs can provide early-stage startups with the exposure, credibility, and validation required to build their product/service and even get them access to the required capital.
Participation in awards is another way to help startups gain recognition from customers, investors, and industry leaders. This not only differentiates startups from competitors it also establishes a brand identity. The Government of India has initiated one such initiative, the National Startup Awards, to acknowledge and appreciate fledgling entrepreneurs who are bringing about significant changes in their sectors. Media and Entertainment was introduced in National Startup Awards in 2022 with an aim to recognize exceptional startups in the sector. National Startup Awards 2022 aimed to recognise the innovations in the areas of animation, gaming, and production & post-production; an area where a high degree of innovation and efficiency is required to compete at the global level.
The media sector in India is undergoing a massive transformation, with startups disrupting traditional business models and creating new opportunities for consumers and businesses alike. While the industry is dominated by large conglomerates, startups can leverage technology and innovative business models to gain a foothold in the market. As India continues to digitize, we can expect to see more startups emerge in the media sector, transforming the industry and providing consumers with new and exciting products and services. it is probably why media and entertainment sector is amongst the top 5 unicorn sectors with 7 unicorns from the sector.
If you are an entrepreneur in the Media and Entertainment sector wanting to scale up your startup to become the next unicorn and a part of the exclusive unicorn club, don't miss the opportunity to accelerate your growth and participate in the National Startup Awards. The National Startup Awards is accepting applications from entrepreneurs till the 31st of May 2023. The fourth edition of National Startup Awards - NSA 2023 - aims to recognize startups that are driving sustainable transformation of the Indian economy and generating measurable impact for society. We can't wait to see what's next for these disruptors in the world of media. Keep an eye on more such opportunities and continue to shake things up and pave the way for the future of the industry - the awards may just be the beginning.
