"Media is now recognised as a medium of employment and betterment of society": Punit Goenka, ZEEL

On the global scenario, Goenka added that the global M&E market is estimated to grow at a CAGR of 5.6 per cent over the next five years, generating revenue of US$2.2 trillion.

Punit Goenka, MD and CEO, ZEEL started off his keynote address by congratulating the FICCI team for completion of 15 years. He said that he could relate to the theme of the event this year as he too has witnessed the role of television in societal progress and enhancing of lifestyle patterns all these years.

Media, he said, has also been a key driver of certain critical social messages, which have generated the desired levels of awareness amongst people. Citing the latest reports, Goenka said that the media industry employs over 6 million people, clearly justifying its substantial contribution to the overall economy.

"Gone are the days when this industry was purely looked at as a medium of glamour. It is now recognised as a medium of employment, and betterment of society, and I consider myself to be privileged to be a part of this industry," he added.

Further addressing the KPMG report, Goenka mentioned the healthy growth of 12 per cent that the industry has shown in 2013, to Rs 92,800 crore, largely backed by the roll out of digitisation.

From a television industry perspective, he added, "Whether it was the roll out of digitisation phases, or the implementation of 12-minute advertising cap, or even the concrete initiatives taken by Broadcast Audience Research Council in the overall audience measurement ecosystem, the year has seen it all."

The film industry, Goenka noted, has seen a double digit growth, with many titles scoring brilliantly on box office collections. "The print sector, on the other hand grew at a CAGR of 8.5 per cent this year to reach Rs 24,300 crore. It is now time to capitalise the opportunities and march ahead to achieve higher milestones. It is time to unleash the required levels of innovation and creativity, which would open up newer avenues of growth," he averred.

In Goenka's opinion, the industry is no longer a rapidly growing 'Indian' media and entertainment industry. "What I firmly believe is that this industry has all that it takes to have global aspirations," he said. He explained that the industry is blessed with such great talent and potential, that it has all the required elements to produce content which is of international standards; to device world class content distribution platforms and the ability and potential to entertain and engage the global audience.

"In fact, the global media and entertainment ecosystem is poised at an extremely interesting juncture, which is filled with opportunities. It is extremely essential for us to prepare ourselves to face the changing dynamics of this global industry," he claimed.

Taking a note of the global scenario, Goenka mentioned the latest PWC report, and added that the global media and entertainment market is estimated to grow at a CAGR of 5.6 per cent over the next five years, generating revenue of US$2.2 trillion. What is interesting to note is that consumer spend on access of content will rise up to 30 per cent in the year 2017, from 24 per cent in the year 2012.

Summarising his keynote, Goenka said, "As an industry, we are absolutely geared up to face the global consumers. So till date, if we have transformed the lives of the Indian audiences, our aim should be to transform the lives of the global audiences. I firmly believe that we as an industry certainly possess the potential to entertain the world, and we should march towards achieving the same."