ICMC 2018 Overview
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The global Media & Entertainment (M&E) industry, which comprises book and periodical publishing, film, television, advertising, music, video games, the performing arts, sports, and even fashion, has witnessed rapid growth post the worldwide financial crisis. It is projected that the global M&E industry would reach a whopping USD 1,000 billion by 2020. The industry is marked by high competition and understanding the rapidly changing tastes of consumers is essential for survival and success. With the advent of wearable technology, virtual reality, augmented reality, video on demand, satellite relay, and other cutting edge technologies, the ability to respond effectively to technological advances is becoming key.
Studies have shown that developing markets are playing an increasingly critical role in the growth of global media. The M&E industry today has a variety of content Ð both original and borrowed Ð for all kinds of segments that one can imagine. The ecosystem of content creation, migration, and adoption has led to different hybrid business models centered on consumers and involving innovative marketing techniques. The revolution that we see now in the M&E industry is due to path breaking technologies, design thinking, and disruptive innovations.
The Indian M&E industry is amongst the fastest growing ones in the world, thanks to rising consumer demand and improving advertising revenues. It is expected to grow at an impressive compounded annual growth rate (CAGR) of 14.3% to touch USD 33.9 billion by 2020. It is also believed that the learnings from this industry are transferable and valuable to other industries/ contexts. This makes the forthcoming international conference on the M&E industry at MICA, India a most appropriate one in all aspects.