Augmented reality, virtual reality, NFTs and the metaverse will become mainstream and open up new ways of engaging with users. Highspeed data connections will become ubiquitous, so the way people consume content will change time. It will be an era of hyper-personal and immersive experiences.
New-age VR glasses and similar devices may become the screen of choice for many to access content and games. But the big question is, will Indian creators, content makers and M&E bosses be able to take advantage of the country’s vast cultural and tech repertoire and break out of the confines of non-interactive entertainment, and through to the global audience? For instance, RRR earned Rs 1,111 crore worldwide at the box office. Avengers: Endgame made Rs 16,000 crore.
Bridging that gap is possible. Clearly, there is untapped potential. South Korea, Israel and Turkey is being consumed across the globe, and in turn, helping the growing of those countries by augmenting revenue, direct and indirect employment generation and globalising their culture with a tangible on tourism and allied industries. India needs to do the same. Currently, the contribution of the M&E industry to the overall GDP of the nation is less than 1%, but the economic revenue contribution is 3.5 times that of the industry. It is this soft power that can have a positive impact on the domestic economy and social environment